Globalization

Globalization

The Globalization process of interacting and integrating among other companies of different nations to trade and invest has helped in the growth of international trade and finance. It refers to the extent to which trade and investments, information, ideas, and political cooperation flow between countries. It has led to multiple countries to work with each other and to several innovations in science and technology. The environmental factors that each industry should focus on when trying to globalize a business are economic, sociocultural, and legal and political environments. These can have different affects for each industry and they have to be seriously considered to make that business succeed internationally. The industry that it is very important and growing at a high speed is the technology industry. There are many technological advances out there and businesses would be even better known if they made business over seas.

For the technology industry, there could be many economic factors that have to be considered to succeed. When deciding to take the business overseas, they need to take a look at the economic conditions in the country where the business is trying to locate and operate. These countries could be considered developed or developing countries. For technology industries, it is easier to succeed the business in developed countries. They are wealthier and economically advanced, which means that it they will contribute more and grow the business faster. To support activities between countries, they also need to consider the country’s infrastructure for their economic activities. They need to make sure that they have communication and physical facilities on hand to keep the business going. A struggle they may face is making sure that these international locations have the right resources and materials to keep the business running smoothly. One major issue for the economic environment is that periodically countries will have financial...