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Business Management Analysis
The presentation on global economic issues and technological progress is relevant to a strategy course essentially due to its focus on the competitive advantage as well as the opportunities/threats that these processes establish as far as the development of business strategies is concerned. Usually, business strategy involves the development of measures and approaches that provide organizations with the capacity to maintain a dominating position over other players or rivals within their market contexts. However, for firms to develop effective strategies, it is imperative for them to concentrate on the aspects that may affect or enhance their competitive advantage. A good illustration of this involves the trends that the global environment offers as far as the development of technologies and the internationalization of commerce is concerned. Due to the opportunities that the internet provides, organizations have been capable of establishing online business platforms that allow them to sell and distribute their products and services across the global community without the limitations offered by geographical boundaries. From this, technological progress and economic issues are presented as pertinent aspects of business strategy.
The extent to which global economic issues and technological progress relates to a course in strategy is illustrated by the information they offer regarding the contemporary business environment. Since the presentation’s core focus involves addressing the concept of economic globalization, it is possible to identify the relevance that the respective facets provide as far as business strategy is concerned. A particular aspect based on the respective association involves the correlation between technological changes and the global economy involves the former’s impact on the economic structure. Indeed, the implications of technological progress establish considerable transformations especially in terms of the approaches that organizations apply in the organization of production, investment of capital, development of products as well as processes, and trade. Indicators of technological change such as enhanced information technologies allow immediate communication and interaction among operations of internationalized enterprises. Additionally, new materials have transformed sectors as varied as communication and construction. These illustrations clearly establish why the presentation on global economic matters and technological advancements correlate to the notion of strategy.
The core argument behind Thomas L. Friedman’s presentation involves the notion of globalization and its impact on the competitive business practices that organizations and enterprises apply in the contemporary environment. Due to the connectivity established by the force in question, businesses and enterprises have attained significant power. A key aspect of his claim involves the notion of fairness within the respective setting. Apparently, the present setting provides a level competing field for every organization across the globe because of specific processes or trends such as offshoring, outsourcing, as well as the development of expansive supply chains by organizations. In addition to this, Friedman’s presentation argues for the implementation of change despite the level playing field offered under the contemporary business setting. Essentially, every organization presently functioning within the competitive context together with individuals and states necessitates the occurrence of a change in an effort to attain the capacity to survive. Hence, without the implementation of change, organizations should establish measures that protect them against the forces of globalization.
One agreeable argument regarding Friedman’s presentation involves the significance associated with the integration of change in the business setting. As far as businesses and enterprises are concerned, the recognition of change is pertinent to their success due to the dynamic nature of the settings that they inhabit. Accordingly, every business organization occupies an external environment susceptible to variations on a routine basis. These changes tend to be political, socio-cultural, technological, economic, and legal alterations. Additionally, the changes in question affect the organization depending on how the respective entities choose to manage them. For instance, enterprises that choose to ignore the technological advancements that consistently recur in the present environment may lose a competitive edge and be incapable of performing at the same level with other business entities that integrate the respective technological developments within their frameworks. Hence, due to the implications that the dynamic business setting imposes on the enterprises’ ability to maintain a competitive edge, it is agreeable that organizations should consistently focus on the integration of change.
However, Friedman’s claim that all organizations are positioned fairly at the same competitive level is considerably disagreeable. Despite the opportunities that the notion of globalization has provided, the playing field is not as impartial as the speaker might assert. Each market, regardless of the sector, is rife with organizations that possess a competitive advantage over other firms within the same setting. A good illustration of this involves the dominance that the multinational firm, Coca-Cola, has exercised over the soft drinks/beverages market over the last several decades despite the presence of other formidable rivals such as Pepsi. Additionally, Friedman’s claim seems to reject the notion that certain organizations are able to acquire advantages that enhance their competitiveness over fellow players. Advantages such as economies of scale allow corporations to attain benefits that continue to facilitate their dominance over other companies. In this respect, it is irrational to assert that the business environment, which organizations and enterprises inhabit, is fair as far as competitiveness is concerned. After all, competition can only occur in settings whereby other firms possess certain advantages over others.