Globalization is the continual spread of technology, business investments, products and services combined with opportunities across borders. Basing on our focus of economic terms, it describes the loosening of hindrances to international and continental trade in the 21st century ( Cartwright, 2017 ). Globalization is, therefore, the constant development of an increasingly integrated and functional global economy fostered by cross border trade, which is beneficial to the states doing the businesses in the 21st century ( Cartwright, 2017 ). Therefore, globalization is necessary for the business to reach full potential.
The businesses use website content, digital advertising, and e-marketing platforms to reach new consumers and markets as well as creating and sourcing for employment. Since globalization fosters major components of international integration, it is important to note that it is aided by the putting in place of diplomatic treaties, international laws, and agreements that favour cross border state, thus making it necessary for the businesses to reach optimal potential in the 21st century ( Crane et al., 2019 ). Also, globalization aids in levelling the competitive field for businesses. Given every business has its target for revenue generation, some may not be to reach the level of the grand scale, such as the multinational corporations. ( Crane et al., 2019 ) This does not mean that they completely fail to benefit from globalization. The small businesses may reach optimal potential by harnessing digital platforms in terms of operations, advertising, and the dynamics of offering services. A good example is a taxi-hailing mobile app company, Uber ( Cartwright, 2017 ). They used mobile marketing platforms and social media to emerge as a company with an approximate worth of seventeen billion dollars and is now a renowned worldwide brand due to globalization.
Delegate your assignment to our experts and they will do the rest.
Moreover, in the 21st century, there is a predominant focus and emergence of e-commerce businesses. These businesses often require 24/7 round the clock staff, especially on the customer service fronts. Their staff needs to handle orders from clients and respond to queries and complaints ( Crane et al., 2019 ). Globalization helps businesses outsource services that may be cheaper than those found within the borders. This, in the bigger picture, helps businesses cut down on their annual wage bill and re-direct the funds to matters such as an expansion of their operating base.
Conclusively, it is evident that globalization is a necessity for almost every business worldwide in the 21st century. Remarkably, it is a means of expanding, exploring, and tapping into new markets, offer services, procure products and ultimately keep in touch with contemporary trends in doing business while maintaining the goal of making profits.
References
Cartwright, R. (2017). Mastering the globalization of business . Macmillan International Higher Education.
Crane, A., Matten, D., Glozer, S., & Spence, L. (2019). Business ethics: Managing corporate citizenship and sustainability in the age of globalization . Oxford University Press.
