Globalisation

Globalisation

1. Northern Ireland

   • Benefits
     • Export oppertunities in a global market which can lead to increased profit
     • oppertunity to trade on and equal basis with countries all over the world
     • Attracting investment in jobs/communities in Northern Ireland
     • The oppertunity to learn more efficent buisness methods through the sharing of ideas with other countries in the global market
     • Language barriers- it can be difficult to communicate in a market(particulary with customers) where a different language is spoken

2. Buisness

   • Benfits
     • Increased competition can lead to better value
     • Global Market, buisness from other countries can compete for a share in the local market
     • Globalisation gives a buisness a larger market and so this could lead to increased trade.
   • drawbacks
     • Money will be needed for retraining staff to work in a global market e.g to deal with the skills needed to break into foreign markets
     • Transport arrangements can be expensive and take time to organise, which may mean that the buisness may lose short term money
     • Closure of buisness due to increased competition of being in global market.
     • Building on relationships with countires around the world
     • Fluctuation in money markets- if buisness is importing into the UK the price of the good will depend on the strength of the pound against the currancy of the other country e.g if tesco buys Belgian chocolate at one euro a unit it will cost much more if one euro is worth 90p than if one is worth 70p
     • redundancies due to under-pricing from foreign buisnesses

3. Employee

   • Benefit
     • opportunity for employees to gain new skills or promotions as the buisness expands and new job roles become available
   • Drawbacks
     • Pressure may be place on employees to travel to other countries and to remain there to establish a buisness
     • Redundancies due to under-pricing from foreign businesses

4. Consumer

   • Benefits
     • More competition for local buisnesses
     • Variety of products and services and a larger range of service or goods promotion