Apply with relevant marketing frameworks the benefits and challenges related to globalisation and the possible implications to Nike

Apply with Relevant Marketing Frameworks the Benefits and Challenges Related to Globalization and the Possible Implications to Nike
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Apply with Relevant Marketing Frameworks the Benefits and Challenges Related to Globalization and the Possible Implications to Nike
Globalization describes how businesses, nations, and people are becoming more interconnected around the world (Collins, 2015). According to Jenifer (2015), various forces contribute to the higher growth of globalization. The driving forces include modern technology, media, transport, and global finance. These forces make it easier for people, ideas, services, and goods to cross to other boundaries around the world (Dudley, 2017). According to recent research, globalization offers both positive impacts and challenges (Duncan, 2018). For instance, it provides significant opportunities for economic growth, which improves people's lives. On the other hand, it leads to some adverse problems related to the welfare of employees, the environment, and economies as it shifts the business operations between different states across the world (Khoo, 2017). The paper seeks to discuss the benefits and challenges related to globalization across the world and its possible implications to the Nike Company.
First, globalization leads to access to new markets across the world (Hopwood, 2019). Through globalization, businesses can open new companies in other countries, which helps them to gain new customers and diverse revenue streams. However, acquiring new customers is challenging, and the companies decide to apply different marketing frameworks to them (Gerle, 2000: Jenifer, 2015). For instance, some use the 7 Ps marketing strategies to promote their products to diverse areas (Dudley, 2017). Moreover, companies use innovative ways to produce quality goods and services, which nurtures their business overseas. Globalization is made more accessible by the Professional Employer Organization. The organization helps enterprises to employ a worker from other countries quickly and acquiescently (Kazi, 2011). According to Bacchetta and Jansen (2011), this has made it easier for more businesses to establish new markets overseas without establishing a foreign entity.
Secondly, globalization raises the standards of living for larger populations across the globe. Through new employments in the global businesses across the world, people can earn wages and salaries to cater for their basic needs (Locke, 2002: Oumlil, and Rao, 2005). According to a World Bank report, in the past years, globalization has reduced the extreme poverty levels by thirty-five percent since the year 1990. Additionally, through globalization, the world has been able to meet the millennium development goals to cut the poverty level by half (Passaris, 2016). In 2010, the report indicated that more than 1.1 billion people had moved from the extreme poverty levels since the start of the millennium development goals campaign (Walter, 2018). The penetration of new businesses in the developing nations has enabled people to secure new employment, which is earning the wages and salaries to cater for their basic needs.
Thirdly, globalization leads to lower costs of products and services (Velocity global, 2020). Through globalization, many companies have established more businesses in different parts of the world. Due to the high number of companies’ competition is increased, and people have a wide variety of product choices (LaMarco, 2019: Ouattara, 1997). ). Hence, this forces the businesses to utilize marketing frameworks such as pricing to lower their costs to remain relevant in the market (Dudley, 2017). Research shows that global competition forces companies to adjust the prices of their products to fit both the customers of both developed and developing countries. Affordable lower costs enable people to live better lives on less capital.
Fourthly, globalization enables businesses to acquire new talents across the world (Farooq, 2016). Due to the emerging new markets, companies look for new ways to discover specialized talents that are not existing in their present market. Additionally, due to the high competition, companies want to innovative minds to produce unique products and services (DeTienne and Lewis, 2005: Norberg, 2003). Gaining new talents is made more accessible by the Professional Employer Organization as it is making the global hiring to be easier as organizations can employ people from diverse areas without the establishment of legal entities (Kazi, 2011). Acquiring new talents is improving the innovative ideas of products and services, contributing to the increased customer satisfaction and maximization of profits and sales.
On the other hand, globalization does not only offer benefits but also creates challenges across the world (Tapper, 2000). A vison global 2020 state of global expansion report, indicates the challenges that the United Kingdom and the United States face while taking their businesses overseas (Passaris, 2016). First, the report stated that international recruiting is one of the most significant challenges that the countries face (Velocity global, 2020). According to the report, the recruiting process becomes difficult due to some difficulties, such as language barriers, different time zones, and cultural differences (Kazi, 2011). Thus, these challenges make it hard for human resource teams to hire the right candidates for various positions in businesses. Additionally, they face a significant problem in determining the market demands for salaries and other competitive offers benefits.
Secondly, globalization leads to foreign worker exploitation due to the high competition of many businesses across the world (Khoo, 2017). According to Wildhawk (2016), high competition forces companies to sell their products at lower prices to gain a larger market share. Due to the lower profits earned from, the lower product prices forces the businesses to look for cheaper labor to cover the taxes and production costs (Dudley, 2017). Sadly, this leads to the exploitation of the workers working in these companies as they are overworked and paid low wages and salaries (Duncan, 2018: Language, 2014). ). The low wages raise the poverty levels of people as they are unable to afford the basic needs, especially in the developing and third world countries.
Lastly, globalization makes it difficult for the United States and the United Kingdom to manage employee immigration (Gerle, 2000). Twenty-eight percent of the human resource teams in these countries indicated that employee immigration is among the top issues that they face (Passaris, 2016). Immigration laws and regulations keep on changing in different countries across the world, which makes it difficult for workers to secure visas to employees of foreign citizenship (Kokemuller, 2018). For instance, the United States visas are becoming stricter. On ...