Business organizations are expanding themselves in the global environment in order to increase sales and to increase the consumer base. Thus to manage a business in a global environment an organization needs to consider different factors and those factors will be discussed in this module. This course will let the management and marketing students to understanding about the different process and business management which they need to take into account while operating their business in the global environment.
Managing the global environment means to understanding the external factors within that country and different resources such as human resources and financial resources also needs to be managed. There are different ways that a business organization can incorporate them in the global environment such as importing and exporting, global sourcing, joint venture, strategic alliance, licensing, and different other methods and processes. These things will let the participants know about how to manage a business in the global environment.
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Study level:- Graduate Level
Unit code:- MGT101A
The first and foremost thing that a business needs to consider is the external factors which is denoted as PESTEL analysis and based on these factors an organization can ensure about expanding their business to a certain country. In order to elaborate that the first thing that comes into account is the political factors where based on stable political factors an organization can ensure about the possibility to enter into a foreign market. An example can be effective to understand this such as while expanding a business in a country if it can be seen that that sector is much more available to that country and having a high competition then that country might not let that company to host because already there is a huge competition. The tax policy of a country is another consideration where based on the tax policies a business of import and export can make sure about how they can get benefits from that business market.
In addition to that, corruption and foreign trade are the other considerations a business needs to follow in order to manage a business into global environment. In terms of economical factors in global market such as exchanges rates, the rate of unemployment are the few considerations based on which an organization can manage their operation.
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The more the unemployment rate within a country, the more an organization can have labour force to work for the organization and due to low demand the cost of labour within that country will also be low which will increase the profitability for an organization. On the other hand, based on the income and dispose of income are the other factors which can help an organization to determine about how to target consumers. The more the income within a country will be, the more people can utilize for purchasing different items.
On the other hand, there are social factors such as the growth rate of population which can help an organization to maintain their market for a longer period of time. In addition to that the purchase behaviour and nature are the other factors where analyzing these, an organization can make sure about how to come up with certain services and products which can help the organization to meet the needs of the target audience within an global environment.
The lifestyle and attitudes towards the services and products are the other consideration that an organization needs to take care of to ensure about to manage the operations and activities within the global marketing. There are other factors comes in terms of technology where an organization ensures that based on the technological up-gradation an organization can setup their market into other countries. This is because the more the people within a country will be technologically upgraded, the more it becomes easier for an organization to operate in both offline and online platforms.
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The availability of the internet also needs to keep in mind because without having proper and stable internet connectivity the users will not be capable enough to use different software application to purchase services and products. Awareness about technological benefits among the people is necessary based on which an organization can manage those people in global environment. The research and development opportunities within a country also can help an organization to evaluate about where they have to work more in order to develop the business.
Another consideration is the environmental factors where based on the climate and weather conditions an organization can operate about their transportation and services. In terms of legal consideration an organization in a global environment needs to take care about the laws of consumer protection.
The law of discrimination and antitrust laws are the other legal factors that an organization needs to manage and maintain in a global business environment. It also needs to consider about the safety and health law along with patent and copy-writer laws to make sure that the business can operate with effectiveness.
In addition to that in order to retain and manage the workforce in global environment an organization needs to set positive work culture where different cultured people needs to be motivated and encouraged within the organizational workplace. Rewards and recognition systems are the other consideration that needs to take into account to make sure that workers are getting satisfied with their basic needs which can motivate them and can retain them for long time. This is important because finding a skilled and talented workforce in global environment is one of the difficult tasks for each and every business organization.
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Weightage of this MGT101A Course Code in Semester
In this research module it has been discussed about the different factors related to the management of business in global business environment. The research has showcased about how a business can incorporate different methods to ensure the effectiveness of the business process. The different considerations related to external factors also has been stated in the entire research.
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