Global Business Strategy and Operations

Term on Global Business Strategy and Operations

Businesses have tremendously evolved given a much complex playing field with the emerging issues on globalization , diversification , and technological advancement . According to Kobrin (2008 , globalization and the revolution in information technology have changed the economic and political meaning of space . Bs are transcended ' rather than crossed , relations become increasingly supraterritorial ' as distance bs and geographic space itself lose economic and political significance . Markets no longer need to be defined in terms of geographic proximity and locations of transaction and organizations has become indeterminate

p In Thomas Friedman 's book (2005 , The World is Flat , globalization is described in three levels . Level one happened after the discovery that the earth was round , which led to the flurry of exploration expeditions , and global expansion that included discovering and controlling international trade . The second level happened when multinationals followed their countries and took over international trade . The third level occurred when individuals of diverse backgrounds were able to collaborate and compete globally , wherein the playing field ' had been leveled . Along with globalization , customer needs have become more sophisticated as well as demanding , requiring customization or personalization . The changing needs and wants of customers as well as the heavy market competition define the challenges that companies are facing for the next years

Theodore Levitt (1983 ) said that globalization and technology have brought convergence of tastes and preferences of consumers and modern global corporates must seek sensibly to force suitably standardized products and practices in the entire globe...