One thing that man appreciates above all is globalization. It changed the world order at a fast pace. Industries changed, businesses groomed, and brought people together removing the language and political barriers – globalization was an eye-opener. Fast forward to the 21st century and you see Globalization translation services, like CCJK, letting their clients learn and evolve by removing the language barrier.
Globalization shrank the modern world but since the language still imposes great importance in many communities it’s a breaker no one wants. However, some criticize globalization as having an adverse effect on developing countries.
So this brings forward one main question.
Table of Content
Globalization: Is Globalization Good or Bad For You?
We often hair globalization in the context of trade, business, foreign companies, and manufacturing. But we never talk about globalization in terms of language and culture. So before we launch into a full-fledged conversation about the pros and cons of globalization let’s take a look at the main concept.
What is Globalization?
Let’s talk in simple words.
“Globalization is the process of interacting and integrating among people, companies, and governments. The process is usually driven in terms of international trade and investments with the aid of technology”.
So where does language fit into it?
One must know that to do trade or offshore business one needs to completely adapt to the local culture. If it wasn’t for globalization the concept of translation and interpretation would be lost. As globalization got more stronghold, localization services were introduced too.
Why is Globalization Important?
The importance of globalization cannot be stressed enough. It’s not only about foreign investments but more about evolving business practices with time.
1. In Economic Terms
It is the development of trades that brings in more transactional role plays.
2. In Financial Terms
Globalization helps with international and money exchanges. The rise of the stock market is one fine example.
3. In Terms of Culture
The use of interpretation services to understand the consumer, demand, and supply to help build a unique culture. Globalization lets you accept the distinct cultures as it is and improvise your tactics accordingly.
4. In Terms of Technology
Globalization has let us introduce the internet, connectivity, and accessibility in modern ways. Social media is one solid example of successful communication.
5. In Terms of Ecological
Our world has become smaller due to globalization. At one point communicating across continents was not possible and now the distance hardly matters. The atmosphere might be more protected with new inventions from time to time.
6. Importance of Globalization in Business
For the business world, it became an asset to translate the language, promote the business, and sell products and services. If you must recall the first documented case of globalization begins with the Silk Road, and so it begins.
Being large-scale communication, where roads had an impact, the revolution of transportation and technology shaped the future of trading and doing business.
Take a chatting website, for instance, where you can communicate with people all over the world, select the language of your choice, and make new connections.
Would it have been possible without improvised technology?
No.
Another interesting thing about globalization is that once businesses started taking the help of translation services they came to realize that consumers are interested in buying goods at the lowest prices. Since language was a constant barrier the promotions went downhill.
With the evidence of translation from the historical pages, printing also played a major role in providing the main information in multiple languages.
Now you can download an app in the language of your choice. It’s all part of the technological advancements that gave businesses a chance to interact with the modern consumer.
Impact of Globalization – The Benefits and Downsides
1. Benefits of Globalization
Globalization covers distinct areas that affect the world economy. Since the origins of good are secondary in terms of importance there are a lot of other benefits that one can enjoy.
2. Economical Impact
Globalization has increased the sharp trade and economic exchanges between the nations. The acceleration in economic exchanges means strong global economic growth. This helps to share the knowledge with international corporations more easily and faster.
3. Reduce Barriers
The idea of free trade is to remove business barriers such as tariffs, subsidies, and other laws imposed between countries for trading purposes.
Due to globalization not only world trade barriers are removed but they substantially bring the business minds to a mutual platform.
4. Helping Hand For Poor Countries
Can you imagine how many people got jobs as translators and interpreters? Thousands all over the world. This is one modern example in the shape of IT service providers like CCJK that excel in bringing businesses and clients together with the help of translation services.
This way a lot of people got a remote job earning. This increased the employment rate by a steady hand.
5. Affordable Productions
A global market not only brings in jobs for the local people but also means that production for goods becomes affordable by the consumer too.
Goods being promoted the right way will be accessible to consumers at ideal prices. Local production houses are now installed that help to produce products in more quantity thus reducing the production cost.
6. Promote Work Ideas
The translation industry is one excellent example in this case. Translators and interpreters interact with each other online to translate the documents, that is blood and water for international business.
It’s a new career choice for many.
This way businesses can make more ideal investments and promote unique ideas that best meet the cultural requirements of the local market.
Downsides of Globalization
Every coin has two sides, and so does globalization. Although the benefit is plenty you should also keep the reality check.
1. Unequal Growth
Not every country is the same. One country might progress faster than the other. Globalization tends to quicken economic growth but the inequality factor has a stronghold.
The richer a country is, the more opportunities are in its grasp. This way developing countries are left wanting more.
2. No Business Opportunity
Richer countries have more chances of growth with foreign investments because of the thriving economy.
Besides, some countries have strict international policies too. Local companies may find it hard to follow up with such intricate changes but for foreign investments, this brings in loads of opportunities hence killing a chance for local business.
3. Global Recession
An independent economic system means the possibility of a global recession. It’s like a domino effect. One country’s economy starts to struggle and it will cause a chain reaction and has a direct impact on the sister nations as well.
It could simultaneously lead to a financial crisis at an international level.
4. Exploit Local Market
One thing that goes with foreign investments is that they want to invest in cheaper markets. This results in low production costs and higher sales. This is a common drawback of globalization. Although it allows increasing jobs, labor is heavily exploited due to low wages.
It stagnates the economic growth of poor countries instead of improving them.
5. Job Displacement
Globalization doesn’t always mean an increased number of jobs. While translators may get a job they do not get clients for a long time too. This means that demand within some countries is higher than the others.
This creates inequality in terms of jobs too. Jobs are redistributed in an unbalanced way from high-cost countries to low-cost countries. This way most people even lose their jobs.
6. Globalization and You
As a consumer, buying the best product or getting the most benefit from a service is your ultimate goal.
As a worker at Walmart, you may enjoy the commission you get due to discount rates but as a consumer, the price factor will play a major role in your buying decision.
As a business owner, you will be able to run more efficiently, develop a network, and communicate well.
CCJK is one of the excellent translation service providers for all businesses alike. If it wasn’t for globalization then your product would easily get lost in an inaccurate translation. Language is an indirect factor influenced by technology’s evolution with time.
So if you are thinking of doing your own business someday, whether it is inland or offshore you will need to cater according to the local demand translation service providers are always your helping hand to evolve with culture and business demands.
Times are changing so you need to change your business ideology the way globalization did.
Why Is Globalization Bad?
Globalization overall is not bad, however, as discussed above can have a few downsides. Globalization is never going to end or be limited. It has rather been in practice more than ever. Every country has its own rules that they have defined for the foreign businesses to take care of while allowing them to tap their local markets. As an entrepreneur and business analyst, you have to be aware of the globalization risks and need to know how to manage these. It helps identify the right opportunities and regions to expand the businesses.
Many experts also blame globalization and its lethal pressure to cultivate an environment that has been exploiting the employees and workers where they don’t get to enjoy much protection and rights. As per the studies and surveys, globalization has also been contributing to the disparity in society.
However, labeling it bad overall is not the right approach. Undersing its pros and cons can help to understand. Also, conducting proper research about the region before globalizing the business can also be a healthier practice in this regard.
How Coca-Cola Take Advantage of Globalization?
Coke is one of the most renowned brands in the world. With the help of globalization, the international marketing team of Coca-Cola can expand its operations globally. It sold its first Coke in 1886 at Jacobs Pharmacy.
The company’s mission was to sell a large number of bottles to as many customers as they could. The head office of the company is in Atlanta, Georgia. It offers multiple brands like Dasani, Nestea, Fanta, Sprite, and Diet Coke. To your surprise, 1,0000 Coke beverages are used by the people. As more and more people use Coca-Cola beverages, it increases the revenue of the company.
1. The Coca-Cola Globalization
The 40 billion dollars in revenue comes from globalization. Therefore, it is the growth behind the US borders. Through globalization, you can develop and grow your products outside the country. Let’s dive into Coke’s globalization strategy.
2. Penetration in Under-Developed Countries
The first step Coca-Cola took was to give attention to those areas that were full of potential. Although it started to expand in the 1920s it was globally recognized in the 1980s. At that time Coca Coca-Cola decided to implement its strategic marketing to penetrate the developing countries. It started to expand its operations in production like bottling facilities, in Europe and Guam.
3. Penetration in Other Parts of The World
When people started recognizing Coca-Cola it decided to expand its operations in Norway, Italy, Austria, Australia, and South Africa. Because of the good international relations with the United States, they don’t undergo a problem of transportation and communication.
4. Healthy Relationships with other Stakeholders
The demand for Coke also enhanced during World War II. The government signed a deal with the company to supply beverages to the troops at reasonable prices. To increase its customer base, Coke decided to build healthy relationships with all global stakeholders like the United Nations and the Olympics. In the Olympics, they use the name Coke wherever they play.
5. Coke’s Collaboration with the Olympics
In the 1970s, Coke signed a new partnership with Special Olympics like FIFA, NASCAR, and Tour de France. These sports events increase the customer base globally. When the consumer base of Coke increased in 1980 and 1990 Coke started strategic planning.
Therefore, they started their operations in Germany, Russia, Vietnam, and India. Moreover, this was a time when Coke thought of tapping into the Chinese market.
6. Coke Collaboration with CSR
In the 2000s, Coke started taking an interest in social and global issues. This is a different kind of marketing. It provides funds for earthquake victims and takes many initiatives for the UN council. Moreover, Coke has started sponsoring TV shows for humanity purposes like American Idol.
To market its products on a global level, coke adopted a globalized marketing strategy. Coke’s global marketing team adopted different production and marketing strategies to tap into different markets.
To understand global strategies and to become a part of the globalized world, it is very important to communicate with the target audience in their native language. Therefore, you have to take the services of a professional translation company so that you can understand and interpret the globalized strategies well and become a successful part of the globalized world.
Is Globalization Good Or Bad?
Globalization has become significant for businesses to survive in the global market. It has been glorified since the time of its inception. Nobody talks about its flaws which are a few but do exist as mentioned above. The question of whether is globalization good or bad is quite tricky and also dubious.
After going through the above-mentioned content, the concept of globalization, its after effects, and the countries that have to suffer due to its excess are quite clear. The results that it leaves on the economy could also vary. Therefore, the experts always advise businesses to indulge in globalization after analyzing and assessing the pros and cons of the process.
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