Do you believe that the concepts of the true \"global marketplace\" or \"global
ID: 462935 • Letter: D
Question
Do you believe that the concepts of the true "global marketplace" or "global village" are viable today? Why/why not? What are some of the issues managers may have to deal with as this globalization of business occurs and how might they deal with these issues. Do you believe that the concepts of the true "global marketplace" or "global village" are viable today? Why/why not? What are some of the issues managers may have to deal with as this globalization of business occurs and how might they deal with these issues.Explanation / Answer
The concept of Global market place and Global village are more viable today than the past. By Globalisation we mean, reducing the geographic barriers for selling the products and considering globe as unique market. The difference between continents has reduced in terms of transportation and communication.
By the the concept of Global market place or Global village, it sees the world as one single market or single village. The following is the most important thing on Globalisation, "Your Product has an opportunity in the Global Market while Global products has an opportunity in your local market".
Issues on Managing globalisation
Today almost all world economy's are interlinked together , the effects on country is resulted in other countries. When Lehman brothers got affected, its reflected to Indian IT firm
Cross cultural dimension: The culture is one of the demographic factor, where business is got affected by this and you have to make advantage on this. If you failed to understand it , it may negatively affect your business.
International prices: Price is got affected by Supply and Demand. The manager must be very vigilant to take advantage on this.
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