BSB119 - Lecture 1 Notes

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Management and Human Resources
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1 BSB119 – GLOBAL BUSINESS LECTURE 1: INTRODUCTION TO GLOBAL BUSINESS Lecture Outline 1. Globalisation – nature and factors 2. Driving forces of Globalisation 3. Globalisation and limitations 4. Globalization: Prosperity or Impoverishment? FOCUS QUESTIONS  What is International Business? o There are papers that are up to 20 pages long which try to define these two words. o Basically, any firm that engages in international trade or investment  What is globalisation? o Globalisation refers to the shift towards a more integrated and interdependent world economy o The nature of globalisation: national economies are increasingly integrated and interdependent – but diversity remains!! o Barriers to cross-border trade and investment are declining; perceived distance is shrinking due to advances in transportation and communication technology and national economies are merging into an interdependent, integrated global economic system. o Includes several facets including political, cultural, economic, ecological issues – business tends to focus on the globalisation of markets and production  Is domestic business immune to the forces of globalisation? o Businesses respond to and are the engine of globalisation – the multinational enterprise (MNE)  Globalisation of production, markets and emergence of global institutions. o Markets  Many industries historically distinct and separate national markets are merging into one huge global marketplace in which the tastes and preferences of consumers in different nations are beginning to converge  Implications:  Today's firm operates in an environment that offers more opportunities, but is also more complex and competitive than that faced a generation ago o Production  Tendency among many firms to source goods and services from different locations around the globe in an attempt to take advantage of national differences in the cost and quality of factors of production, thereby allowing them to compete more effectively against their rivals.  Implications:  Improvements in transportation technology, including jet transport, temperature controlled containerized shipping, and coordinated ship-rail-
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