Tuesday, May 5, 2020

The globalization of business education - Myassignmenthelp.Com

Question: Discuss about The globalization of business education. Answer: Introduction The expansion of business can bring the various opportunities such as favourable financing opportunities and new personnel. Globalization as the contextual factor has been chosen for expanding the new start up venture. Globalization refer as a concept in which progress of a region can take place in quick manner because it has the ability to communicate in easy way with others all over the world for the purpose of conducting business internationally. The report will reflect the expansion of new start up by considering the conceptual factor. Medilife has started as a new business start up, which is able to provide the online medical facility to the customers. It provides the online portal where the customer has access to search out the hospital from the lower range to higher range in Australia. Customer can book the appointment from doctors after analyzing the hospital on the portal without going anywhere. To expand the business globally, the role of globalization is vital. The report will reflect the potential benefits and the challenges of this contextual factor on the business. With the help of this contextual factor, the company can expand its business globally which will be beneficial for the company in the context of increasing the market share. Contextual factor- Globalization Globalization is considered as the process of integration and interaction among the people, government and the companies of different countries. There are four dimensions of globalization which involves the expansion of activities of social, cultural and economic across regions and political frontiers. The second dimension of it suggests the amplification of interconnectedness such as culture finance, trade and investment. The developing strength and importance of global interrelations can be linked with the process and interaction of global; it enhances the opportunity of the communication. The last dimension describes that due to increase strength, importance and velocity of the global connections, the boundaries between global affairs and domestic issues have developed (Murthy, 2011). Potential benefits of globalization on Medilife Business expansion and market diversification Medilife is the new business and it can be expanded globally with the help of globalization. However, Medilife is in Australia and provide medical facility to the customers of this country via internet facility. The benefit of globalization of Medilife is that it make good bonding with foreign people and facilitates to increase the business and employment. Diversification can be attained by involving into new markets with different pricing strategies. It will be helpful for making changes in the products as per the requirement of the customers. Increase the market share The market share of the company can be increased with the help of contextual factor that is globalization. Due to expansion of business, the sales of the company will certainly increase. The market share of Medilife can be increased by strengthening customer relations, innovation, acquiring competitors and smart hiring practices. The role of market share is vital in the companies which can utilize to critic the importance of any possible revenue developing efforts such as CRM programs, marketing campaigns and branding initiatives (PiscitelloSgobbi, 2004). Customer base development Globalization has developed the ability to buy life changing goods for consumers. The flexibility has been provided by globalization of various consumption alternatives at affordable rate. The amendments can take place in the societies and cultures across the world due to globalization. A beneficial aspect of globalization is the enhancement in the goods and services available to the customers and decrease in the price (Dunning, 2014). There are number of companies that haveexpanded its business globally such as McDonalds Restaurant that has opened in 1973 and now it has more than 30,000 restaurants globally. The number of customers is increased in Medilife due to globalization. The trust of customer will enhance on the company due to expansion of the business. Customer would prefer Medilife to find out the medical services in all over the world and can fix the appointments with doctor by analyzing the rate and the availability of the services (Prasad, Rogoff, Wei Kose, 2005). Huge untapped market to operate However, the strong competitors of Medilife are not available in online medical services that prevent it from major competition with competitors. Globalization is able to provide the opportunity to new business of huge untapped market to operate. It would be great opportunity for the new business to reach at different location for business along with that it will bring new changes in the country (Clarke, 2013). New entrants will be threat for the company but Medilife can become the symbol of success of it expands its business globally and new entrants can learn from Medilife. Potential challenges of globalization on Medilife Fluctuation in prices The major challenge is fluctuation in prices due to globalization. Medilife has to set up the price strategies because competition has increased day by day and developed countries are forced to lower their rates for their products. The company has provided the facility of medical to the customers via internet but before putting any relevant information about the location and the hospitals, company need to analyze the entire environment of the location where it want to develop its business. The lower rate of services can bring the adverse situation for the company and reduce the ability to sustain social welfare in their countries (Wiersema Bowen, 2008). Diversity in culture The culture, languages and trends of each country is different and expansion of business in new country can bring the challenge for the company because company need to give option on different languages over the portal so that the local citizens can understand the description about the hospitals across the world. However, it would be great opportunity for the business to provide the facility of medical to the customers who are not aware about the treatment of worst diseases but diversity can be the reason of challenge for the company (Homann, KoslowskiLuetge, 2007). Political Threat The scenario of political of different countries is not stable and company has to face number of challenges due to different policies of countries. The variations in policies are the challenge of globalization on the business of Medilife. Conversely, due to globalization employment increase in all over the world but the fact is that outsourcing takes away number of jobs and skilled people from one country to another, leaving many without opportunities (Jianzhong, 2008). There are various barriers about free trade such as 161 countries have value added taxes (VAT) on imports which has high rate (Ferraro Briody, 2017). Technological glitch Medilife is based on the technology which is the key source of competitiveness in the online service. Technology has changed rapidly and unawareness about latest technology may bring the challenges for the business to adhere (Kohut Wike, 2008). Up gradations are done in the technology on frequent basis which is vital to offer updated services to the consumers. Along with that there are number of developing countries in which people do not have sufficient knowledge about how to access on the portal to find out the medical services (Lee Vivarelli, 2006). Legal risk Legal regulations are different of each country and the changes in the legal and political scenario may amend the approach and legislation of the government. There are some agreements such as NAFTA and the South Korean korus trade agreement which have been great impact on the multinational corporations but due to this employment of unites states are eliminated. Medilife can face the number of challenges due to emergence of lawsuits (Globalization, (e.d.). Recommendations It has been recommended that Medilife should explore the different market globally before expanding the business only basis on earning profits. As it has been discussed that there are various developing countries where people are not aware about how to operate portal in such case company should implement the simple process of inserting the mobile number so that the executives of company can reach them by making calls on their numbers. To prevent from legal, market and economic risk, company should analyze the conditions of the country by putting itself as the business because company cannot prevent to face the challenges due to globalization but various strategies and policies can be implemented by the company to make it more impartial. Conclusion In the limelight of above discussion, it has been concluded that globalization is the process that bring so many countries at one place and enhance the employment across the world. The discussion has been made on Medilife to expand its business globally. The report has been reflected the potential benefits and the challenges of this contextual factor on the business. Globalization can bring the changes in the business and the market share of the Company can be increased, on the other hand, company can face major challenges such as legal risk, market risk and environment risk due to globalization. References Clarke, T. (2013). The advance of the MOOCs (massive open online courses) The impending globalization of business education?.Education+ Training,55(4/5), 403-413. Dunning, J. H. (2014).The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge. Ferraro, G. P., Briody, E. K. (2017).The cultural dimension of global business. London: Taylor Francis. Globalization, (e.d.).Global Business Environment.Retrieved on 10th January, from: https://catalogue.pearsoned.co.uk/assets/hip/gb/hip_gb_pearsonhighered/samplechapter/0273752634.pdf. Homann, K., Koslowski, P., Luetge, C. (2007).Globalisation and business ethics.Ashgate Publishing, Ltd.. Jianzhong, Z. (2008). Strategy of Engineering Education Reform in the Era of Economic Globalization [J].Research in Higher Education of Engineering,1, 007. Kohut, A., Wike, R. (2008). PEW PRESENTS... Assessing Globalization: Benefits and Drawbacks of Trade and Integration.Harvard International Review, 70-74. Lee, E., Vivarelli, M. (2006).The social impact of globalization in the developing countries.International Labour Review,145(3), 167-184. Murthy, G. (2011). Globalisation of Business.Retrieved on 10th January, from: https://dspace.vpmthane.org:8080/jspui/bitstream/123456789/1506/1/84%20Globalisation%20of%20Business.pdf. Piscitello, L., Sgobbi, F. (2004).Globalisation, e-business and SMEs: evidence from the Italian district of Prato.Small Business Economics,22(5), 333-347. Prasad, E., Rogoff, K., Wei, S. J., Kose, M. A. (2005). Effects of financial globalization on developing countries: some empirical evidence. InIndias and Chinas Recent Experience with Reform and Growth(pp. 201-228). Palgrave Macmillan UK. Wiersema, M. F., Bowen, H. P. (2008). Corporate diversification: The impact of foreign competition, industry globalization, and product diversification.Strategic Management Journal,29(2), 115-132.

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