GLOBALIZATION IMPACT ON BMW GROUP

Globalization Impact on BMW Group



Globalization Impact on BMW Group

Globalization

Globalization refers to the increasing interconnectedness of the world. In stark contrast with prior times, when countries frequently found themselves in competition with one another (and often at war), globalization reflects their coming together to pursue common goals. This phenomenon is manifest most prominently, though not exclusively, through business. At the same time, however, the development of a world economy and global workplace has been accompanied by a general shift in thinking about social, economic, cultural, and political issues as well.

While globalization has arguably been taking place for centuries, the term was not coined until 1983, in a Harvard Business Review article by marketing scholar Theodore Levitt. In “The Globalization of Markets,” he argued that the world was moving toward a single “global” market and that success would be dictated by the ability of companies to integrate global thinking into their strategic thinking and planning. According to Levitt, “Companies that do not adapt to the new global realities will become victims of those that do.”

Globalization allows for the international transfer of goods, services, and ideas through a global marketplace. Although the 1980s and 1990s witnessed a large degree of globalization, its pace has quickened in recent years, particularly as a result of changing technology and the rise of the Internet. Enhanced communication has enabled people to overcome geographic obstacles through real-time interaction. Exchanges take place through local vendors, distributors, and via the Internet. People around the world now have access to many of the same products, no matter where they are. People are also connected through shared media—including, but not limited to, the Internet. CNN, for example, is available on most cable networks across the globe.

A critical factor is that these technological changes have substantially brought down the cost of the spread of information. Even some of the poorest people around the world have cell phones and can get access to the Internet. This has opened the door to innumerable business opportunities that have, in effect, changed the face of the globe.

 

Globalization and Trade

It is significant to hold in brain that Globalization former to this 100 years was restricted in large part by the cost and adversity of journey and communication. Ships—which, former to the mid- to late 20 100 years, comprised the predominant procedure of travel—were exorbitant and slow. This conceived an important impediment to faster Globalization.

Advances in expertise have endowed much quicker, lower, and more dependable journey and connection, and this has apparently paved the way for the fast Globalization we glimpse today, especially through increased trade opportunities.

Trade is absolutely crucial to Globalization. In a sense, it is the currency through which nations broadcast with one another. In detail, Globalization of government, heritage, and so on will not live without trade.

According to the supports of “critical theory” and other postmodern communal detractors, Globalization should be glimpsed as certain thing like a world-historic method in which a large transformation and dismantling of heritage, organizations, and nation-states ...