Globalization is defined by Webster's dictionary as a process that renders various activities and aspirations "worldwide in scope or application." In business parlance, globalization can be defined as the removal of trade barriers between an economy and other economies. The barriers can be in the form of the restriction of the flow of goods or services, capital, information, knowledge, and ideas between economies.
For organizations operating at local, regional and national levels, globalization means expanding operations into other countries to take advantage of opportunities and gain competitive advantage. To take advantage of opportunities in global markets, many organizations have radically reengineered and improved their internal processes. In India, new information and communication technologies and liberalized trade policies are providing opportunities for organizations to serve world markets better. With opportunities, globalization also brings many challenges. Firms need to address these challenges before expanding globally.
This chapter discusses the sources of global competition and the difficulties encountered by organizations in managing the globalization process. It also discusses various approaches to managing globalization.
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