The Impact Of Globalization On Small And Medium Scale Industries: A Case Study Of BP British Petroleum

Background

The impact of globalization on small and medium scale businesses has led to unequal competition between giant MNC and dwarf enterprises. The medium and small-scale enterprise is considered a vital constituent in the overall industrial sector. The main aim of the paper states the impact of globalization of BP British Petroleum (small scale enterprise) located in London. The impact of globalization states that as it increases, more and more industrial business enters the market. Therefore, the purpose of the paper is to document the background of enhancing the impact of globalization on small and medium scale industries. Apart from that, the problem statement is justified and enhances the rationale. Thus, the objectives of the proposal will be executed accordingly.

Different research has been executed to have a concrete understanding of the impact of globalization on medium and small-scale industries in London. According to Siegal (2018), BP British Petroleum has remained strong consistently over, and in between 2014 and 2018, the suppliers of capital goods and services generated an average contribution. On the other hand, the sudden impact of globalization has advanced the transition of energy that fuels the entire growth of the firm. Another research study portrays that the chairman of the BP petroleum industry is thrust into the debate of globalization (Paulson et al., 2018). The Petroleum oil industry has continued to play a key role in the economic growth of the firm.

The impact of globalization on small and medium scale industries directly reflects the economic contribution to the calendar 2018. It tends to highlight the basic consistency of BP’s contribution towards the UK economy over the years. Therefore, Sawe and Daniel (2019) has stated that the chairman of the firm is not stressed with the critical industrial role. However, it is concerned with the economic growth that has charged up the moral imperative of the firm.

The impact of globalization on small and medium scale industry, BP British Petroleum has been a thrust. The chairman of the firm has mainly emphasized continuing the continuous meet up of oil and gas meeting in the growing demand. Therefore, Chege and Wang (2020) has stated that Sutherland has linked the continuing dominant role of the hydrocarbon utility towards the global effort. The global efforts enhance the bolstering of the economy with the developed nations and impoverish people’s minds. On the other hand, the identification of the continuous economic struggle has been analyzed that helps to depict the research objectives and main aim.

Problem Statement

The aim of the paper is to evaluate the impact of globalization on small and medium scale industries (BP British Petroleum) in London.

1. To evaluate the strong performance of BP in the year 2018 and its increased globalization.
2. To highlight the economic impact of the firm for analyzing the UK operations.
3. To understand the role of SMEs in the beneficial financing of the firm for better production.
4. To evaluate the importance of theoretical framework in mitigating the key identified business issue.

1. What is the overall performance of the firm in the year 2018?
2. What is the economic impact of the firm for analyzing the UK operations?
3. What is the financing role of the firm in understanding the impact of globalization?
4. Discuss the importance of the theoretical framework that helps identify the business issue.

H0: The impact of globalization does not affect small and medium scale industries (BP British Petroleum).

H1: The impact of globalization affects small and medium scale industries (BP British Petroleum).

This paper will focus on H1.

Globalization is defined as the continuous spread of economic innovation around the globe, and the cultural and political adjustments accompany the diffusion. Burlacu, Gutu and Matei (2018) has stated that globalization is defined as an interconnectedness of modern civilization. Globalization is considered the process of integrating the different variations of economies without creating a hindrance. Apart from that, Guryanove et al., (2018) has voiced that globalization is seen as a process that increases the interconnection between societies so that one part of the globe affects it. The concept of globalization depicts that individual organizations and corporate organizations can transact businesses globally without any concrete restrictions. It enhances to development of a cross-border type of business relationship.

The concept of small and medium scale enterprises in the UK states a developed landscape. The main objective happens to improve trade as well as the industrialization with the current nations. According to Kot (2018), the definition of SME is different in other countries, and it is based on the concrete role of the SME itself in the policies, economy, and programs. Further, SME can be described as the basic criteria that mainly include the employees, profits, available finance, market share, and capital employed. Concerning the discussion, Kasim et al., (2018) has opined that the SME situated in the UK, BP British Petroleum described that any enterprise with a maximum base asset states no upper or lower limit of staffs.

In this section of the discussion, the role played by the firm in economic development offers realistic prospects for creating additional employment in reducing poverty as well as the quality of life. According to Sinkovics, Kurt and Sin (2018), BP and Globalisation link with the market and the economy, regardless of all international borders. British Petroleum is an excellent figure of explanation that accelerates international trade and signifies the importance of a global company. Thus, BP extracts as well as refines its oil, and the firm directly employs employees for better operation. It has been observed that the impact of the firm has remained in a consistent position with a strong ailment. Apart from that, Mabenge (2020) has voiced that the advancing energy and its transition have been updated since 2018 to tackle the challenges and create a concrete framework. Thus, the theory of dependency was developed in 1950, and it states the fact that the economic growth of the firm claims that the advanced industrialization in the long run. Therefore, the initialization of the dependency framework will help identify the firm’s problem statement and mitigate it accordingly.

Rationale

In the previous case study materials, the impact of globalization on small and medium sector enterprises, BP showcases the relevance importance. Thus, the financial impact and different challenges met during globalization have been missing, which will be included in the paper for better elaboration. On the other hand, the collected facts have been executed in primary sources, and thus, secondary sources will be adopted for effective analysis.

Research Philosophy is a belief in how data will be examined and utilized for better effectiveness. The research philosophy is categorized as positivism, realism, and interpretivism. According to Marsonet (2019), positivism philosophy claims the main view gained through observation. Realism philosophy is defined as the main viewpoint, and it records everything with existence. Whereas interpretivism philosophy involves the researcher interpreting the basic case study. Thus, in this research, interpretivism philosophy will be adopted.

Research design is defined as a complete framework of techniques and methods, referring to the overall strategies. The research design is of three types, descriptive, explanatory, and exploratory (Dannels 2018). Descriptive design enhances the gathering of information systematically for a particular phenomenon. An explanatory research design depicts the importance of focusing on explaining the important features of the case study. However, exploratory design is adopted for attaining the basic research problem from the data collected earlier. Thus, a descriptive design will be adopted for the research material.

In this paragraph, the collection of information for analyzing the research study will depend on the secondary sources. The primary data collect information through interviews and surveys; however, the secondary sources collect all the information through journals, newspapers, articles, magazines (Coy 2019). Thus, the research study will adopt secondary sources for the investigation.

The entire analysis of the qualitative data will be collected through secondary sources, and it will be represented in themes for better understanding. The quantitative data analytical technique will not be adopted to represent the study. In this research paper, no analytical technique will be adopted.

In this section of the discussion, strict guidelines will be followed for the entire research and no individual will be forced to participate and consent willingly. The information and facts collected from the secondary sources are authentic. Apart from that, the purpose for adopting the secondary sources to collect the data will be done accordingly, and to avoid plagiarism, utmost activities will be accelerated. Furthermore, the importance of ethical issues in academic writing is important for many reasons. It tends to promote the main aims of the research and expands the knowledge vividly (Ngozwana 2018). The support of the values is required to maintain collaborative mutual respect and fairness. On the other hand, it is important to consider the ethical considerations because it norms in promoting the aims of the research and avoiding unnecessary activities. Therefore, the practice of code enhances the regulations and abides by the Data Protection Act, 1998.

Research Aims and Objectives

In this research paper, some of the limitations need to be well planned and with proper references. At first, the time frame was considered a limit to the study. Therefore, to this fact, the availability of the facts enhances to be a question; responses from the active respondents happen to be necessary for an ideal outcome. Therefore, it has to be planned in a better way to properly complete the research paper.

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Fig: Gantt Chart

(Source: As created by the author)

References

Burlacu, S., Gutu, C. and Matei, F.O., 2018. Globalization–pros and cons. Calitatea, 19(S1), pp.122-125.

Chege, S.M. and Wang, D., 2020. Information technology innovation and its impact on job creation by SMEs in developing countries: an analysis of the literature review. Technology Analysis & Strategic Management, 32(3), pp.256-271.

Coy, M.J., 2019. Research methodologies: Increasing understanding of the world. International Journal of Scientific and Research Publications, 9(1), pp.71-77.

Dannels, S.A., 2018. Research design. In The reviewer’s guide to quantitative methods in the social sciences (pp. 402-416). Routledge.

Guryanova, A., Astafeva, N., Filatova, N., Khafiyatullina, E. and Guryanov, N., 2018, April. Global crisis: overcoming the uncertainty of the concept in the philosophical paradigm of globalization. In International Conference Project “The future of the Global Financial System: Downfall of Harmony” (pp. 836-843). Springer, Cham.

Kasim, A., Ekinci, Y., Altinay, L. and Hussain, K., 2018. Impact of market orientation, organizational learning? and market conditions on small and medium-size hospitality enterprises. Journal of Hospitality Marketing & Management, 27(7), pp.855-875.

Kot, S., 2018. Sustainable supply chain management in small and medium enterprises. Sustainability, 10(4), p.1143.

Mabenge, B.K., Ngorora-Madzimure, G.P.K. and Makanyeza, C., 2020. Dimensions of innovation and their effects on the performance of small and medium enterprises: The moderating role of firm’s age and size. Journal of Small Business & Entrepreneurship, pp.1-25.

Marsonet, M., 2019. Philosophy and logical positivism. Academicus International Scientific Journal, 10(19), pp.32-36.

Ngozwana, N., 2018. Ethical dilemmas in qualitative research methodology: Researcher’s reflections. International Journal of Educational Methodology, 4(1), pp.19-28.

Paulson, N., Zagorski, K. and Ferguson, D.C., 2015. On harm and mediated space: The BP oil spill in the age of globalisation. Environmental Crime and Social Conflict: Contemporary and Emerging Issues, pp.265-283.

Sawe, F. and Daniel, J., 2019. An investigation of supply chain operational improvements for small and medium enterprises (SMEs): A UK manufacturing case study.

Siegel, D., 2018. Review: In hypertension, BP self-monitoring interventions improve BP levels and BP control at 12 months. Annals of Internal Medicine, 168(4), p.JC16.

Sinkovics, R.R., Kurt, Y. and Sinkovics, N., 2018. The effect of matching on perceived export barriers and performance in an era of globalization discontents: Empirical evidence from UK SMEs. International Business Review, 27(5), pp.1065-1079.