Question
Explain various approaches to globalization of the firm.
Answer :
Word Count : 1026
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Skip in 10
From the point of view of international business globalization of the firm is very important. There have been a number of approaches to globalization of the firm which are given below:
- The Globalization according to Levitt of Harvard Business School was referred to as an alleged consequence of markets in the world. It is the emergence of global markets for standardized consumer products enabling a firm to benefit from enormous economics of scale in production, distribution, marketing and management. The impact of technology would be toward further standardization. According to Levitt a successful globalized corporation does not abjure customerization or differentiation and for the requirements of markets that differ in product preferences, spending patterns and shopping preferences. Global Corporations accept these differences only reluctantly.
- In the Japanese view as presented by Ohame Kenichi Globalization is understood as a ‘business chain’. A business chain comprises a firm’s main activities such as Research and Development, engineering, manufacturing, marketing and sales and services. He distinguishes five steps in globalization of a firm. Each of these steps involves the transfer of activities in the business chain to a foreign location. it is in reference to development in the 1980s. Since 1980s had been dominated by unprecedented flows of foreign direct investment as has been seen, mergers and acquisitions and strategic alliances as well as by ever-fiercer competition from Japanese and South East Asian firm.; Ohame argued that these developments would constitute a new era in international business. Companies and customers horizons would stretch, ‘beyond national borders’, they would become global citizens.
a) Export: The entire range of activities is performed at home. Exports are often handled by an exclusive local distributor.
b) Direct Sales and Marketing: If the product is accepted in the overseas market, it will lead to establishment of an overseas sales campaign to provide better marketing, sales and service & functions to the customers.
c) Direct Production : This step involves the establishment of local production activities.
d) Full Autonomy : All activities of the business chain as mentioned above are transformed to the key national markets.
e) Global
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