"A fundamental shift is occurring in the world. As we live in the 21st century, the business world is constantly changing and becoming more complex in areas of global competition, information technology, and others. The "new economy" is upon us and we must adapt to survive and prosper. In every sector of the economy, effective management, responsive to an ever changing environment must meet these new challenges with new skills."
We are moving from a world in which national economies were relatively self contained entities, isolated from each other by barriers to cross border trade and investment; by distance, time zones, and language; and by national differences in government regulation, culture, and business systems. And we are moving towards a world in which barriers to cross-border trade and investment are tumbling; perceived distance is shrinking due to advances in transportation and telecommunication technology; material culture is starting to look similar the world over; and national economies are merging into an independent global economic system. The process by which this is occurring is commonly referred to as globalization – the creation of a world so interwoven by shared knowledge that it becomes a “Global Village”. This is the big picture that can be drawn up for the current scenario of change that is happening in the world. In this current era of globalization, the only thing that is constant is change.
Business philosophies keep on changing and it is up to the companies to keep up with these changes. Managers today have to anticipate and recognize the changing environment, adapt to the environment without compromising their principles, assume that things will only get worse if not dealt with urgently and keep corporate communication connected to strategy in order to survive in this ever changing world of today. Theodore Levitt has argued that due to the advent of modern communications and transportation technologies, consumer tastes and preferences are becoming global, which is now creating global markets for standardized consumer products.
For Example, when I was doing my project for Kirloskar, I found out about a technology online that was not present in India i.e. The Micro Diesel Engine Generators. The company that designed the product was based in Netherlands and was willing to sell the technology overseas. I did an opportunity analysis on the product and found out that such a product has a huge market in India. Kirloskar, after seeing this, imported the technology into India and presented it into a test market to see whether the product would run. This is an example on how companies nowadays are now getting accustomed to change. Another Example would be in the filed of communication technology. In the present world, communicating from one end of the world to another has become much more efficient enabling the transfer of information to be faster and cheaper. I remember the time when my parents used to communicate with me via letters. But now since the internet has revolutionized the way people communicate, my parents have also habituated themselves with the use of Emails to communicate with me. The world is becoming smaller and smaller by the second.
References
Charles W L Hill – Competing in the Global Marketplace
T. Levitt – “The Globalization of Markets,” Harvard Business Review
Business philosophies keep on changing and it is up to the companies to keep up with these changes. Managers today have to anticipate and recognize the changing environment, adapt to the environment without compromising their principles, assume that things will only get worse if not dealt with urgently and keep corporate communication connected to strategy in order to survive in this ever changing world of today. Theodore Levitt has argued that due to the advent of modern communications and transportation technologies, consumer tastes and preferences are becoming global, which is now creating global markets for standardized consumer products.
For Example, when I was doing my project for Kirloskar, I found out about a technology online that was not present in India i.e. The Micro Diesel Engine Generators. The company that designed the product was based in Netherlands and was willing to sell the technology overseas. I did an opportunity analysis on the product and found out that such a product has a huge market in India. Kirloskar, after seeing this, imported the technology into India and presented it into a test market to see whether the product would run. This is an example on how companies nowadays are now getting accustomed to change. Another Example would be in the filed of communication technology. In the present world, communicating from one end of the world to another has become much more efficient enabling the transfer of information to be faster and cheaper. I remember the time when my parents used to communicate with me via letters. But now since the internet has revolutionized the way people communicate, my parents have also habituated themselves with the use of Emails to communicate with me. The world is becoming smaller and smaller by the second.
References
Charles W L Hill – Competing in the Global Marketplace
T. Levitt – “The Globalization of Markets,” Harvard Business Review
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