The impact of globalization influences where businesses choose to operate. This can be seen in four key business areas

• Operations Management
• Marketing
• HR (Human Resources)
• Finance

There are two main types of factors influencing this: Pull Factors and Push Factors.

• Improved Communications
  • Today, we can 🚚 transport goods and 📞 chat with suppliers or customers globally, regardless of where they are or what time it is.
  • 🌐 Think about how easily you video call your friend from another country!
• 2. Dismantling of Trade Barriers
  • Ever heard of the WTO (World Trade Organization)? It's like a global club that aims to make trading between countries easier.
  • Example: 🇨🇳 China joined the WTO in 2001, and BOOM! They began investing everywhere, even in football teams.
• Deregulation of Financial Markets
  • Moving big 💵 money around the world has become a piece of cake!
  • Because of internet banking and digital systems, it's easier for businesses to start up and investors to spread their money globally.
  • Real-world example: Think about how easy it is to check your bank balance on your phone.
• Rise of the Giants: Multinational Companies
  • Massive companies can easily persuade countries to let them in.
  • Just like how popular kids in school can influence trends, big companies can create momentum for others in the business world.
  • Case in point: China's growth in Africa not just for raw materials, but expanding their influence in various sectors.