The Global Economy Has Changed The Way The Corporations Do...

Leadership in a globalizing world. The global economy has changed the way the corporations do business today. The melting of trade barriers among nations and their increasing inter connectedness, accelerated by technology has brought a profound impact on global business. The expanding global environment has extended the reach and goals of the companies with greater access to wider markets. Managers are looking to globalize operations, developing new markets for their products for better strategic business outcomes. Consumers also have better access to a greater variety of goods and services; and the competition to reach to the new markets with the right product is getting stronger among businesses. Globalization gives businesses better access to a global workforce, enables them to tap into international raw materials and financial resources. As the world economy is fast becoming a single interdependent system, businesses have competitors, customers, employees from anywhere in the wor ld. As indicated in the article â€Å"Leading in a Globalizing World†, the author, Kanter, R. M. emphasized that being successful in the global business environment takes special skills. As global managers, the biggest challenge is to improve upon their ability to deal with ambiguity, complexity, and diversity. Understanding the bigger picture and acquiring the global vision is the key, i.e. staying informed what the competitors are doing, what customers prefer at different markets. For example, aShow MoreRelatedGlobalization Is A Form Of A New Market1483 Words   |  6 PagesAs our world has grown increasingly interconnected the practices in the field of business have changed in a way never seen before in history. With a globalized economy come many advantages for the western countries at the forefront of this development. 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