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Globalization is being considered as a process which helps business organizations to develop their image at international scale. In modern times, companies that have kept their focus on improving their profit margins and working at international level can easily help them out in earning more money based on expectations (Crane and Matten, 2016).
But, it has not been easy for firms to do business at international market because there are ample number of challenges that could be faced by them while launching products or services across the boundaries. On the other hand, globalisation process is also developing interdependence of countries in all over the world by maximising variety as well as volume of the cross- border transactions in services and products.
On the other hand, every single country has its own means of exchange (monitory). Thus, this could directly impact upon strategies made by business organisation for performing well at international market. If it is talked about one of biggest impacts which globalisation carries on small businesses is because of internet connection as business firms in modern world uses internet through which maximum benefits could easily be gained by them right on time and through this they may easily perform well at global market.
Internet could be considered as one of effective tool that could help small business organisations to target consumers of different areas. On the other hand, it is being analysed that business firms have been performing well at global level because of a reason and i.e. internet, where consumers basically can reach into their pocket, pull out their smartphone, and access products or services you are trying to sell. This has the potential to massively increase the revenue of any small business beyond what they were able to produce prior to globalization taking effect.
Background of the Research
Globalisation have been one of crucial subject to study which is playing an important role for both small and medium level organisations to perform their operations at international level. On the other hand, it has also been analysed that globalisation has helped in economic development of countries with the help of foreign direct investment approach. But, ample number of issues like energy and environmental security, conflicts and poverty, global imbalances, rise of new powers, governance could be considered as factors that could stop companies like Trailfinders to expand their business at international level.
A travel company, named as Trailfinders which was found in the year of 1970 by Mike Gooley is doing business among few countries and it has offices among United Kingdom along with Ireland. Company is looking forward to expand its business among different nations where it is not performing the its business. Due to issues like energy and environmental security, conflicts and poverty and global imbalances company is not been able to do so. This has impacted negatively on their productive level and on plans as well related to expansion (Dunning, 2015).
Major issue on which investigator have kept its focus on that Trailfinders was not been able to improve their profit margins and this happened because managers and leaders did not carried used right social media tools that are used by public the most, this impacted negatively on their performance level. Making the company globalised, it is required for Trailfinders to adopt best suitable strategy so that maximum benefits could be gained by them and this should be linked with different social media and it will also be required for them to keep their focus on building themselves at the best looking at energy wastages, environmental security and other factors as well.
Rationale of investigation
Basic importance of choosing this topic is that, globalisation has influenced and given opportunities to SMEs to perform operations at international level. But, they might face a number of issues linked with energy and environmental security, conflicts and poverty and this could create barriers for organisations like Trailfinders to perform well at international level. On the other hand, it has also been analysed that conflicts among two nations could directly create issues for Trailfinders in expanding its business at international level. Henceforth, this is the basic reason behind choosing this topic for conducting the investigation.
This section plays a crucial role for an investigation because without an aim, a research cannot be conducted. In present research, main aim is “To analyse the importance of globalisation and its influence on success of a business organisation. A case study on Trailfinders.”
Another section which basically aid an investigator to draw favourable outcomes related to issues which is being carried out for improving knowledge level. In present time, some of objectives are given beneath:
- To understand the concept of Globalisation.
- To examine factors of globalisation that can lead Trailfinders to success.
- To identify the influenceof globalisation in making a business successful.
- To determine challenges that could be faced by Trailfinders while globalising their findings.
- What is concept of Globalisation?
- State a few factors of globalisation that can lead Trailfinders to success?
- How globalisation influencebusiness organisation in making it much more successful?
- What are the challenges that could be faced by Trailfinders while globalising their business?
It is the second and core area of an investigation work in which data and information is being gathered through secondary sources like books, journals, newspapers, magazines, online sites etc. In this part past exploration work will take a positive part in analysing the actual and reliable information for the purpose of creating appropriate theoretical framework with actual facts and figure. In this section proper evaluation is given through analysing the perspective of various authors and writers who are providing any sort of information regarding the similar area of the study.
Concept of Globalisation
According to Bendell, (2017), Globalisation refers to process of intensification of economic, political, social and cultural relation across internal boundaries. It represent global integration of international trade, investment, information technology and cultures. Eventually, it has been designed with government policies to open economies, domestically and internationally to boost development in poorer countries and help in raising standard of living foe general people.
Away with this, globalisation has helped in developing a number of policies which directly impact positively on multinational corporation at worldwide so that less damage could be found on small and medium level business organisations. Economically, globalisation is involved in goods and services, advancement of technologies and expansion of market with economic activities of exchange of goods and funds.
As it has been grown due to advances of transportation and communication technologies, increasing growth of international trade, ideas and culture. In other words it can be define that globalisation is process of interaction and integration among people, companies and government worldwide.
A few factors of globalisation that can lead Trailfinders to success
As mentioned by Shenkar, Luo and Chi, (2014), a few factors of globalisation that can lead Trailfinders to success are given beneath:
Technological change :
Rapid growth among technology and the alterations among them have been basically an opportunity for Trailfinders to reduce cost related to transmitting or transferring the data or information. This could be considered as one of vital key factor behind trade in knowledge products using web technology.
Economies of scale :
Many economists believe that there has been an increase in the minimum efficient scale (MES) associated with travel and tourism industry. Here, it can be said that if minimum efficient scale is increasing that the domestic market may directly satisfy basic merchandising needs of travel and tourism sector.
Differences in tax systems :
Another key factor which could lead Trailfinders to reach to the success level. Here, it is being found that desire based on businesses to benefit from lower unit labour costs and other favourable production factors abroad has encouraged countries to adjust their tax systems to attract foreign direct investment (FDI).
Influence of globalisation in making a business successful
As given by Charles Jr, Schmidheiny and Watts, (2017), global economy is steadily integrating. This is directly taking business firms from national economies to the international one. Basically, globalisation has impacted in both positive and negative manner on businesses and this could be seen with the help of an example of travel and tourism industry. There was a time when travel agencies used to import foreign-made policies US or any other country to minimal and such imports were either exotic or exorbitant. But, if it is talked about 21st century, things have changed in this industry and companies that are dealing at small level in the same industry tries to offer the same as big firms like Trailfinders and others are performing. This could directly aid them in reaching to an all new level.
Surprisingly, almost all of the business organisations basically makes modifications on common packages. Since tourist places are limited offering best, business organisations like Trailfinders are performing really very well through offering travellers with different deals with minimal costs so that maximum benefits could be gained by them.
Challenges that could be faced by Trailfinders while globalising their business
As given by Bolman and Deal, (2017), managing organizations at global level have been crucial because there are ample number of challenges that could be faced by industries. It is being found that, international monetary fund basically confirmed that fastest-growing economies during the years ahead will all be in emerging markets.
Against this backdrop, continuing advances in information and communications technology have made possible new forms of international coordination within global companies and potential new ways for them to flourish in these fast-growing markets. Here, Trailfinders is not performing well it can be said that change among monitory in different countries could be kept as backdrop or challenge for Trailfinders while doing business at international level.
The other challenges faced by travel agencies including Trailfinders are given as beneath:
- Foreign laws and regulations: It is considered as one of the biggest challenge in front of travel agencies, because every country has own laws and legislation. In this regard, major issue arise while designing travel packages, where organisations need to concern on foreign rules and regulations related to particular destinations. It also includes labour employment laws which are differ by country. Therefore, making employment documents as per different-different laws is also create difficulties in globalising the business.
- International accounting: In globalisation, accounting strategy refers to a key for maximising revenue when a company operates its business in international marketplace. But for this purpose, it is essential for such organisations to being aware of tax treaties between nations where business is trading. Therefore, if Trailfinders not concern this point while globalising the business, then it may pay double taxes unnecessarily.
- Cost calculation and Global pricing strategy: Setting price of particular tour packages and services, can also be referred as challenges when travel agencies doing business overseas. In this regard, Trailfinders have to remain competitive in order to gain profitability. Along with this, for launching products or services, its manager also need to develop effective global strategies. It includes customer segmentation, monitor strategies of rival companies, find right place to launch product or service and more.
It refers to theoretical and systematic analysis of methods which are applied to field of study. It is comprises with theoretical analysis of methods body along with principles which are related with knowledge branch. It is helpful in provide the theoretical underpinning for understand an effective method, set of the methods and better practices which can applied to particular case (Andriof and et. al., 2017). Apart from this, this section considered as the key aspect of investigation work as it helps the investigator in providing appropriate direction to implement the exploration activities in right manner. Research methodology refers as a, theoretical and systematic evaluation of the methods that are applied to a selected area of study. It mainly comprises as a theoretical analysis of the body of various methods and principles which are associated with a branch of knowledge and idea.
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This part of the research is based on various applications that are effective in assisting the overall activities in systematic direction.
Type of Research Methods
It is explained as scientific as well as systematic process related to data collection, analysis, interpretation and compilation related to specific area. Under this, there are two different kinds of research methods which are given below:
Qualitative method- In this, data is measured on theoretical basis and helpful in gain understanding the underlying opinions, motivations and reasons. It gives an insight in issue to develop effective ideas.
Quantitative method- It is another method of investigation. It is systematic empirical observable research through using computational, statistical and also mathematical techniques. In this, data or information is measured in context to numerical basis (Rushton, Croucher and Baker, 2014).
For conducting the present investigation, investigator have used qualitative method because it will not be possible for carrying out the best results using quantitative approach.
It refers to procedure and plan which included steps of wider assumptions to detailed methods related to data collection, measure and then interpretation. An effective research approach is helpful in address the arisen issue. There are two different kinds of research approaches and these are inductive and deductive.
Inductive approach- It is related with the qualitative research and its main focus on explore the new phenomenon.
Deductive approach- It is based on an existing theory and designing an investigation strategy for test hypothesis. This approach is based on quantitative research method and emphasis on causality.
Among both approaches, an investigator have used inductive research approach because its provides the information related to specific area i.e. globalisation in detailed manner.
It describes methodological rationale of investigation along with subsequent analysis. In order to conduct an investigation, researcher uses the different techniques related to an investigation. There are different techniques of research such as questionnaire, modelling, interviews etc. Apart from this, these all are the sources of primary research and provide accurate data related to particular research area. In addition to this, investigator face some difficulties related to time and cost. For conducting the investigation related to issue which has been raised by investigator, questionnaire approach have been used.
Data collection refers to procedure of gathering as well as measuring information on the target variable in establish system that helps in provide relevant questions and also provide better outcomes. Under this, there are two different methods of data collection and these are primary and secondary (Grayson and Hodges, 2017).
Primary data collection-
Under this, data or information is collected for first time by using different sources for an instance surveys, questionnaire, interviews etc.
Secondary data collection-
\It is another method of collecting data related to particular research area. The various sources which researcher use in collecting data are books, journals, articles, magazines and many different sources (McNair, 2017).
In present investigation, research have used both secondary and primary data collection method so that right information could easily be carried out related to set topic.
It refers to method to analyse some issue or fact. Generally, it is task and time limited. In order to analyse data or information, researcher have used the Thematic analytical technique (Jensen, 2017).
Globalisation have been one crucial factor which has helped business to reach to the success level where they could easily improve profit margins in specific time frame. Myth related to borderless global market is basically crashing down. Away with this, since globalisation have been one of the crucial thing to understand, traditional pillars of open markets like United States an UK are unsteady.
Here, China has positioned itself as globalisation’s constant performer. Away with this, in the year of 2016, Brexit basically got stunned on the basis of European Union's actions, and the news coverage about globalization turned increasingly negative in the U.S. as the presidential election campaign progressed.
(Sources : Globalization, 2017)
With the help of above graph, it could be easily be analysed that globalisation factor has never came on declining stage which can be taken as one of the effective factor that is leading firms to become able to perform at international level.
(Sources : Globalization, 2017)
If it is talked about globalisation, it has impacted positively but not as the assumptions that were made. Basic reason behind this was internet connectivity in several areas which was basically low.
Q1. Are you familiar with the concept of globalisation?
Q2. Major benefits that Trailfinders can gain by globalisation?
Q3. What are the limitations that could Trailfinders can face while doing operations at international market?
Q4. What are the ways through which drawbacks could be reduced to minimal?
Q5. Are you satisfied services given by Trailfinders?
Q6. As per yoour point of view, globalisation could aid Trailfinders in gaining good compeptitive advantages?
Q7. How can Trailfinders gain high satisfaction of customers?
Q8. What changes can be made by Trailfinders in order to perform well at marketplace?
Q10. Any recommendations?
Timeline of Research Activity
This is being considered as a chart which carries horizontal bars that could be named as control tool. This was formulated for the first time on 1917 by Henry L. Gantt, who was an American engineer and social scientist. Mostly, this could be used by investigators when it comes to manage a project (Kerzner and Kerzner, 2017). It helps a research in developing graphical illustrations considering a proper schedule which may aid in formulating a plan, and this helps in managing the overall activities of specific tasks in a project.
Basic timeline of present investigation on set topic i.e. To analyse the importance of globalisation and its influence on success of a business organisation is given beneath:
Present research has been taken in consideration based on globalisation and investigator have kept its focus on different specific areas of study which helps in developing the knowledge base of learner through conducting an appropriate investigation work. In the present exploration work qualitative research methodology has been applied by the researcher as in this accumulated data and information is completely based on qualitative means. While conducting the investigation, I have used both secondary and primary methods to collect information related to set objectives.
Away this, the basic but major reason that I selected qualitative tool is that it is effective in providing appropriate theoretical framework in which research issue is discussed in detailed manner with appropriate facts and figures. For providing appropriate support to the literature research select various suitable methodologies in respect to carry out the exploration work in significant direction.
Research design is considered as the blueprint of the research which provides an appropriate specifications for implementing all research activities in suitable manner. In the present research work descriptive research design has been applied by me as it is effective for qualitative investigation as descriptive research design is suitable for providing proper descriptive analysis on the qualitative means of data and information. However, inductive research approach is also being applied by me as an investigator for present investigation for providing appropriate support to the qualitative investigation with proper details in regards to the research issue. Along with this primary as well as secondary sources of data collection has been applied by me to addressing the issue with collection of reliable and relevant information.
In the present investigation work secondary tool is used by me for the conducting the part of literature review in effective manner through accumulation of data through books, journals, online sites, past research project etc. primary tool is applied by me as an investigator for purpose of conducting primary research with the help of preparing a survey in which data has been gathered through fulfilling questionnaire from the respondents who are basically selected for accumulation of specific information and data.
Questionnaire is the best and most suitable source of primary data collection as with the help of this tool researcher is able to gather valid and actual information.
Alternative Research Method
A research project is based on the data and information which are gathered by the researcher for assisting the research activities in appropriate direction. In the current exploration work questionnaire is used by the investigator to accumulate primary data, as it is the most effective technique for gather large range of data within a small time duration, thus this is also effective in analysing the perspective of people on a similar area of study. Interview is an alternative method which can also be used by the investigator for the purpose of gathering more authentic information. This is a reliable method which helps an investigator in gathering small range of data as in this information is gathered by the people on personal basis, thus in this a personal interview session is designed for accumulation of actual and fact-full information.
It has been comprehended from this assignment that globalisation give various opportunities to organisations in enhancing their businesses. It includes trading products or services outside their territorial boundaries, enhance customer base, create innovation in business, improve functional activities and more. Through this process, companies gain advantage to move business in foreign marketplace. They can adopt more effective strategies and policies to enhance their business in vast area. In addition to this, it also leads such organisations in gaining high competitive advancement as well. In context with companies deal in travel sector, through understanding the concept of globalisation, they can improve their profit margin. By working at international level they can support government in enhancing tourism and developing more economy as well.
It gives advantages to countries in reducing unemployment because when travel agencies deal in international area, then they can give more job to local communities. Moreover, for moving business in global market, tour operators also need to concern on various aspects. It includes international policies, foreign rules and regulations, labour employment where companies want to operate business and more. By focusing on these challenges and develop effective strategies accordingly, aid travel companies in globalising their businesses more appropriately.
From this research it has also concluded that impact of globalisation on travel and tourism, can also assess from number of perceptive. It includes population and demographic trends; terrorism, safety and security; increase awareness of new destinations and more. The main beneficial part of globalisation in context with tourism it greater awareness of destinations. Here, travel agencies on global level can bring awareness among people about various tourist destinations. Along with this, they can also entail a range of leisure services, activities and more, to visit around the world.
Furthermore, it has also been summarised from this research that apart from various challenges, issues and more, globalisation aid travel agencies in improving their business functions. They can improve functional activities such as marketing, human resources, operational and more, in better manner.
Globalisation is considered as the biggest platform for organisations in moving their businesses on international marketplace. It gives benefits to companies in trading their products and services in other countries more easily. Therefore, in context with Trailfinders which deals in travel sector, it has recommended to globalise its business for getting high competitive advancement. By moving business on international level, it gain opportunity to enhance customer base and generate high profitability as well. For this process, its managers have to concern on developing effective global business strategies so that issues related to globalisation can be minimised. It includes universal payment methods, currency rates, effective communication, supply chain complexities and risk of labour exploitation etc.
By concerning on these aspects, managers of Trailfinders can develop more appropriate strategies and globalise the business more effectively. It also helps in improving its business functions and build effective brand image in international marketplace. This would help in attracting tourists to visit destinations of different places, which help in developing economy on individual, organisational and national basis as well. But due to globalisation, issues related to terrorism, safety and security also rise in high manner. In this regard, travel agencies have to concern more providing safety as well as security to travellers. They should develop more plans while designing holiday packages to protect tourists from terrorists activities.
- Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
- Dunning, J. H., 2015. Reappraising the eclectic paradigm in an age of alliance capitalism. In The Eclectic Paradigm (pp. 111-142). Palgrave Macmillan, London.
- Bendell, J., 2017. Terms for endearment: Business, NGOs and sustainable development. Routledge.
- Charles Jr, O. H., Schmidheiny, S. and Watts, P., 2017. Walking the talk: The business case for sustainable development. Routledge.
- Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.
- Bolman, L. G. and Deal, T. E., 2017. Reframing organizations: Artistry, choice, and leadership. John Wiley & Sons.
- Rushton, A., Croucher, P. and Baker, P., 2014. The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers.