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Global Policy & Strategy Of Domino's

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  • Level: Undergraduate/College
  • Pages: 11 / Words 2778
  • Paper Type: Case Study
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Introduction

Globalization is the prime aim of organizations that support increasing revenues of the company and giving international presence to the corporation. The present assignment is based on global policy and strategy. The aim of the report is to find out the impact of globalization on multinational companies. Concepts and definitions of globalization will be discussed in this study. The objective of the report is to identify the advantages and disadvantages of international business. Corporations have to face many issues at the time of working with different countries as well as all problems, causes and drivers of globalization will be discussed in this study. The present assignment is based on McDonald's which is a multinational brand that provides quality food and services to customers across the world.

Definition and Concept of Globalization

According to Dasgupta and Ghatge Globalization can be explained as the trade relationship with more than two countries. In the modern era, most businesses are highly dependent upon international trade, finance and macroeconomic policies. It can be defined as the diffusion of values, technologies and practices that can influence the business worldwide. Globalization is the enlarged movement in many countries with respect to trade, money, investment, etc. It has four main dimensions, that is, economic, environmental, political and cultural. Globalization has influenced the world's economy and due to this, businesses are operating across borders rapidly as well as there is a fast flow of information. It supports organizations in gaining global presence and helps in enhancing their revenues as well. Now, entities have huge target markets and they can attract more customers towards the brand. Statistics show that merchandise trade has increased from 1950 to 2004 by approximately 7.5 times. It can be explained as the elimination of state restrictions on exchanging goods and services across borders. Globalization has positive and negative impacts on McDonald's as to sustain in the global world, cited firm has to produce quality food and has to provide excellent services. It has improved the standard as well as it is getting a competitive advantage in the global market. It is utilizing resources well and giving flexibility to its workers so that it can sustain itself in the international market for a longer duration. Apart from this, the company is spending a sufficient amount on research and development so that the needs and requirements of customers can be identified. In this way, the cited firm can be able to trade well in the new country. This is the reason; the products of McDonald's are satisfying the needs of service users in each nation.

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According to Grear and Weston, globalization is an integrating process through which companies can integrate with governments, economies and companies of different nations. It has brought lots of strategic changes in the business world and organizations are free to trade across the border. Hill has argued that transnational formalities in Foreign policy are better than globalization (Hill, Cronk and Wickramasekera, 2013). It is very important to have a strong relationship between foreign policy and globalization that has a huge impact on the overall growth of organizations. Globalization is giving many opportunities and creating threats to companies. Managers of McDonald's should provide flexibility to the workers so that they would feel comfortable in the organization. Managers of cited firms have to lead the team well and involve them in the decision-making process. A participative approach to leadership helps McDonald's in globalizing its business. As it has hired employees across the world, so, due to globalization, the company is getting learning opportunities for the workers. According to Hill's report, approximately 1.5 billion foreign transitions are taking place daily and approximately, 8.9 trillion goods are transacting across the border (Hill, Cronk and Wickramasekera, 2013).

After the Second World War, communication, technologies and processing have been changed to a great extent. Globalization has removed barriers and now, companies can trade easily with international countries. With the help of this concept, entities are working well in the international market. McDonald's is a multinational brand supplying quality services to customers across the world. It has good connections with many nations and employees are skilled that support the cited firm in expanding its business globally. Globalization is the concept which defines the whole world as a single market and companies are free to produce similar products and can trade freely across the world. Due to this, FDI has been enhanced from 2.2 billion to 154 billion.

McDonald's is continuously bringing innovation into its workplace so that workers will feel encouraged and they will stay in the organization for longer periods. To survive in the competitive global world, it focuses on introducing new services and implementing the latest technologies. In this way, it would be able to sustain in a highly complex environment for a longer span of time . For instance: Brexit was a great issue which has affected the political and economic condition of the UK. Now, the UK is free to make new trade agreements. In this way, it would be able to make a strong relationship with other countries. This political relationship can help McDonald's in expanding its business across

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