Globalization and Its Managerial Implications

Globalization and Its Managerial Implications

Globalization and Its Managerial Implications

Globalization and Its Managerial Implications

Synopsis

Globalization is a force with a strong, analyzable impact on management practices. Rao and his contributors explore its implications and show how globalization's impacts differ by sector and region of the world. Taking a comprehensive and integrated approach to the managerial implications of globalization, they report research on six groups of critical issues: environmental, micromanagerial, importer-exporter interaction, market communications, sectoral management, and regional management. Academicians and executive policy makers concerned with the internationalization of business will find the book of special importance. It may also be used as a text supplement in graduate courses in international business and marketing.

Excerpt

C. P. Rao

Globalization has become a major environmental force shaping management theory and practice in recent years. With the fall of communism and the spread of democracy, globalization forces have intensified in shaping policies and behaviors of both nation-states and corporate entities all over the world. Globalization has also concurrently ushered in privatization and liberalization trends making it imperative for corporate management to deal with the new reality of operating in a global context. The globalization process is further aided by new technological developments in communications and information processing, in addition to the faster spread of these technologies worldwide. Increased information dissemination and unrestricted global mobility of financial and other factors of production and distribution are resulting in homogenization of values and norms, which in turn are creating global markets and concomitant managerial challenges. Every facet of management practice—including production, financing, marketing, sourcing, and human resource management—is affected by globalization trends.

The pervasive globalization trends in turn require visionary thinking, creativity, information focus, considerable investments, and organizational change so that corporate management can effectively respond to the emerging global challenges and opportunities. In today’s global markets, while consumption patterns, consumer expectations, and overall consumer behavior patterns are becoming increasingly harmonized, certain infrastructural and cultural peculiarities of individual national markets continue to pose difficult managerial problems. Today’s corporate management has to deal simultaneously with converging commonality and persistent diversity in various global markets. Such contrary trends created by globalization processes seem to require globalized strategies but localized marketing and management practices.

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