Global forces in business
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• What are some of the global forces that affect businesses today?
• How a specific business, company or industry has been, or could be, affected by a global force, factor, or trend?
• What might the diversity of employees, customers or suppliers play a role in the success of failure of a company in today's global business environment?
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The solution discusses the global forces in business.
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• What are some of the global forces that affect businesses today?
There is a myriad of factors affecting business globally and these include:
- The insurgence of technology
Technological advances in the past few decades have greatly increased the competitive nature of the economic business world. Companies have used software, computers and the Internet to transform their businesses from local places of business to national and global market competitors. The business world has now turned into a global village, where information is available across with little or no barriers. Domestic companies or industries have benefited from minimizing costs by outsourcing jobs to low-cost nations at the expense of others in order to rip profits. One example of outsourcing is customer service to countries such as India. Technology has also enabled businesses to do transactions without any human interaction but through online order purchases. And these have been met with competition as information is quickly disseminated around the world, forcing companies to revise their business strategies
-Religious and social factors
These play a significant role for a company that desires to do business globally. In some nations, business companies have to deal with religious restricts as their pertain to food and cultural practices. This means that they are forces to tailor their business practices such that they do not ...
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