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Consider the globalization of business and culture, and discuss the ways in which it can affect international business strategy and management. Consider the evidence you see for the globalization or localization of culture in the consumer and/or labor markets and respond to the following questions:
How important is effective management of the culturally diverse social capital in a multinational company for achieving strategic corporate objectives with regard to human resource management or the management of other business functions? Apply the concepts of globalization, localization, and globalization to the business function that you select. Is social capital equally important in each paradigm? Explain your answer with reference to practical examples from your own organization or professional experience.
Running Head: GLOBALISATION OF BUSINESS AND CULTURE
Effective Management of Culturally Diverse Social Capital
Affect of Globalisation of Business and Culture
In present the practice of globalization of business and culture is increasing day by day and it significantly affects modern organizations' international business strategy and management. With the globalization of business, the culture of individuals is also globalizing (Merz, He & Alden, 2008). It could be understood significantly with the example of India, where previously a traditional culture was followed but now situation is not as it was in past. Indian consumers like western culture as more and more international companies are coming in India in different field like entertainment, food, pharmaceuticals, clothing, education etc.
As countries business and culture is globalising, it is making a substantial affect on international business strategy and management. Previously, firms used to make their international strategy by considering specific culture or country they are serving but now they have to design it in a way that it maintain a global image as well as also fulfil local needs (Merz, He & Alden, 2008). Now firms need to adopt a global standardized marketing for managing business as well as culture. Now consumers' culture is not specific to their own nation as there is an emergence of global consumer culture.
Global consumer culture needs to be considered, at the time of developing or managing a firm's international business strategy. Without this, it would not be possible for a firm to develop an effective international business strategy. In modern era, firms are required to think globally and act locally (Pacione, 2009). This could also be understood with an example of McDonalds that operate globally as well as fulfil local needs of ...
The solution discusses globalization of business and culture and the ways in which it can affect international business.