Global Business Assignment: Case Analysis Based On International Business
This global business assignment should answer the below questions:
- What are the implications of populations aging for business? You should think about different types of business and distinguish opportunities and threats.
- Is immigration good for Britain’s economy and society? You should identify the implications for different stakeholders.
- ‘Class is still a key feature of British society and has important implications for businesses’. Discuss.
- Is fairness or social justice an issue that business should be concerned about? Or should it be concerned only with efficiency and profitability?
- What does the term ‘working class’ mean? Does Britain still have a working class? What is the relevance of class for business?
- What are the strengths, weaknesses, opportunities and threats presented to an individual country by globalization?
- How might such a SWOT analysis differ between a developed and a developing country?
- What is ‘outsourcing’? Which stakeholders are affected by this and how would we decide if such a tendency is to be welcomed?
- What are the advantages and disadvantages of international trade?
- In what ways can the global marketplace not be ‘ethical’ and what are the obstacles that might prevent it being so?
What are the implications of population aging for business? You should think about different types of business and distinguish opportunities and threats.
As per the research on global business assignment, it has been stated by Jones (2018, p. 40), that the older population creates more challenges to government tax, labor markets, the wider economy, and government spending. The countries like the U.S., the UK, Japan, and many other countries have recorded that life expectancy in their country is dramatically rising in this century. As per the opinion of Elmendorf and Sheiner, (2017, p. 175), the life expectancy had increased in many western economies 50 years ago. However, increased life expectancy has declined the birth rate and caused businesses to worry about their growth. Naturally, the youth can grab and learn to think much faster than the aged people. Therefore, the businesses would find it difficult to cope up with the situation as the aged people take time to learn new things. With the advancement of technology and the pace of life, businesses must recruit new youth. The different types of businesses that may get affected mostly are the IT sector, the aviation sector, and the retail sector. This is because the services provided to people must be prompt so that customers would not feel disappointed. As per the thesis postulated by researchers, the future generations of the UK would have to struggle a lot as the government had fixed the retirement age to 65 years. Also, the government has added the retirement scheme of pension in the private sector too. This would affect many businesses especially small-scale organizations to commit the same.
Is immigration good for Britain’s economy and society? Identify the implications of different stakeholders.
As per the view of McLaren et al., (2018, p. 190), the Migration Advisory Committee produced an assessment based on evidence about the effect of immigration on Britain’s society and economy. Indeed, they have examined that it has not only improved the economic condition of the country through increased job opportunities and wages but has also impacted the growth and productivity. It is also being examined by the Migration Advisory Committee that the well-being of an individual had been improved as well as the finance. In short, the impact of immigration would help to improve the economic condition of society. As per the view of Götmark et al., (2018, p. 860), the migrants are being recruited based on their experience and knowledge from different countries around the globe. Indeed, they are also highly experienced in specialized sectors.
The impact of immigration in Britain’s economy and society are increased labor force, increase in real GDP and aggregate demands, flexibility in the labor market and other beneficial impact on various sectors and thus, benefits the stakeholders- the citizens and the government, alike.Economies of scale, and welfare benefits also excises a positive impact on the stakeholders. As per the view of Sobolewska et al., (2017, p. 79), the citizens of the UK believe that the increased immigration results in a low employment rate. However, the businesses believe that immigrants can be the team with other members as they can share their knowledge. This would help increase the productivity of the organization. It is the key to the growth and sustainability of many businesses. Therefore, the growth in businesses results in the growth of the economy.
Class is still a key feature of British society and has important implications for business? Discuss the statement.
As per the view of Rutherford et al., (2018, p. 1000), social class may be defined as the group of people based on their occupations. In Britain, lawyers, university teachers, and doctors are considered as the top class as they hold status in society. The unskilled laborers are not given any status in society. As per the opinion of Evans and Tilley, (2017), the varied position shows varying levels of money, influence, and power. Currently, this has been raised to high-profile or Royal family as they hold a good position in society.
However, the class system of the society is changing due to the change in the economy but some of the features still exist such as upper class, middle class, and lower class, working-class, and aristocrats. Class distinction is being eroded to reduce the gap between the workforces. As an example, in America, there is no class distinction being followed in the office space. Indeed, the lower class can speak directly to the CEO of the company. This is important to increase the productivity and reputation of the company as well as the country. The class distinction makes the people upper-class people feel superior to the lower-class people. Thus, the upper class would treat the lower class in a harsh and bad manner. The class of the people in Britain can be understood by their name, dress, and accent. However, most of European society has updated their regulations to overcome the inequalities and restrictions of the traditional class system.
Is fairness or social justice an issue that businesses should concern about? Or should it be concerned only with profitability and efficiency?
As mentioned by Samara and Arenas, (2017, p. 650), the approach of fairness focus on the equitable and fair distribution of harm and good or the societal benefits as well as social costs of the society. It states that the equals should equally be treated and the different or unequal people should be treated in a different manner that must be proportionate and fair. Such as the payment of the employees must be based on their contribution and designated work so that the other may not feel stressed and demotivated as they are also paid the same with the extra workload. This inequality can affect the organization to earn profit as most of the talent would leave their job.
Social justice or fairness is concerned only with profitability and efficiency. It is because businesses think that fairness would empower the employees and increase their motivation level. As per the opinion of Whitton et al., (2017, p. 20), the distinction can create chaos in the workplace that can affect the productivity and efficiency of the organization. Therefore, the organization must have a fair salary structure based on the workload given to the employees. It can be helpful for the organization as the employees would feel that they are being paid for the work performed by them. Thus, businesses need to focus on fairly improving their work environment. The role of Human resource management is to understand the differences and escalate the matter to the top management. This can improve the workspace and the employees of different payment structures should be equally treated.
What does working-class mean? Does Britain still have a working-class? What is the relevance of class for business?
As per the view of Jones (2020), the Working-class may be defined as the class of people who are unskilled or can be semi-skilled. Indeed, they are paid very low salaries and possess limited skills. Moreover, this type of worker has to perform physical work more than the other class of workers. Thus, this class of workers requires very little or no educational requirements. Britain still has a working-class but much less than the traditional one. Indeed, they have a distinct class structure such as Precariat, emergent service worker, technical middle class, established middle class, and elite.
As per the estimates, it is being postulated that class needs to be distinct. It is because the businesses can provide jobs based on the qualification and level of skill an individual hold. Moreover, the class should not affect the business culture and each level of class is important for the betterment and help in flourishing the business. Therefore, businesses should think of all their employees equally. It is because all are interconnected and play a major role to establish the work environment. It is also being estimated that irrespective of the size of the business each of the class plays an important role to enhance the productivity of the organization such as the lower class, which cleans the office environment is crucial in keeping the workspace clean and free from germs. Similarly, the upper and other classes also have some specific work to perform.
What are the strengths, weaknesses, opportunities, and threats presented to an individual country by globalization?
According to Maher, and Sollund, (2016, p.90), Globalisation is used to describe the growing interest dependence of the world's economy sculptures and the populations which are brought through cross border trade in services and technologies which helps the business grow. The main strength of globalization is the free-flowing of information from one country to another, through digital media, lived experiences of expatriates as well as traditional media like news and others. This type of connectivity grows innovation and develops and encourages productivity. It involves both tangible goods and virtual goods which can be traded through digital platforms and will also create the global gross domestic product (GDP), which is an opportunity for the country. This makes an environment in which global services are allowed including all types of businesses and markets and helps them to flourish from home-grown business marketing such as a freelance service.
One of the weaknesses is that when there is a struggle on the internet it tends to become a major issue for businesses. The flow of information regarding political instability within countries or introduction of unfriendly business policies within a country, to other potential countries interested in arriving in the country with business opportunities of FDI, and might discourage them. As opined by Amavilah et al., (2017, p.96), the opportunities of globalization are economic growth of the country as well as increase in the availability of expert labors, from other, developing or under-developed countries, which helps in strengthening the business scenario of the country. Some of the threats are energy insecurity, probabilities of military conflicts and destruction of the environment. Over usage of the energy resources, owing to the presence of large number of businesses in the country, might lead to depletion of the non-renewable sources of energy and thus, lead to conditions of energy instability in the country, Furthermore, the increased business as well as tourism activities, owing to globalization, might adversely impact the environment and lead to its degradation, if not conserved properly.
How much a SWOT analysis differ between a developed and a developing country
According to Madsen, (2016, p. 45), for the developed countries the SWOT analysis states like USA Israel, and UK are that have powerful brands with strong R&D capabilities and also have a large number of copyrights and licensed productions so that no one can copy their product. On the other hand, for a developing economy, countries like Mexico, Turkey, the production capacity is a little more and the human resources also have dynamics of export and have a support of the legislation. The weaknesses for developed countries are they have quality management deficiency and have a large scale of fixed investment on the business are enough for financial management abilities when it comes to the competitors. On the other hand, for the undeveloped countries there is a lack of innovation and also lack industrial policies which tend to make them have no added value when it comes to the business.
The threat to a developed country is that they have a global financial crisis because they do business globally and they can be issued when it comes to their finances. They have strong competition in the market area and this tends to happen where customer bargain power increases in their concept and they have a very regulatory environment which tends to change things according to the situation. According to Dzonzi-Undi and Li, (2015, p.6400), for the developing countries they have competitions between countries and insecurity is in the country and also have monopoly and combinations in the organizations and the country because they are still developing.
The opportunities that developed countries have are that they are aging the global population where they have more experience and can help when it comes to new health care systems and have international aggregate demand while they have new aspects of entering new markets and trade with new people. Thedeveloping ones have opportunities like making proper use of human resources and increase the aggregate demand and also tend to have a lack of supply and can name for market expansion globally.
What is outsourcing? Which stakeholders are affected by this and how would we decide if such a tendency is to be welcomed?
As opined by Li et al., (2018, p.281), Outsourcing is an agreement with the company that takes part with another company to be responsible for a planned or an already existing activity that could be done inside the organization. It involves transferring employees from one firm or organization to another to help the organization grow and do better. The word came to existence from the phrase outside the sourcing which came into existence later in the year 1981. Outsourcing tends to involve both foreign and domestic contracting where it also involves relocating or repositioning a business in a different country for helping the organization grow and function and perform well. Outsourcing tends to lessen the barriers or the conflicts and also increases entry and increases the competition level of the business.
As opined by Fu et al., (2015, p.2550), therefore with the increased competition allows the free markets and helps them a benefit when it comes to the customers and also makes the business grow. The group of forgotten stakeholders is the most affected group when it comes to all sourcing arrangements and development. This consists of the employees who will be shifted or transferred to a particular supplier. Therefore, the most effective stakeholders will be the employees because of the shifting and it can be a little bit difficult when it comes to adjusting again and shifting to a new place or environment. If the aspect of outsourcing can help the organization grow and perform better in the market against competitors then it should be welcome but if it does not and it does not support the employees it shouldnot be welcome because it tends to put pressure on the employees and it can force them to leave the job as well.
What are the advantages and disadvantages of international trade?
As opined by Kander et al., (2015, p.433), some of the disadvantages and advantages of international Trade are that they can specialize When it comes to resource allocation with the countries to make maximum use of the resources and know what they are lacking. This can help them focus on different industries which help them to foster a higher level of innovation and quality service of their product development. With the help of competitive pricing, a release to stabilization when the businesses compete with each other is what is beneficial when it comes to hiring labour for a lower cost. Some of the disadvantages of shipping custom duty are where the international shipping companies like FedEx ups and DHL make it possible to ship goods from one country to another with the disadvantage is that the agency is causing a lot of extra charges for the shipment of the items.
There can be language barriers when they are shifting from one nation to another. Even if there is online first later language is one of the major disadvantages when it comes to international trade. Their marketplace is filled with examples of poorly translated products when it comes to having a language problem therefore it tends to cause a lot of confusion. As opined by Liang, et al., (2015, p.3),another disadvantage of cultural differences which tends to be a major disadvantage when it comes to trade because they are under rules of commerce in the country that tends to be difficult to uncover and that can be difficult to solve. For example, when the word yes in western cultures means an agreement in the eastern culture can have a different meaning and it does not have to be the same as the western culture therefore it becomes an issue.
In what ways can the global marketplace not be ethical and what are the obstacles that might prevent it from being so?
As opined by Caplan et al., (2015, p.1424), the businesses that expand internationally may not understand the organization's mission vision and goals, and strategies therefore they can have some legal and ethical issues in the international business. When companies plan long-term expansion into a point of armament; they tend to take up serious moral and ethical challenges when it comes to decision making to expand their success. Therefore, the cultural considerations when it comes to making the decisions of the businesses some of the ethical issues in international business are outsourcing working standards and the conditions of the workplace. It also has the child labour factors and integrity and also human rights and the religion factors, which tend to become an issue when it comes to global business. Some of the barriers can be a lack of knowledge of ethical standards which includes society's fast-paced changes. It includes the awareness of relevant ethical codes and standards and in the organization doesn't have much idea and knowledge about it can become an issue. Another issue can be a fine national incentive. Ethical dilemmas exist in the form of gifts or rewards which are often offered to the counsellor either directly or by the client and that can be an issue. Another barrier can be the fear of criticism where no one likes to be criticized and it might become an issue when trying to overcome the sense of fear. Another issue can be personal or professional immaturity.
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