1293201
Globalisation
- Northern Ireland
- Benefits
- Opportunity to trade on an equal basis
with countries all over the world
- Civic pride as the country is able
to compete in a global market
- Attracting investment in
jobs/communities in Northern
Ireland
- Building relationships with countries
around the world
- Tourism to Northern
Ireland
- Opportunity to trade on an equal basis
with countries all over the world
- Benefits
- Employee
- Benefits
- Opportunity for employees to gain new
skills or promotion as the business
expands and new job roles become
available
- Opportunity for employees to gain new
skills or promotion as the business
expands and new job roles become
available
- Drawbacks
- Redundancies due to
under pricing from the
foreign businesses
- Pressure may be placed on employees to
travel to other countries and to remain
there to establish a business
- Redundancies due to
under pricing from the
foreign businesses
- Benefits
- Consumer
- Benefits
- Variety of products and services and a larger
range of service or goods providers
- Increased competition can lead to
better value
- Variety of products and services and a larger
range of service or goods providers
- Benefits
- Business
- Benefits
- Globalisation gives a business
a larger market and so this
could lead to increased trade
- The opportunity to learn more efficient
business methods through the sharing
of ideas with other countries in the
global market
- Export opportunities in a
global market, which can lead
to increased profit
- Globalisation gives a business
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 business
may lose money in the short term
- Language barriers- it can be difficult to
communicate in a market (particularly with
customers) where a different language is
spoken
- Closure of businesses due
to the increased
competition of being in a
global market
- Fluctuation in money markets- if a business is importing into the UK the price of the good
will depend on the strength of the pound against the currency of the other country, e.g. if
Tesco buys Belgian chocolates at one euro a unit, it will cost much more if one euro is worth
90p than if one is worth 70p
- More competition for local businesses. In a global market,
business from other countries can compete for a share in
the local market
- 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
- Benefits
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