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Globalization: business opportunities and challenges

1. What in the world is globalization?

2. How are global businesses and countries interconnected, and what are some examples of interconnectedness and interdependence of countries and global businesses?

3.How would you define or characterize the global business environment?

4. What are some of the opportunities and challenges presented by the global marketplace? How might one best deal with these challenges. Explain your answers.

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1. What in the world is globalization?
Globalization can be defined as the process whereby the people, cultures, and businesses are becoming interconnected and interdependent. This is primarily a phenomenon since the 1980's and 1990's and has been spurred by the Internet, by advancing telecommunications in general and by transportation. In addition to faster information-sharing, telecommunications and transportation, the costs have been reduced, allowing greater access, even to third world nations and businesses.
(http://en.wikipedia.org/wiki/Globalization, http://www.investorwords.com/2182/globalization.html, http://mindtools.net/GlobCourse/gdef.shtml)

2. How are global businesses and countries interconnected, and what are some examples of interconnectedness and interdependence of countries and global businesses?
Businesses and countries are interconnected via communications such as information via Internet, conference calls, videoconferencing, web-based seminars, as well as the transport of people (physically) over vast distances in very short times. Some examples of transnational companies are Hewlett-Packard (with operations in North and ...

Solution Summary

A definition of globalization is given, along with an explanation of how countries are interconnected in globalization. In addition, characteristics of the global business environment are provided, and examples of global businesses are mentioned. Challenges and opportunities of doing business in this new global environment are presented as well as suggestions for dealing with them.

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