It is to be stated that the accounts for globalisation in accordance with the economic activity has a major impact in the last few decades. The economic stability has increased a lot due to the implementation of globalisation and has enhanced the major factors that needed modification to enhance itself and provide the utmost stability. The aspect of globalisation has increased the number of respondents that also depicts the marketing possibility of organisations has enhanced as there is a wide range of customer base throughout the world that is all because of globalisation. This represents that the economic activity has also enhanced with such a wide range of individuals available in the market. The aspect globalisation has major implementation on technological advancement. It has been accounted that the development in the technological field has increased due to the global communication that has provided at most enhancement of several business functionalities all over the world and other working sectors. Also it has been extremely evident that globalisation has heavily influenced the lifestyle of individuals worldwide. It needs to be mentioned that individuals are telling towards the Global accomplishment when it comes to their lifestyle habits that is made possible because of globalisation. Another significant factor is related to communication that has evidently improved itself. The aspect of global communication has developed massively that has improved the aspect of connection and communication and evaluated the major application along with technological development. All of these factors have accumulated to develop the economic aspect approach of globalisation (Schwellnus et al. 2018).
There are industries of business studies that will have a negative impact on its success and stability due to the implementation of globalisation. It is to be stated that there are certain business types organisations that are locally operated and do not have the economic support that will tend them to invest in the Global market. The opportunities that global companies are providing to the customers will have a negative impact on the business strategy and stability of the local companies as they are not able to compete with such impactful business companies. However this is considered to have a negative impact on the local company economic stability as the competition in the local and the global markets is equally high and making the survival of such small scale industries very is getting difficult. Therefore it can be stated that globalisation is certainly having a negative effect on the above-mentioned industries (Luhtala et al. 2021).
It is important to state that the foreign direct investment in Indian retail sector is considered to be extremely significant as it will help to promote the economic status of the Indian economy. But it is to be stated that implementation policy and opportunities provided by FDI is not applicable for a lot of small factors especially when it comes to Indian retail market. The key point is that it's important its innovation gradually that will enhance the functionalities of the different aspects in the retail industry especially in India. It provides the opportunity that will help to grow awareness and a change of attitudes of the customers towards the retail stores and the industry and also become flexible towards various influences such as e-retailing. It must be mentioned that the opportunities that are being provided by FDI are extremely time consuming and will require appropriate framework that will enhance its application in the Indian retail industry. The mean change that if the opportunity incorporates is the flexibility towards electronic retailing in which considerable has positive and negative impact on the Indian customers (Masharu and Nasir, 2018). Moreover it includes the various policies and practices that the small retailers are not well acquainted with which is a specific challenge in itself.
The key finding of the International Product Life Cycle Theory is an economic theory that helps to provide a brief knowledge regarding the product and its sales within its own life cycle especially in the international market and helps to observe the pattern of its growth in the global market accordingly (Hedberg Jr et al. 2017).
In order to facilitate accomplishment of regional economic integration to be the best interest for the world economy it is important to promote strategies that will enhance supreme modification of the pre-existing local economic integration and further develop framework that help to access the economic amplification in the regional level. Moreover it is important to create opportunities that will enhance trade and promote diversification in the regional aspect that will have a positive impact on economic integration and also provide opportunities to the small scale industries to take part in such integration that will enhance their economic stability as well in the market (Hedberg Jr et al. 2017)..Yes. This is because in accordance with the writings of Heckscher and Ohlin theory along with Krugman’s New Trade theory it can be stated that both the theories state the power related to globalisation and internationalisation. It has been analysed that there are several factors in both the above mentioned theories that are connected with each other but it needs to be mentioned that there are certain factors that have been excluded as well. It excludes the intermediate product related to trade and its assumption in the market and it does not allow the explanation of product fragmentation across the countries or trade (Król, 2019).
Although theory is significant and characterizes the cultural differences but in accordance to the critics of the managers and other workers to have applied this theory there are certain major limitations or weaknesses that have been evident and have major differences with the designing management practices. The first major limitation is related to the individuals not living in the distinct culture that is related to work or at the National level. Moreover induces long term orientation of the cultural differences. It relates to the power distance that depicts some companies appointing leaders who are able to take the responsibility of the complete team and also perform the best even in the worst situation. Another limitation is the difference between masculinity and femininity. It is to be stated that even in the current situation a lot of female leaders are not accepted in a lot of organisational landscape. Therefore this is where the chosen model needs to be updated with the current modern day concept of leadership and management without any distinction. The impact of cultural differences among the countries and the individuals that have affected the development of the management practices and designing them appropriately is required in the chosen context. These are the major limitations that has been criticised in accordance with cultural differences and its major influences (Diamastuti et al. 2020).
Group Two questions A, B, & C
A.1. Firm’s structure, strategy and rivalry does fits
This is because the Michael porter's diamond theory concentrates firstly on the organisational structure strategy and rivalry which was extremely evident in the chosen case study and also the theory helps to concentrate on the various factors that are associated with the theoretical perspective and analyses the importance of them in the Italian ceramic tile industry.
2. Demand conditions do fits
According to the chosen case study after the World War II there was a massive increase in the renovation of the property and the demand of Italian Ceramic tiles was extremely high in the market that was significant enough.
3. Related and supporting industries do fits
Also it has been evident that the related and supporting industries were also growing up in the next few years that incorporated a remarkable change in the overall accomplishment of Italian ceramic tile industries and this also involved a major economic development.
A.The most impactful area is related to the commercial trade that has been heavily affected due to the United Kingdom leaving the European Union. The main aim of leaving the European Union was a healthy currency system for making it as it is for the United Kingdom especially. It is to be stated that the decision of leaving the European Union had major implications on the UK business and trade policies. But it must be stated that the impact that was native was shortly as the decision of leaving the European Union was to enhance the current system that will have a positive impact in the future business and trade policies in the UK and in hands and provide diversification to the individuals as well. Initially due to Brexit the price hike was going massively. This remains the most impactful area of the UK leaving the EU on the monetary system (Lawless and Morgenroth, 2019).