MNG 00723 Assessment 1: Short written response (20 marks) 1500 words Answer the following 3 questions (each approximately 500 words): 1. What is globalisation and how does it affect domestic...

Ans1. Taking reference from “The History and Dynamics of Globalisation. Diplomacy & Statecraft”, (Ferguson, Y. 2014) globalization is a movement that has launched businesses on an internal platform bridging gaps and cutting through incorporating and embracing different cultures, markets and social system that is associated with multiple countries. Essentially, it can be explained as global integration and strengthening the economic activities worldwide that results in the interdependence among the countries. Thus, it is a process of opening the platform for nations and markets to interact and integrate on the global level which leads in integration of social, economic, cultural and political systems all across the boundaries for production of goods and services correspondingly its consumption. Backbone of this globalisation is IT revolution and enhancement of information communication technology along with liberations of international laws and deregulations of restrictions. In a nutshell globalization can be defined as a movement by the virtue of which nations are able to trade in an international platform and pitch to a much wider audience and markets.
Taking reference from “Is Globalisation Sustainable?. Sustainability”, (Martens, P. and Raza, M., 2010) nations that are able to trade and business across many different countries taking leverage from minimum barriers on trade are acknowledged as economic globalisation. While degree to which information and thoughts are transferred and flown freely amongst people from home country to other countries can be considered as social globalization. This also takes in account information passed through social media and other internet platforms. Last form of globalisation is related to political by-ins and degree to which collaboration and cooperation is provided by political institutions amongst the home country and rest of the counter countries to furnish proper flow of business.
Taking reference from “Pros and Cons of Globalization: Controversy and Discussion”, (Gibson, N., 2014) impact of this phenomenon can be broadly clubbed under two categories - market & production globalization. First category emphasis on the reducing the barriers and decline restrictions to buy and sell in countries that are other than home country. These changes have created a scenario where it becomes much easier for an organisation to sell its products not just to people in home country but also in internal markets. One of the major consequence of globalisation reducing the tariffs thereby bringing down the prices and creating a win-win situation for sellers and consumers. While an organisation enters a new country they must take into consideration its cultures while developing its strategies and correspondingly adapt its services or product with their marketing message to accomplish its targets to enter that market in first place. For instance, when McDonalds entered into different countries they had to change its menu as per the local taste conventions of particular geographies like they had "Aloo Tikki Burger" for Indian taste. While the other category which is called the production globalisation by the virtue of which sourcing of ingredients and materials or services from different countries becomes extremely easy and highly advantageous from the virtue of price and cost.
Impact of globalisation on domestic businesses is explained below
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