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Globalization is the process of greater interdependence among countries and their citizens It consists of increased integration of product and resource market across nations via trade immigration and foreign investment Via international flows of goods and services of people and of investment such as equipment factories stocks and bonds It also includes noneconomic elements such as cultural and the environment Globalization refers to the shift toward a more integrated and interdependent world economy Organizations must compete on a global basisFalling trade barriers make it easier to sell globally Consumers tastes and preferences are converging on some global norm Firms promote the trend by offering the same basic products worldwide Technology advancement especially in telecommunication and transportation make it easier for globalization of market products and productionOrganizations have many ways to become involved internationally some of these are outsourcing and exporting licensing and foreign direct investment Outsourcing refers to the sourcing of goods and services from location around the global to take advantage of national differences in the cost and quantity of factors of production By doing this the firm can reduce their cost of production Promote efficiency in production become more competitivein the international marketplace Exporting means the goods and services are produced in a country in which particular country achieved absolute advantage and transfer those goods to another country for sale Licensing is enabling a company to produce and market a product in another country Franchising is one kind of licensing Direct investing is another kind of globalization In this case an organization invests in another country because of cheap labor and cheap resources For example Japanese company invests in Malaysia for cheap labor and raw materialsThis Success is determined by global HR strategies The basic management function of planning controlling organizing and leading is same whether the company is operated domestically or internationally It is challenging to operate business in multiple countries The international business management refers businesses are operated more than one
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