The Impact of Globalization on Strategic Management Term Paper

The Impact of Globalization on Strategic Management - Term Paper Example Since suppliers may not be relatively reliable in other areas where the producing firm is not available, there comes a time when globalization is the only option. Due to growth of both local and international markets, analysts sought to address and bring about strategic management and globalization of firms in view of attaining maximum customer satisfaction. Business Globalization Globalization of businesses is growing rapidly, leading to emergence of a new field of study called global strategic management. Whereas revolution of events over the past few years has a clear picture showing the impacts of global strategic management that includes the collapse of communism, the evolution of information, and Europe unification, the challenge of reaching the goals of complete realization of goals of global strategic management remains. Challenges remain due to slow adaptation of some business in different societies. However, as globalization of businesses stretches to different corners of t he world, many companies with great strategic management are living witnesses of the many benefits globalization can bring. Due to strategic management, globalized countries have been able to encounter and integrate business in a different culture with different local problems as well values that erupt in a different part of the world (Ramamurti & Hashai, 2011). Managers have come together and sought the different series of moves to use in different environment in order to win maximum clientele participation in the promotion of the company’s products. Importance of Globalization Globalization has brought about new insights of emerging systems of strategic management in diverse parts of the globe. This is witnessing the creation of force that characterizes integration of markets across the globe. Global strategic management has led to dissemination of advanced technology that is unifying the globe despite fear and relentlessness of modern technology. The need to have a great m ode of information technology across the globe is the driving force behind dissemination of technology that has brought the current global transition (Hitt, 2010). The world owes theses concerted efforts to managers who came with this great idea of diversifying business through information and technology. Due to globalization of strategic management, it is possible to diffuse information technology. As a result, a government is able to foster joint research and project development in other countries, corporations are able to sell sophisticated products in other nations, and individuals are able to exchange ideas and knowhow necessary for globalization (Hitt, 2010). With the help of strategic management, developed countries are uniting with the less developed nations across the globe to integrate or fuse technology towards modernization and advancements. Since technology requires strategized plans, globalization is making it possible for strategy managers to introduce technology in d ifferent and, subsequently, remote corners of the globe and making sure people use it accordingly. Globalization is acting as a foundation for construction of companies around the globe because of technology that is turning the world to a coherent business community (Ramamurti & Hashai, 2011). Therefore, globalization of technology is resulting in an enormous need for strategic management. Through globalization, strategic managers are now able to