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Globalization in modern realities is a critical component of business functioning. This is due to the fact that it provides a large number of advantages to companies that allow them to increase their profits and provide a competitive position. However, there is an opinion that the best solution is to stick to domestic activities and production only for your country. Henceforth, I believe that companies should go global due to several important circumstances.
One of the reasons why an organization should be involved in global activities is the high level of global digitalization. Thus, with the wide spread of technologies and various innovative tools, companies gain the opportunity to operate more easily and flexibly in the international arena. Thus, the organization can expand its consumer base and conduct market analysis and competitor activity (Yeganeh, 2019). Globalization is an aspect that has a serious impact on the marketplace as a whole. Thus, it reduces the cost of manufacturing, which contributes to the formation of low prices for products (Cartwright, 2017). Moreover, the entry of a large number of companies into the market increases competition, as conditions are created for a wide variety of goods. On the other hand, consumers have access to a wider variety of products and services.
In conclusion, my opinion on globalization from the beginning of the course has strengthened; thus, I believe that this aspect has more advantages for companies than disadvantages. Therefore, inconveniences only fruitfully affect the activities of organizations and make them work harder and more efficiently. Among the positive aspects of globalization are an increase in the customer base and a decrease in the price of production and labor costs.
References
Yeganeh, H. (2019). An analysis of emerging patterns of consumption in the age of globalization and digitalization. FIIB Business Review, 8(4), 259-270. Web.
Cartwright, R. (2017). Mastering the globalization of business. Bloomsbury Publishing.
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