Globilization

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Advancement of technology can lead for work to be comepleted faster.

Knowledge and technical improvements spread swiftly because many nations are continually connected. This means that scientific advancements produced in Asia can be put to use in the United States in a couple of days because knowledge also spreads so quickly in that region.

If your brand appeals to more people then the business will profit more.

With the advent of globalization, it has never been simpler to access international cuisine, entertainment, music, and visual arts. It is possible to order Thai food to be delivered to your apartment while listening to your favourite UK artist or streaming a Bollywood movie thanks to the free flow of people, goods, art, and information.

If a product is more expensive people are less likely to buy it.

Due to globalisation, businesses can create their goods more cheaply. Additionally, it heightens international competition, which lowers costs and gives customers a wider range of options. People in both developing and developed nations can live better on less money because to lower prices.

Globilization

Negatives

Foreign Worker Exploitation

Laws work differently in other countries so the working conditions could likely be worse.

Although many customers do benefit from lower prices, it also fosters fierce rivalry, which prompts some businesses to look for low-cost labour sources. Some western businesses export their products to nations with lax standards, such China and Malaysia, where it is simpler to abuse workers.

Payroll and Compliance Challenges

Managing international payroll and staying in line with evolving tax and employment rules is another major challenge for global expansion. If you attempt to manage activities across various markets, the management work becomes considerably more challenging.

Incurring Tariffs and Export Fees

It takes a lot of ships and containers to move product abroad which leads to it costing a lot.

Summary

Paying customs and export fees, which 29% of U.S. and UK IT leaders thought is difficult for their international operations, is another issue they both mentioned in the research. Depending on the industry, shipping things overseas might be expensive for businesses trying to sell their goods abroad.

Main topic

Positives

The Spread of Technology and Innovation

Lower Cost for products

Access to New Cultures