Globalization

Special complications confront a firm involved in the globalization of its operation.

Globalization means the tendency of firms to extend their sales, ownership, and manufacturing to new markets abroad. It refers to the strategy of approaching worldwide markets with standardized products. Such markets are most commonly created by end consumers that prefer lower-priced, standardized products over higher –priced, customized produced and by global corporations that use their worldwide operations to compete in local markets.

Globalization is a generalized historical process through which more economic activity takes place across national borders. Forms of globalization include international trade (exports and imports), foreign direct investment, international financial flows, and international migration.

Globalization is the tendency of firms to extend their sales or manufacturing to new markets abroad.