The impact of globalisation on businesses:

• Globalisation increases market access for businesses.


  True
• Globalisation is driven by factors such as technological advancements and lower trade barriers
• Globalisation reduces the need for cultural awareness.

  False
• Technological advancements are one of the key drivers of globalisation
• Larger global operations can drive down per-unit costs
• What are two ways businesses can expand their operations internationally through globalisation?

  Establish facilities abroad ||| Diversify supply chains
• Match the benefit of globalisation with its associated challenge:

  Spur innovation and efficiency ↔️ Pressure on profit margins

  Expand consumer choice ↔️ Difficulty retaining market share
• Failure to adapt to local customs can undermine international expansion efforts.


  True
• Globalisation allows businesses to reach new customers and markets worldwide
• What is the definition of globalisation?

  International influence
• Lower trade barriers facilitate the free flow of goods and services across borders.


  True
• Globalisation allows businesses to reach new markets and customers worldwide, expanding their potential customer base.


  True
• Businesses operating globally must be culturally sensitive
• Arrange the drivers of globalisation in order of their relevance to business operations:

  1️⃣ Technological advancements

  2️⃣ Lower trade barriers

  3️⃣ Access to cheaper labor

  4️⃣ Consumer demand

  5️⃣ Economic integration
• One challenge of globalisation for businesses is increased competition
• Match the benefit of globalisation with its corresponding challenge:

  Increased sales and revenue ↔️ Increased competition

  Economies of scale ↔️ Supply chain complexity

  Diversification ↔️ Cultural awareness
• Technological advancements are a key driver of globalisation
• The drivers of globalisation make it easier for businesses to operate globally.


  True
• Steps involved in market expansion through globalisation

  1️⃣ Establish production facilities or offices in new countries

  2️⃣ Sell products and services to a wider international customer base

  3️⃣ Diversify supply chains and sourcing across multiple countries
• One significant impact of globalisation is the increased complexity of supply chains
• What is a structural change often required by globalisation for businesses?

  Decentralized decision-making
• What role does technology play in globalisation?

  Drives connectivity and efficiency
• Technology-driven globalization can lead to disparities in access and skills across regions.


  True
• Globalisation increases competition for businesses from foreign rivals.


  True
• Match the driver of globalisation with its description:

  Technological advancements ↔️ Developments in communication and transportation technologies

  Lower trade barriers ↔️ Reduction of tariffs and trade agreements

  Access to cheaper labor ↔️ Lower production costs by using lower-wage markets

  Consumer demand ↔️ Increasing demand for diverse products and services

  Economic integration ↔️ Agreements like the European Union create larger markets
• Why do companies access cheaper labor abroad?

  Lower production costs
• Match the benefit of globalisation with its challenge:

  Increased sales and revenue ↔️ Increased competition

  Economies of scale ↔️ Supply chain complexity

  Diversification ↔️ Cultural awareness
• What is a significant challenge of global expansion for businesses?

  Increased complexity
• Globalisation often requires changes to business structures
• Arrange the benefits of cultural sensitivity in order:

  1️⃣ Understanding local norms

  2️⃣ Stronger customer relationships

  3️⃣ Productive global teams
• The Internet and digital communication facilitate global communication and collaboration
• What is one challenge of increased global competition for businesses?

  Pressure on profit margins
• How does wage competition affect the workforce in globalization?

  Lower wages in some countries
• Globalisation refers to the process by which businesses develop international influence
• Globalisation always reduces competition for businesses.

  False
• Increased market access is a benefit of globalisation.


  True
• Larger global operations can lead to economies of scale.

  True
• Globalisation allows businesses to diversify their supply chains.


  True
• What is one of the key benefits of globalisation for businesses?

  Increased market access
• Establishing production facilities in new countries is a strategy for market expansion.


  True