It is to increase the connectivity and interdependence of the businesses in the worldwide markets.In the last few decades, globalization has taken the form of technological advancement which resulted in easier travel, communication, and other businesses on international level for the people.Market globalization is the reduction in selling barriers of products or services to other countries other than its home country.
If we take it positively, it may eradicate the regional diversity and establish a homogenized world culture.
It is supported by the information technology and show huge interaction and integration among businesses, companies, government and people of various countries.
Globalization is making various huge changes in the world where people are moving away from their self-contained countries to the more integrated world.
In order to globalize a business, a company need to bring change in a business strategy made for a single country to the special one having ability to operate in multiple countries.
Impact of Globalization Globalization impacts a business and a company in various ways.
Globalization impact on businesses in the worldwide market can be described under two broad categories of market globalization and production globalization.
It has changed status and way of living of people in the society to a great extent.
It is hugely benefiting the developing nations by providing various developmental opportunities.
We can say it as internationalization which is a great combination of both, the globalization and the localization.
It is very hard to decide whether the revolution of global marketplace is beneficial or harmful to the humanity. However, it is also tough to ignore that globalization has created greater opportunities to people worldwide.