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Advancement in globalization can also be as a result of the advancement of internet. Business globalization can be termed as the idea of business organizations moving beyond their domestic markets to other markets in other countries. This paper aims at discussing globalization and how it affects the management of contemporary businesses.
Globalization of businesses avails foreign goods in local markets. For instance, a person in South America can be sitting in their office sipping Italian wine while typing on a Chinese keyboard. This does not necessarily mean that this person had to travel all the way to Italy and China to seek such products. This is good for consumers of such products worldwide. For the business this will be good because with their goods being sold all over the world, they will not have to rely on the local markets (Etemad & Wright 2003, p. 89). With international markets, businesses will be able improve the diversity of their products to match the various needs and wants of different types of potential customers. This difference is always as a result of geographical, political, cultural, and economic differences of various people in the world.
Globalization cannot be termed as a new concept. It is a concept that has been in business for centuries. However, it is only in the 21st century that globalization has become a common concept in business and business management. When business organizations exhaust the local markets they always find a way of stretching their territories into the international markets. At a point like this there are always many challenges that are always involved. However, as a business manager it is always good to take such challenges because they are always accompanied by best result.
Globalization also leads to exchange of technologies. Businesses firms that have an international orientation always use new technologies to exploit new business opportunities. For instance, e-commerce and