Globalisation commenced in 1980’s, although it had already begun to rise significantly in the previous decade. It is the more complex term to define and is full of uncertainties and expectations. But it can be associated with markets and production becoming increasingly interdependent and integrated because of the growth of trade and the flows of capital as well as technology, with trade being associated with interdependency and with capital flows being associated with integration.The IMF(1997) ,defines Globalisation as the economic interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services ,international capital flows and also through the more rapid and widespread diffusion of technology .
Globalisation can also be defined as the process and condition that involves increasing interconnectedness of different parts of the world through common processes of economic, environmental, political and cultural change (Knox, Merton,Nash,2010). Globalisation has created the image of borderless world (Jordaan,2001)Ohuabunwa, (1999:20) once opined: The changes in societies and the world economy that result from drastically increased international trade and cultural exchange are described by the term Globalisation.
In this case this term refers exclusively to the effects of trade, particularly Trade liberalization.
Ohuabunwa stated that Globalisation can be also seen as an evolution which is systematically restructuring interactive phases among nations by breaking down barriers in the areas of commerce, communications, culture and several other fields of endeavour. Denzil (2016) defines globalisation as a process with few key aspects. Namely:
Countries working together to produce goods and services and becoming more interconnected Countries trading and investing in each other Migration of culture and people Sharing of technology, ideas and knowledgeCommunication and information sharing methods that have been developed along with diplomatic ties to other countries through globalisation have made it easier to share information with less developed countries, which creates a way for infrastructure development.
There are many ways of sharing information such as the internet that allows researchers to share their ideas and findings to others in their specific field of study. There are many ways in which the sharing of information will make way for the eradication of many problems faced in developing countries from countries that are more developed.
Countries working together to produce goods and services and becoming more interconnectedCountries generally become more interconnected as a result of globalisation and are more likely to help each other in times of need or in order to solve issues. Some countries work together when it comes to the production of goods and services as it may be less costly to produce as they have a higher capacity and at a cheaper price. It makes the products more affordable and profits the business Countries Trading and Investing in each otherTrade since the development of new forms of transport has grown. Organisations such as the World Trade Organisation (WTO) have been created to ensure that trade takes places between countries without any bad relations. Less developed countries have great potential but do not have the funds to reach it. This is when more developed countries invest in them as they have the funds and find it as a worthwhile investment in the long run. Migration of culture and peopleAs there is development of cheaper and more sophisticated methods of transport are developed and as countries become less strict on entry, it becomes easier to travel locally and internationally. It creates an opportunity for people to travel all over the world and explore new places.
Most people travel outside border line for purpose of leisure but some travel for the purposes of education, business trips, job opportunities, seeking a better life and to avoid civil unrest or natural disasters.Some of the travellers might be refugees but most are able and willing to work which means they will be able to get employment opportunities as they may be educated or form part of the manual labour. As a part of immigration/emigration, people bring along their cultures wherever they may be headed. This results in a spread of culture all around the world. The downside being that it seems that western culture is the most spread around with the most influence around the world, which results in some cultures and traditions fading away.
The definition of technology is wide and can be explained in many different ways. But in essence technology can be seen as an application of science (technology and science are different subjects) in order to solve problems. The use of knowledge to create tools, processes and extracting of resources. Technology is seen and used in our everyday lives: at work, transport, for communication, learning and manufacturing. It has greatly improved the quality of life and has many activities easier with its products, but if used badly can result in bad outcomes (Anon,2019). The deregulation of the telecommunications industry and the emergence of the cellular phone industry in 1994 has raised imports of technology intensive telecommunication equipment (DTI/ IDC,1998). As our needs and demands for technology keep on changing, technology has to advance and improve in order to be effective in satisfying those particular needs. Technology had been seen as one of the influencers of the nature of globalization. In simple terms, it can be defined as one of the driving forces of globalisation.
Technology also accelerates globalisation and makes it more possible. For example, there have been great improvements in the technologies of communications, making it easier and cheaper to communicate internationally. We can make international calls, use e-mail (at lower costs), and even money is now transmitted across the world instantly and freely at almost no cost through technology (Derek Hrynyshyn, 2002).StrategyStrategy is defined as a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem by the Business dictionary. R. Whipp (2001) states that Strategy’ involves identifying of the long-term goals of an organization, allocating resources appropriately and matching both to the environment.To ensure that you have a good strategy you need to have a good strategic plan. It will answer all the crucial questions you may have:
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