Globalization Annotated Bibliography Example | Topics and Well Written Essays - 750 words

Globalization - Annotated Bibliography Example th and early twentieth centuries due to European imperialism and colonialism but it continues in todays global environment due to new information and communication technologies. A firm aspiring today to be successful must be adaptable and flexible in a globalized environment. Most businesses today place globalization as one of their top concerns. This is because globalization is the future of any successful business; it is a rapidly-growing challenge as the world economy gets more integrated due to the accelerating trend of globalization. Any firm that aspires to be successful must tackle the issue of globalization, in particular the cultural or local characteristics of a foreign national market. This means management must consider the local context when making vital decisions such as on strategy, hiring or marketing. Although global markets can be considered as borderless, there are local issues that need to be solved or considered when entering or penetrating a new market (OMeara, Mehlinger, & Krain 101). It may be incorrect to adapt a one-size fits-all global strategy when it comes to national markets because countries can differ significantly on cultural practices and beliefs. There is truth to an old adage when it concerns globalization and is a goo d warning: Think global but act local. Perhaps the most challenging part of globalization is the management of people who belong to various ethnic groups. Cultural diversity presents special challenges to management with the main task of bringing out the best in people coming from various backgrounds. It is a difficult task of unifying people towards a common corporate objective. Modern globalization is evolving and the new paradigm today is â€Å"Think local, act global† (Park & Hirowatari 238). Understanding foreign cultures is essential to everything. It is the key to successfully entering a new market or introducing a new product or service to existing markets. It is easy to adapt a general global strategy