Q3.

Demonstrate understanding and awareness of the four dimensions of

globalization.
As previously established, Globalization is a movement of integrating business,
technology, communication, and philosophies all throughout the world. This is a process
where domestic transactions go beyond its national bounds and thereby increase
international connection of different markets and economy. Globalization has Four (4)
dimensions namely: Political, Social, Cultural, and Economic Dimension.
a. Political Dimension- It is a world-wide expansion of domestic political relations.
Although sovereignty is inherent in every states territory, the increase of political
imbalance due to amplified diversity among states calls for the need of globalization.
With the various global political issues we are facing, it is difficult for a single state to
address it on its own. Globalization helps to solve global political issues that will not only
affect the domestic affairs of a particular state but the whole world as well.
b. Social Dimension- The international social structure, especially in developing
countries, has been changed by Globalization. Social dimension refers to the
importance of globalization on the work and life of people and their society. Issues are
raised on how it can affect the field of employment, income and social security of each
individual. A persons income or social standing could greatly affect the type of product
or service that he would like to consume or patronize. It creates a social class of people
who demands a particular kind of service or goods that seems fit to them.
c. Cultural Dimension- Cultural trade between states has been made possible by
globalization. Culture is a very extensive idea and has many aspects but it should be
understood in reference to the spreading of meaning, symbolic construction, and
articulation. New structures of culture are created as a consequence of this global flow,
i.e. international lives and cultures, sophisticated outlooks, and fusion of cultural forms.
d. Economic Dimension- Globalizations most evident and powerful aspects are
economic in nature. It is the extensive or world-wide interrelation between states in
transacting services, goods, capital and information that includes market exchange. It
includes such things as the surfacing of the latest global economic order, the modifying
power of transnational corporations, the globalization of finance and trade, and the
augmented character of global economic institution.

Q4. Identify the role of international capital, labour and international institutions
in the contemporary world economy, and their impact upon employment policy
and practice.
International capital, labour and international institutions play a huge part in the
modern world economy. International capital refers to foreign investments, generally in
money, flowing into developing countries. It depicts as the financial side of international
trade.
Economic and ecological links between nations have grown rapidly. This widens
the impact of the growing inequalities in the economic development and strength of
nations. The asymmetry in international economic relations compounds the imbalance,
as developing nations are generally influenced by - but unable to influence international economic conditions. International economic relationships pose a particular
problem for poor countries trying to manage their environments, since the export of
natural resources remains a large factor in their economies, especially those of the least
developed nations. Growth in many developing countries also requires external capital
inflows. Without reasonable flows, the prospect for any improvements in living
standards is bleak. As a result, the poor will be forced to overuse the environment to
ensure their own survival. Long-term development thus becomes much harder, and in
some cases impossible.- UN Documents Gathering a body of global agreements. (n.d.), Our
Common Future, Chapter 3: The Role of the International Economy. Retrieved from http://www.undocuments.net/ocf-03.htm.

Foreign investments from international institutions to developing countries

generate employment. With the increase of employment comes with the enhancement
of labour. Labour then allows the enlargement of production and services that could be
availed world-wide. Expansions from trade occur from the capability to deal goods that
are produced more inexpensively. Price disparity will mirror factor expenses. And, for
goods in which labour is the main factor, salary differentials account for the price
differences. Its safe to say that foreign institutions were willing to make investments in
certain industries because of the profit opportunities that low-wage labour offered. It
fabricates a flow in the global economy which would help avoid another global
depression. These factors were designed to help countries in creating a cooperative
and stable economy in order to have a better international financial system.
It is significantly established that a trading system is a global public good. An
efficient trading system results to a better global resource allocation; it can be used by
every country without excluding another and reduce trade barriers and operational
expenses. A trading system can also proficiently prevent fiscal and currency crisis,
lessen market failures, and develop international trade. It generally aims to eradicate
global poverty that could possibly hurt a states economy at large.

Q5. Demonstrate a comprehensive understanding of the international strategic

management process which top level management of multinational enterprises
have to deal with.
An international outlook is a matter of survival for businesses. Strategic
Management entails the planning and execution of the key objectives and schemes
taken by an institutions top management where the resources and assessment of the
internal and external competitive environment are taken into consideration.
Managers must be conscious that markets, supplies, investors, locations,
partners, and competitors can be anywhere in the world. Successful businesses will
take advantage of opportunities wherever they are and will be prepared for downfalls.
Successful managers, in this environment, need to understand the similarities and
differences across national boundaries, in order to utilize the opportunities and deal with
the potential downfalls.- Strategy in the Global Environment. n.d. par. 3.
http://www.referenceforbusiness.com/management/Str-Ti/Strategy-in-the-Global-Environment.html

In Global standardization strategy, it is essentially cost-driven and involves

marketing a standardized product. Global strategy refers to taking-in competition in an
incorporated and holistic approach across country and regional territories.
A standardized product match to the specifications based from the same technical
requirements which the consumers demand in the market; it requires little or no change
to trade it in the global market since it is already produced in an international standard.
While a strategy where cultural variety of its clients is thought about, it is
considered as Multi-domestic. Multi-domestic international strategies refer to those that
deal with competition in each country or region on an individual basis.
With this, a company which produces goods and services adjusts its products to cater
local demands or requirements of their consumers. Factors like packaging, labeling, and
marketing may differ to keep expenses and prices low for it to be availed easily by their
target market.
With the diverse point of reference of international strategies mentioned above,
the top management of multinational enterprises must be able to conceptualize on
which marketing strategy to use in order to prosper in a competitive global market. In
the end, the needs and demands must be met by the companies who aim to provide to
the people all over the world. They must be able to distinguish the circumstances called
for in every market they wish to enter.