Globalization and Changing Market Trends Essay Example | Topics and Well Written Essays - 2250 words

Globalization and Changing Market Trends - Essay Example This may be assessed at present as already happening, in which the converging global market has created a conduit of goods and services available at almost the same prices for different countries. Stressing that the world is flat, as Levitt used it- figuratively, at least - opts to become competitive in a global market where regional, historical, and geographical divisions are increasingly becoming irrelevant. Globalization is suggested to have created a playing field in which the world is flattened, thereby allowing all participants to level off with one another and participate equally in the global market. Competitive playing fields are leveled between industrial and emerging markets, which is a product of a convergence of workflow software and of personal computer with fiber-optic micro cable, not known to human race twenty-five years ago. The surge of technology is likened to a jet plane that zooms upward, changing economic activities of domestic and global markets. Levitt indicates in his literature that the world is increasingly and inevitably becoming one, putting the multinational corporations into obsolete position, which were abounding at the time the literature was written. Levitt had a keen and clear foresight with his assumption that companies that do not adapt to the new global realities will become victims of those that do (p. 11). This has become a reality at present, in which products that do not cope with the demands of globalization and technological advancement will certainly find themselves in financial collapse. This is the reason why Kodak and Mitsubishi have to align their photo developing techniques with that of a digitalized method, since using the old film developing technique will surely assail the companies with lower income due to inability to keep track with new technology. Strategic management of firms should hence be congruent to the changing global markets. Currently, the world's needs and desires have been irrevocably homogenized as an outcome of globalization, a trend not existing in 1983, of which Levitt had been keen to make a foresight. In his views, he stated that this homogeneity makes the multinational corporation obsolete and the global corporation absolute (p. 3). This may have been true had the multinational corporations not kept up with the growing demands of a globalized market. However, due to their ability to keep up through market research, multinational corporations are still able to hold their positions strongly, updating their product lines and technology alongside current trends. Similarly, more and more European counties trail the path to offshore some or all of their operations with the advent of globalization. In this regard, foreign direct investment increases, which involve transfer of operating capacity for functions like production and transportation (Gampenrieder, 2006). Offshore strategies provide companies the capabilities to aim for distinctive, sustainable, and competitive advantages that require relocation of operating

Issue in Contemporary Management Essay Example | Topics and Well Written Essays - 1000 words - 1

Issue in Contemporary Management - Essay Example Trait refers to recurring regularities or trends in a person behavior and the trait theory asserts that people behave in a certain way because of the strengths of their traits. The literature contains tons of information regarding trait approach however we will focus on the common grounds deduced by those researches. The Five Factor Model (FFM) of personality has been endorsed by almost all the researchers who were focused towards trait approach (Hughes, Ginnett & Curphy, 2002). The FFM model was first identified by Webb in 1915 but over the period of time many of the researchers using diverse samples have supported these five dimensions of the personality. We will be briefly discussing those five dimensions in the next section. The five dimensions of personality comprise of; Surgency, Agreeableness, Dependability, Adjustment and Openness. Surgency refers to a person’s need for power and his ability to dominate other people. Generally, this factor is evident in those people who are self-confident, competitive and decisive. The second dimension is concerned with Agreeableness which implies that a leader builds a close rapport and creates a sense of harmony with others. Leaders who are high in agreeableness tend to be more empathetic, friendly and optimistic. Dependability is relevant to those behavioral aspects of a leader which are concerned with one’s approach to work. A highly dependable individual would show unwavering commitment towards his work. He will always invest in diligent efforts towards his work and people are highly dependable on him. The dimension of Adjustment is concerned with how people adapt towards different situations and how they react to pressure, failure, and personal c riticism. Leaders who are high in adjustment tend to be more calm and tolerant towards handling stressful situations. Openness refers to how one feels in countering new situation and experiences. Leaders who possess higher openness