Our everyday lives are fundamentally structured around time. The concept stringent from change, especially in business, that everything had to be done between the hours of none other then nine to five, or better known as regular business hours. When communication was shorthanded, and available only through old-fashioned mail, or the telephone, cost was the major reason for businesses to stay within one market. Societies were separated by physical landmasses, thus acquiring time and resources to stay connected across these large landmasses. Due to time differences, large landmasses separating societies and cultures, and lack of real time communication, information was not able to travel quickly and adequately enough.
With the introduction of mainly the Internet and new technologies, all of the above is now recent history. The new coined term “globalization” plays an important role in the everyday lives of all breathing individuals. For business students and business-oriented individuals the term readily means the integration of all parts of an organization right from production, marketing, finance to management across different regions and borders. The effects of globalization have now moved into all aspects and forms of life. Globalization now defined as “the process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment, and aided by information technology.”
Trade has been in important role in growing economies, and has existed for hundreds of years. Importing and exporting goods are now the mains goals of new and existing services due to open market economies and change in foreign polices that make it simpler to trade. Globalization is plays a vital role i ...