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IMS POST 2 – TECHNOLOGY AND GLOBALIZATION
Indeed, technological advancements, as well as development in communication, has had positive, far-reaching impacts on trade activities as well as globalization. For instance, globalization has been achieved and enhanced thanks to technological aspects that have made business aspects to customize products and services, thus meeting the needs and preferences of the users more directly.
As mentioned above, technology has offered an avenue for business to customize its services and products. One way in which technology has and still is helpful is that bit has made communication more comprehensive and even faster (Gleeson, 2018). With the presence of faster means of communication such as emails and smart phones, clients can be able to outline the products/services they wish to receive (Gleeson, 2018). In so doing, technological aspects have made communication faster, and thus products/services can be easily customized to meet the needs of the clients.
In addition to the above, resource management is easily enhanced with the help of technological advancements (Gleeson, 2018). Therefore, workforce management is more effective, and at the same time, the quality of services and products produced is also enhanced. In so doing, the products/services that are let out to the customers are of better quality due to effective resource management.
Lastly, technology helps a business customize its services/products to meet the needs of the clients by making it easier to research current trends in customer preferences (Gleeson, 2018). High tech components have made it easier to carry out effective and reliable research on market trends and future needs by different customers. Therefore, effective research thanks to these technological trends help to guide business on the type of services/products to offer. Making it easier to customize goods/services meeting the needs of customers.
In conclusion, technology is quite significant in almost all fields. In business, it offers an avenue through which services and products can be customized, as seen above.
Question: Highlight the shortcomings and the challenges that arise with technological advancements in business?
Gleeson, P. (2018). How Does Technology Improve a Business? [online] Available at: http://smallbusiness.chron.com/technology-improve-business-2188.html [Accessed 29 Mar. 2018].
IMS – INITIAL POST – PART 2
The relevance of his viewpoint
Theodore Levitt viewpoints remain relevant even years after the theories that he set forth on globalization. For instance, Theodore Levitt always argued that technology would play a very huge role in driving the world towards a converging commonality (Levitt, 1993). True to his theory, the world has now become a global village where there are certain modern commodities that are common with many people (Dunning, 2014). Therefore, his viewpoints are still relevant. In addition to the above, Theodore Levitt also argued that there are some commodities that will embrace technological trends thus becoming an allure to almost everyone across the globe. As a result, Levitt explained that the prices should be friendly to allow for massive production and distribution thus attracting huge profits to producers (Levitt, 1993). The viewpoint is relevant in that most multinational companies that are producing commodities in huge volumes and supplying them on a large scale hence meeting their revenue targets and profit margins (Dunning, 2014).
What is he saying about the process of globalization?
From the works that he presents, Theodore explains that globalization has had the effect of making the market products and different services transcend regional and national preferences (Levitt, 1993). According to him, globalization has opened the world to different varieties of commodities and people are developing a common interest in services/commodities that are technologically relevant and of high quality.
Was Levitt proved right or wrong and why?
As Levitt had advocated, technology has played a huge role in globalization and positively influencing the global market. In fact, in the current market commonality is so widespread with electronic devices, for instance, being widely acclaimed by people from different parts of the globe (Dunning, 2014). For instance, Samsung and Sony electronic products are so famous with many people across different divides (Dunning, 2014).
How does globalization and technology influence economic growth?
Dunning, J. H. (2014). The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. London, UK: Routledge.
Levitt, T. (1993). The globalization of markets. Readings in international business: a decision approach, 249
Multinational companies that have spread across the globe need to have strategic approaches that govern their operations and help them to achieve their short term and long-term goals. From the video attached, MacDonalds is seen as one of such companies that pays attention to global strategies that intertwine effectively with local strategies. In fact, as the video suggests, I feel that companies that operate on a global landscape need to customize strategies they employ to ensure that their goals and aims are met in different localities. Thus, MacDonald’s has been able to benefit from its strategies in attaining growth and development.
Just as the video explains, there are a variety of ways that strategic approaches help any given institution. The presence of standardized products, as the video mentions have been one of its most effective strategic approaches. Additionally, it has global brands as well as it can meet global customer satisfaction (Lynch, 2010). Furthermore, strategies such as the introduction of new products have been considered to help multinational companies (Elena et al., 2016). As this video suggests, MacDonald’s frequently introduce new menus to pre-existing menus which have also served to advantage them. All in all, as the video mentions, the global strategy that McDonald’ is undertaking has and still is working for the company.
The video also effectively captures why it essential for MacDonald’s to actualize its local strategies. Some of the reasons that are explained include; incorporation of local tastes and customs and to abide by the local laws. I feel that these reasons are well explained and at the same time well position MacDonald’s on the global platform (Lynch, 2010). All in all, this video effectively shades more light on the need for strategy in any business adventure.
On a different note, it is also fair to mention that global integration has positively influenced market responsiveness (Elena et al., 2016). In the case of McDonald’s, they are incorporating technological aspects to help in marketing in regions such as India and China. For instance, in the attached post, standardized worldwide technology has been mentioned as one of the initiatives that has worked to benefit multinational industries such as McDonald’s. I am of the opinion that removal of trade barriers can also go a long way into enhancing and encouraging trade activities. All in all, international trading activities are being enhanced on the global platform thanks to a variety of factors that are well illustrated in the video post and the attached post (Crawford, 2015, p.11). But the question that comes up is, are local businesses protected or shielded from intense competition from multinational corporations such as McDonald’s.
Crawford, A., 2015. McDonald’s: A Case Study in Glocalization. Journal of Global Business Issues, 9(1), p.11.
Elena, C., Cecilia, C. and Chiara, C., 2016. Communication for preventing reputational risk. McDonald’s strategy and its impact on the Italian market.
Lynch, R. (2010).
Available at: https://www.youtube.com/watch?v=v6coDUDCJ10#action=share [Accessed 29 Mar. 2018].
Thompson, S., Shums, A., Chan, C., Lee, A. and Tong, J., 2016. BUSINESS 478 SECTION D 600.