reply to both in the context of international business

1. Globalization refers to the continued increase in connections throughout the world due to increased trade activities and cultural exchange. Global interconnections promote the production, transportation, and marketing of goods and services. This, in turn, leads to significant economic growth due to high-income rates and reduced consumer prices, especially in developed countries (Kraemer et al., 2019). It causes several other changes, such as the cultural changes and balancing power between the developed and developing countries.

In the 21st century, globalization has impacted the global marketplace both positively and negatively. The positive impacts have; however, led to the growth of the global economy. One positive impact is the lowering of production costs. Through globalization, firms have found new ways of producing their goods, which lead to significant competition in the production market (Kumar et al., 2015). When production competition is high, producers increase the variety of products for consumers with lower prices. With lower prices in the market, people will live a better life with lesser money. This benefit applies both to the developing and the already developed countries.

Globalization also increases producer access to new markets. Since the exchange of goods and services is done worldwide, producers are exposed to new markets. Innovative producers find ways to survive in the market by introducing flexible ways to grow their business globally. Because many countries are technologically connected, innovations are made very fast with quick knowledge transfer (Kraemer et al., 2019). This is important for marketplace growth.

Apart from the positive impacts on the global marketplace, globalization has also resulted in adverse effects. For example, the expectation of foreign taskforce who believes they should get higher salaries and allowances. Any company willing to enter the global market must consider this for it to win more customers. Globalization brings the aspect of competition, and most of the time, the weaker business cannot survive and finally close down (Westerbeek et al., 2020). Communication challenges also occur, causing some businesses and companies to use software and digital means to aid communication making the production cost high.

References

Kraemer, K. L., Gibbs, J., & Dedrick, J. (2019). Impacts of globalization on e-commerce use and firm performance: A cross-country investigation. The information society, 21(5), 323-340.

Kumar, S., & Liu, D. (2015). Impact of globalization on entrepreneurial enterprises in the world markets. International Journal of Management and Enterprise Development, 2(1), 46-64.

Westerbeek, H., & Smith, A. (2020). Sport business in the global marketplace. Springer.

2.Globalization refers to the shift toward a more integrated and independent world economy. Globalization has several facets, including the globalization of markets and the globalization of production. (Hill, & Hult, 2017) Market globalization is the integration of traditionally independent, different economies into a single global economy. Production globalization is the import of products and services from places across the world, while taking advantage of national differences in product cost and quality. Globalization, we find that there has emerged a worldwide production market, and it has created a broader access to a range of foreign products for consumers. (Sahay, 2016)

As a result, a global financial market has emerged to allow the borrowers greater access to external funding. This has contributed to the creation of a global single economy, based on the freedom to trade goods and capital. Communication is important because it opens new opportunities for the world. Where once companies remained inside their own country. Globalization has allowed companies to extend their activities and revenues deeper into other countries if handled correctly. Today it is easy to access information from anywhere around the world. The way that the internet had developed it is easy to find any information you need online.

This allows companies to offer their products worldwide allowing people to see there products even if they are not locals. Over the centuries, people have travelled, relocated, and caused a mixing of cultures that was mostly local or limited. With the emergence of modern mass transportation and the advancement of long-distance telecommunications technology, the great distances stopped being a barrier. (Holmik, 2019) Technology advancement has encouraged the trade of goods and made it easier and quicker to travel. It has therefore had the

strongest impact on knowledge access.

References

Hill, C. W. L., & Hult, G. T. M. (2017) International Business Competing in the Global Marketplace

Holmik, D. (2019). The Impact of Globalization on the Economy of the Republic of Croatia. Ekonomski Vjesnik, 32(1), 37-53. Retrieved from https://search.proquest.com/docview/2251627896?acc…

Sahay, V. S. (2013). Globalization, Urbanization and Migration : Anthropological Dimensions of Trends and Impacts. The Oriental Anthropologist, 13(2), 305-312. Retrieved from https://search.proquest.com/docview/1512708800?acc…