In order for any management to succeed in the globalization, it must engage in the market analysis so as to ensure that it employees the right strategies to succeed.
It’s important for the firms to carry out the SWOT (strengths, weaknesses, opportunities, and threats) analysis and thePEST(political, economical, social and technological) analysis to come out with a clear picture of the actual situation in market.
Despite globalization having some positive and negative impacts, in general, globalization has greater advantages and to the firms if at all the firms succeed. The management must acknowledge that globalization in the 21st century has altered social, economical and educational landscape of the business arena since globalization is taking place in a very rapid manner due to the trade liberalization, communication and technological revolution. It has further enhanced economic integration and has made the time and geographical boundaries immaterial; more so has resulted to cultural innovation, new initiatives and technologies.
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