Lazo, Stuart Jerico G.

BSBM 1-1

What is globalization? Before we answer that question, we are about to know first the definition
of globalization. Globalization is the process of international integration or interaction having
connection in different parts of the world resulting in the expansion of international cultural,
economic, and political activities. It alsp refers to the changes in the world where we are moving
away from self-contained countries and towards a more integrated world. Globalizatiom in
business is the change in business from a company associated with a single country to one that
operates in multiple countries.

Globalization has impact in business and it can be categorized into two which are the market
globalization and the globalization in production according to Study.com (2019). Market
globalization is the decline in barriers to selling in countries other than the home country. This
will make it easier for a company to begin selling product internationally and company should
know the customer prefrences. Like what culture, norms has have in one country before they
develop their business strategies. Otherwise, they will should know their people or their target
market consumer/buyer to prepare their basic need in everyday living and/or their want
satisfaction. While globalization in production it is the sourcing of materials and services from
other countries to gain advantage price differences in different nation. Company will find ways
where they are found less expensive raw materials needed in the production.

Globalization also affect business and companies must keep in their mind the various aspects of
the main effect of globalization. Some effect/s of globalization is the competition. In the reality
business, business should always have competitors because someone business owner believes
that "business is the key to success in life". Through globalozation, goods and services will be
provided and customers have a large multitide of choice in the market and throigh competition,
consumers affects their behaviours becaise they expect high quality in product but low in price.
All these expectation needs a response from the company, otherwise sales of company will
decrease and they will lose profit in the market share. The company must be ready and aware
for the price, qualtity and other factors in the market to satisfy the people. Second, changing of
technologies. We, people are already familiar in using techonology because we in the 21st
century are modernized especially in technology and technology is also the main tools for
competition in business. Companies should use the latest technology in production for
increasing the sales and in product because customers always expecting directing product.

The importance of globalization especially globalization in business, we are not going to other
cointry/ies to buy their product/s but because we are in the modern world so that globalization
is easy to us. And because of globalization countries became popular because of the changing of
products. Like NIKE products is one of good example of successful distributing of product. It was
first introduced in the USA and through the globalization, because of high quality the name
came too big. Every country lacks something, the process of country developing was different
based on what resources they have. Country will find ways to gain the needs and wants of their
people. Business is the key. Through globalization, goods and products will be provided.
Products can't be the same. It must fit in the taste in every location. Mc Donalds has different
style of cooking base on where it is placed.