Globalisation Flashcards
What is globalisation?
The increasing interconnectedness and interdependence of the world’s economies, cultures, and populations.
What defines a global business?
A business that produces the same products worldwide and treats the world as one single market.
Give an example of a global business.
McDonald’s or Coca-Cola.
What are the characteristics of global businesses?
Operating and selling standardized products globally, treating the world as a single market, satisfying common needs and wants, and producing in countries with cheap labour.
Why do businesses develop globally?
To increase sales opportunities, achieve economies of scale, and boost profits.
How does Computer-Aided Manufacturing (CAM) support global businesses?
It enables high-quality mass production to meet global demand.
What role does the internet play in global business?
It helps develop a global brand, connects with consumers, and promotes global awareness of products.
How does the World Trade Organization (WTO) support globalisation?
It deregulates trade, opening previously restricted markets.
What is the benefit of Computer-Aided Design (CAD) in global business?
It allows efficient product design and rapid market adaptation, enabling cost-effective production.
Why do global businesses focus on common needs?
To satisfy shared demands everywhere, simplifying production and marketing.
