GLOBALISATION

 

The term ‘Globalisation’ has been extensively used in modern discussion of industrial policies and also national economic policies,besides in business circles.Generally, this term ‘Globalisation’ is considered as a synonym for the term ‘Internationalisation’.Strictly speaking, it is not so.Business with one or more foreign countries amounts to internationalization, whereas globalisation means adopting a global outlook for the business and business strategies are aimed at enhancing global competitiveness.Companies which have adopted global outlook “stop thinking of themselves as global marketers”.In these companies,the management and the staff are given training in planning business and how to develop that particular business all the world over,competing in international markets throughout the globe.Executives are trained in world wide operations and not mere domestic market or a few markets outside the country.Similarly.management staff is recruited from many countries and procurements are made throughout the world where they can have at the least cost,and investments are made in several countries where the anticipated returns are the greatest.