The global "mindset" that companies must have is defined as "…the ability to develop and interpret criteria for business performance" that are not relying on the "assumptions of a single country, culture or context to implement those criteria appropriately…" (Begley, et al., 2003). Begley and colleagues insist that the "truly globalized corporation" sees globalization as more of a "mind-set" than a "structure" per se (p. 1).
The three mind-sets that managers and executives must be able to demonstrate include: a) first, think globally and recognize the things that help to create a "…consistent global standard"; b) secondly, think locally because in the process of becoming "truly global" a company must come to a deep understanding of "local and cultural differences"; and c) third, the authors assert that the strategy should be to "think globally and locally simultaneously" and be cognizant of those situations in which there are "compelling demands" from both global and local elements (Begley, p. 1).
Getting a company into the global mind-set must start with executives and managers, Begley writes; they must pull the "structure, process and power levers to activate it"; and once that happens, there are more challenges as the "…newly globalized lower-level managers will pull their levers to convert employees in cascading fashion through critical parts of the company" (p. 1).
Z.S. Demirdjian writes in the Journal of American Academy of Business that the way that globalization has taken hold in many of the world's economic powerhouses reminds him of a kind of "fever." The author likens the current "globalization fever" to the California Gold Rush of 1845 (Demirdjian, 2005, p. 1). In that gold rush some of the prospectors found gold but others got nothing "…but gravel and sand," hence the implication is that not all companies will enjoy success in the globalized world that is emerging, Demirdjian believes.
The salient questions to be asked -- and the challenges to companies -- according to Demirdjian are these: a) is globalization a "panacea to eradicate world ills and disparities between the haves and have-nots?"; or b) is globalization...
They might only be more efficient when externalities are not considered, but in the real world of globalization externalities are important. Understanding what to do about these problems and how to take advantage of the opportunities presented by globalization requires a strong understanding of what globalization is, and even that remains a point of some contention. Works Cited: Higgott, R. & Reich, S. (1998) Globalisation and sites of conflict: Towards definition
By 2050, it is projected that only India would be recording growth rates significantly above 3%. Incomes and Demographics By 2050, despite much faster growth, individuals in those countries are still predicted to be poorer than those persons living in any of the now G6 economies . Russia is the exception, essentially catching up with the poorer of the G6 in terms of income per capita by 2050. By 2030, China's
Often, an expanded market means that a company will need to undertake a strong marketing strategy based upon thorough research in order to see how the expansion would affect another market. The problem is, not all companies wish to do so because not all are good or successful at this undertaking. Yet again, if a company wishes to stay competitive, make its profits year after year, and enjoy a
Globalization of the Fashion Industry Not so long ago, globalization was an only theoretical term businesses used as a "what if" situation. Today, globalization is a reality. Through lowered trade restrictions and increased international cooperation, countries are increasingly affecting one another both culturally and economically. Fashion is one of the largest sectors that has both facilitated globalization and has benefited from this phenomenon. Increases in mass media communication, has meant fashion
This ranges from the company's national managers to all the other employees. The reason for this is quite simple and can be explained with the term "cultural differences" which helps us describe a range of issues on which the approach of national individual employees is different than that of the corporatist counterparts that invest in the country. The first important cultural difference that comes to mind is, obviously, language. The
This means that the states have a certain amount of sovereignty, but not complete autonomy to simply do as they wish. States are free to adopt their own laws, but they must do so within the confines of the larger body. The development of the United States and the Civil War resulted in a new definition of sovereignty. If one compares the philosophy that arose in the United States to
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