Globalization is a fascinating phenomenon in the world. It is te one event that brought the entire world together, to the extend that they are almost juxtaposed technological-wised.
Most of the companies are going international today to expand their operations. But of course, they face diverse relationships and cultures as they move on. In the multi-faceted world of economics, there is the concern of mortgage, liqudation, equities and most importantly currency and stocks exchange. Globalisation affects each and every one of these events in many ways. For instance, company's revenue are greatly manipulated by the exchange rate of the currencies used in different countries. If they were to import a mass of products of a country with a stronger currency, they will lose out over time. Conversely, if they import from a country with a weaker currency, they will benefit.
In terms of social relationships, it is important to acquire valuable knowledge and skills through exchanges with people all over the world. However, against the increasing competitive pressures and market volatility, it leads to decreased job security, increased work intensification and higher demands for more work flexiblity from employees.
Cultural-wise, it determines how well organisational beaviour theories and practices work across cultures. Different countries have different cultures. For instance, Japanese hates people writing on their namecards as it is a sign of rudeness to their reputation. Kit-Kat thrives in Japan because it signifies or rather means good luck in Japanese, therefore people tend to give each other Kit-Kat during examinations. Especially in the aspect of marketing, globalisation has a strong impinge on the campaigns. It is important to take into consideration the fact that a word which means something positive in one language could have a negative connotation in another language. Such small minutiaes have to be taken into consideration before you market your products to the world.
