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Q.1 What did you learn that particularly interested you?
I was able to expand my knowledge of global business through this opportunity. By understanding the many different approaches to the management of the companies that can be found in different parts of the world, I was able to better prepare my students for graduate school careers that involve working in other countries or in companies that operate on a more international scale.
My perspective needed to be expanded for me to be successful in business, and I was able to do that. While studying international business, I have had the opportunity to witness firsthand how globalization has contributed to a rise in the “connectedness” of markets, people, and information across national borders (Li, 2018).
Q.2 What were some of your biggest lessons learned regarding your MNC (TOYOTA MANUFACTURING COMPANY)? On the course in general?
The most important thing I have learned from researching Toyota is that the company places a strong emphasis on producing high-quality goods; this is the most important takeaway from my research into the company. Toyota is successful both in the Japanese market and worldwide markets. The Japanese believe there is no such thing as perfection, so they are continuously looking for ways to improve. This way of thinking perfectly encapsulates a single word: “Kaizen.” They will use this term, “constant improvement,” as a guiding light as they work toward achieving excellence. Everything that Toyota has done to establish itself as the most powerful player on the international stage. The Toyota Motors Company has won over the world with its product policy, research and continuous quality improvement, technical innovation, and, most importantly, its respect for consumers worldwide.
Q.3 How have your thoughts on globalization changed now that you have completed this class? How have your thoughts changed after taking this class?
Yes, this class has altered my perspective on globalization. Globalization facilitates economic cooperation among countries. The free flow of goods, services, talent, and ideas has economic and political consequences (Callaghan, 2018). Globalization is to blame for both value creation and inequality. It has provided people with more options for goods and services, but it has also resulted in the demise of local businesses that were unable to compete on a global scale. This could result in increased unemployment and, in some cases, a lower quality of life in the cities where these companies are located. As a result of the negative consequences, both rich and poor countries may see the rise of nativist political groups seeking to slow globalization.
Q.4 What did you learn that particularly interested you about the course?
One thing I learned that piqued my interest was the definition of outsourcing or the business practice of contracting with a party outside a company to perform services or create goods traditionally performed in-house by the company’s employees and staff. To cut costs, many companies have begun to employ the strategy of outsourcing. Jobs in customer service, production, and administrative support could all be threatened.
Q.5 Write a reply/Suggestion/ for this article/ Discussions
This is a fascinating article, I agree. When a person understands why a multinational corporation would benefit from entering a foreign market, they have a better grasp of international business (Callaghan, 2018). Global companies must learn the social and political norms of their countries. My respect for him would grow if he elaborated on his points, such as how risk diversification is a key reason company enter foreign markets. This is a common goal for businesses based in unstable countries.
Due to market uncertainty, it’s wise to focus on other countries to cushion any missteps. Stable businesses can take calculated risks after strengthening their finances.
Callaghan, C. W. (2018). Critical perspectives on international pharmaceutical innovation: Malthus, Foucault, and resistance. Critical perspectives on international business.
Profiroiu, M., Kaneko, H., Vlad, C., Dutescu, A., & Ishida, H. (2020). Toyota Motor Corporation’s Culture Strategy. Revista de Management Comparat International, 21(4), 458-489.
Li, Z. (2018). Business Network Positioning Analysis of Toyota. American Journal of Industrial and Business Management, 8(07), 1693.