Business problem statement

Business problem statement

The general business problem to be addressed in this research is globalization. Globalization as a business problem is the concept that as so far become the main concern in businesses over the last decades. Globalization has adverse effects on business life, economy, the environment and society as well, and the corporate world has been adversely affected by this problem. Globalization, as a general business problem, affects business activities through increased competition, information transfers and also the rapid and rampant changes brought about as a result of advancing technology (Akdoğan, 2018). However, this challenge or problem can also be addressed when organizations and companies determine the effects of globalization in the operations.

Why globalization matters

Globalization has led to increased competition related to both services and product prices and costs, technological adaptations, target market, quick production and response by organizations or companies. When a company or an organization produces its products at cheaper costs and sell the products at low costs, then the company is able to expand its market share.

However, customers have many choices to choose from and will adversely affect customer preference and taste; hence the behaviour can be affected negatively. In addition, customers want to purchase quality products, products that they can access more quickly and more efficiently. All these customers’ expectations and preferences, therefore, need the companies or organizations to respond; otherwise, the company’s or an organization’s market share will drop; hence will occur (Akdoğan, 2018). Organizations and companies, therefore, need to be prepared for the product, prices and also customers’ preferences and taste since they are the requirements of the global market.

Objectives and aims

The main aim and objective of conducting this research paper are to illustrate the effects of globalization on business and companies all over the world. This research paper will, therefore, identify the most significant impact of globalization on organizations and companies and also conduct a different survey for the purpose of identifying the best and efficient strategies that can be used to deal with this problem. Both quantitative and qualitative methods will put in to use in the research in order to gain a deeper insight into the impacts of globalization on business activities (Dator, 2016). Data collected will then be contextualized with existing literature on the negative effects of globalization.

Specific problem statement

The specific problem to be addressed in this research paper is the advancement in technology. Advancement of technology in business is one of the main striking manifestations. Firms are becoming technology-oriented in order to exploit new markets. In addition, e-commerce and internet procedure have specific potentials for a firm to broaden its operations in international markets. In another world, technology is a major tool in the quality of services and goods as well as competition (Baines, 2017). Advancing technology is quite expensive, and companies or organizations incur a lot of costs advancing their technology. Globalization has, in turn, led to improved technologies and customers are at the edge of directing new markets. Therefore, companies and organizations are at high risk, and there is a need for a quick response.

Why technology matters

The existing literature suggests that advanced technology has many negative impacts on the operations of a business organization. In order to understand the impacts of advanced technology in business operations, qualitative methods will used (Baines, 2017). This will focus more on existing theories of competitive advantage in the market place.

Objective and aims

The main aim of this specific problem is to understand the impact of new or advanced technology in business activities. Questioner and survey question will then be utilized to fully understand the concept of advanced technology as it relates to business activities (Ghemawat, 2015). The data collected will be contextualized, and conclusions and recommendations made.