Successful College Admission Essays and Personal Statements

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Sample Essay on Business in the Global Economy

The Role of Business in the Greater Global Economy

Provision of goods and services to the consumers is among the leading roles of business in the global economy. According to Wang et al. (2014), businesses operating in the global market to offer consumers superior quality and/or lower prices for goods available locally. The authors further explain that the provision of goods and services to the consumers stimulates local demand thus earning the government revenue through import taxes. The other role played by businesses in the global economy is the creation of employment, which influences economic development. International businesses offer employment opportunities to the locals in foreign markets. Businesses also play an important role in promoting innovation in the global economy because of increased competition. In addition to the production of innovative products, the competition leads to the reduction of prices as firms strive to gain the largest market share thus increasing product demand.

 

How Global Economics may affect even the Smallest of Businesses.

Global economics affect business activities regardless of the size due to the impact it has on variables such as competition and product quality. The businesses are affected both positively and negatively by global economics. Increased competition is one of the adverse effects that global economics has on businesses. Entry of new firms in the market increases the level of competition that reduces the profitability of the existing firms as they need to invest more in activities such as advertising for fear of losing their market share. The new firms in the industry may have advantages that allow them to reduce the price of the products (Teece, 2014). This reduces the demand for products in existing companies thus forcing the companies to reduce their prices too. This may adversely affect the performance of the businesses especially if their operating costs are high. On a positive note, global economics promote the profitability of businesses through stimulation of demand. The increased employment as a result of the global economy implies that consumer’s level of consumption improves. The high level of disposable income promotes demand and profitability of businesses.

Challenges Businesses face with regard to Globalization

Legal barriers are among the leading challenges that affect businesses in the international market. Variables such as import restrictions and local legislation reduce the profitability of businesses in the global market (Crane & Matten, 2016). Governments have different attitudes towards international companies operating in their regions, thus may limit the expansion capacity of businesses in some nations despite the fact that they present profitable markets. Cultural differences in the international markets also affect the success of businesses because consumer behavior is greatly influenced by culture. Cultural aspects such as language also affect the success of business in the international market because it affects business communication adversely. The failure to achieve the product-market fit is the other challenge facing firms in the international market. Consumers may be unwilling to buy products from foreign companies.

Recommendations

The challenges faced by businesses in the international market may affect their competitive advantage negatively. For this reason, it is crucial for the businesses to adopt effective business strategies such as acquisition to penetrate the market effectively. This addressed the challenge of poor product-market fit. The market survey is also recommendable for the businesses to avoid investing in regions where the culture is likely to affect product demand negatively. It is also crucial for the businesses to comply with the existing regulations to avoid fines and bad reputation.

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References

Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

Teece, D. J. (2014). The foundations of enterprise performance: Dynamic and ordinary capabilities in an (economic) theory of firms. The Academy of Management Perspectives28(4), 328-352.

Wang, C., Hong, J., Kafouros, M., & Wright, M. (2012). Exploring the role of government involvement in outward FDI from emerging economies. Journal of International Business Studies43(7), 655-676.

 

Salem Witch Trials: Betty Paris the First Afflicted Girl

Betty Paris the First Afflicted Girl-

Argumentative research paper on Betty Parris and her role as the first afflicted girl and how the witch trials and why it is relevant and important to US history. 5-7 pages long, 1-inch margins, page numbers on every page, double-spaced, 12 point font. Spelling and grammar count Thesis statement in first paragraph required Works cited or bibliography required (even if you already submitted one)… Read more “Salem Witch Trials: Betty Paris the First Afflicted Girl”

George Orwell’s Animal Farm Theme of Power

Leadership and Corruption:

The ideal definition of leadership is the ability to influence others to do what one believes in. For one to influence others, they must be powerful, and history has proven that leadership is a corruptible force. The allegory of Animal Farm by George Orwell describes how powerful leaders engage in corruption and effect that this has on the society. In the Animal Farm, it is evident that leaders have good intentions for the society at the beginning… Read more “George Orwell’s Animal Farm Theme of Power”

Encouraging entrepreneurship is bad public policy” (Shane, 2009). Critically discuss this statement

Encouraging entrepreneurship is bad public policy” (Shane, 2009). Critically discuss this statement by using relevant data that links start-up rates and innovation across three countries, considering the nature of entrepreneurship across a country’s stage. Read more “Encouraging entrepreneurship is bad public policy” (Shane, 2009). Critically discuss this statement”