THE TRANSFORMATION OF A COMPANY'S STRATEGY IN THE CONTEXT OF GLOBALIZATION
DOI:
https://doi.org/10.32461/2226-3209.3.2018.171907Keywords:
globalization, economy, finance, GDP, business, industry, factors in the formation and implementation of industry development strategies.Abstract
Abstract. Globalization represents the process of integration of different societies and countries. This
phenomenon encompasses the flow of goods, services, labor, finance, information and ideas which spread across national borders. The frequency and intensity of these flows are related to the upward or the downward trends of globalization as a tendency. Globalization is defined as a process which is based on international strategies aimed at expanding business operations on a global level. It originates from the facilitation in global communications due to the technological advance and social and economic, political and environmental developments. The goal of globalization is to ensure that companies and enterprises can achieve the highest competitive positions at lower operating costs in order to cover a greater number of products, services and consumers. This approach to competition can be accomplished through a diversification of resources, the creation and development of new investment opportunities by opening up additional markets and ensuring access to new raw materials and resources. The diversification of resources is a business strategy that aims to boost the diversity of business products and services in various companies. Diversification reinforces institutions by lowering organization risk factors, spreading the interests of firms in different areas, taking advantage of market opportunities and acquiring companies of
both horizontal and vertical nature.
Keywords: globalization, economy, finance, GDP, business, industry, factors in the formation and
implementation of industry development strategies.
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