Accounting technicians scheme west africa

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B.7.2 The Implications of globalization for management and business enterprises
(a) As a result of greater liberalization of the flow of goods, services, capital, labour and information, there is an opening up of markets, and investment opportunities among nations. b) Firms in the less developed countries of the world, to a large extent, are at a disadvantage arising from the more intense competition from better endowed companies in the advanced nations. c) Mergers, acquisitions and strategic alliances, have resulted as poorer and weaker firms are swallowed up by the stronger ones. d) Managers are expected to be equipped and developed through greater cross- cultural awareness and sensibility as they communicate with their counterparts across the globe. e) It allows managers to acquire skills to manage in culturally diverse settings. f) By such cross-cultural interactions, firms are expected to achieve and maintain higher standards in terms of their products and services as well as the quality of management practices.

Summary
The environment of business is a major determinant of the policies, strategies and overall performance of any business. It is usually so complex and dynamic that it often defies simple analysis. Management’s perception of the environment in terms of complexity, stability or hostility is crucial to the success of the organisation. The section highlighted the nature of business environment and its classification into internal, task and external environments were discussed. A detailed analyses of the elements in these environments were also covered. In order to successfully manage the challenges posed by the environment, management must have a reliable sensory mechanism forgathering and analysing timely intelligence about the environment through environmental scanning and forecasting. There was good discussion on the techniques for interacting with the environment. There are techniques of interacting with the environment such as public relations, lobbying, negotiation alliances, etc.

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