CONCEPT OF GLOBALIZATION
"Globalization means the production and distribution of products and services of a homogeneous type and quality on a world wide basis”. Globalization also means globalizing the marketing, production, investment, technology and other activities. How do these happen? Globalization does not take place in singly instance. It takes place gradually through and evolutionary approach.
FEATURES OF GLOBALIZATION
Operating and planning to expand business throughout the world.
Erasing the differences between domestic market and foreign market.
Buying and selling goods and services from/to any country in the world.
Establishing manufacturing and distribution facilities in any part of the world based on the feasibility and viability rather than national consideration.
Product planning and development are based on market consideration of the entire world.
Sourcing of factors of production and inputs like raw materials, machinery, finance, technology, human resources, managerial skills from the entire globe.
Global orientation in strategies, organizational structure, organizational culture and managerial expertise.
Setting the mind and attitude to view the entire globe as a single market.
ESSENTIAL CONDITIONS FOR GLOBLAIZATIONBUSINESS FREEDOM:
There should not be unnecessary government restrictions which come in the way of globalization, like import restriction restrictions on sourcing finance or other factors fro broad foreign investments etc.
The extent to which an enterprise can develop globally from home country base dependson the facilities available like the infrastructural facilities
Although unnecessary government interference is a hindrance to globalization, government support can encourage globalization. Government support may take the form of policy and procedural reforms, development of common facilities like infrastructural facilities, R and D support, financial market... [continues]
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