BSB119 Lecture Notes - Lecture 1: Intellectual Property, Business Process, Technological Change
Document Summary
Globalisation refers to the shift towards a more integrated and interdependent world economy. Business transactions between parties from more than one country. National economies are increasingly integrated and interdependent but, diversity remains (how may this impact on businesses and individuals?) Many historically distinct and separate national markets are merging into one huge global marketplace. Tastes and preferences of consumers in different nations are beginning to converge. Today"s firm operates in an environment that offers more opportunities, but is also more complex and competitive than that faced a generation ago. There is a tendency among many firms to source goods and services from different locations around the globe. To take advantage of national differences in the cost and quality of factors of production. Firms can thus compete more effectively and efficiently against their rivals. Improvements in transportation technology, including jet transport, temperature controlled containerised shipping, and coordinated ship-rail-truck systems have made firms better able to respond to international customer demands.
