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GrassWoolter
Globalization is about the interconnectedness of people and businesses across the world that eventually leads to global cultural, political and economic integration. It is the ability to move and communicate easily with others all over the world in order to conduct business internationally.
Tundexi

Firms need to understand various effects of globalization to enable them make plan and decision on market.

Globalization basically means the process that business or firm went through to develop or gain international influence for patronage of its goods or services.

Some effect of globalization includes:

  • It encourage competition with local product or services.
  • The product helps to decreases the cost of local product.
  • Its enable accessibility to a wider variety of goods.

Therefore, local firms need to understand the effects of globalization because it helps them plan on how to gain the market over foreign firms.

Learn more about Globalization here

brainly.com/question/15283031

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