An Essay On The Force Of Globalization, Modern Management Concepts And 21st Century Manager Mba Essay

1704 words - 7 pages

An Essay
The Force of Globalization, Modern Management Concepts and 21st Century Manager
Submitted by: Submitted to:
Manish Man Shrestha Mr. Sohan Babu Khatri
MBA Spring 2017
Ace Institute of Management
The Force of Globalization, Modern Management Concepts and 21st Century Manager
Globalization is not a new phenomenon because it existed long time ago when countries traded with each other centuries ago. And if it is not new, then, let’s think for a moment what is new or special about globalization that we didn’t have before? Is it openness to the world? The answer is that this openness didn’t just begin recently. Is it the integration whether economic, cultural, or political? Perhaps, however, the integration isn’t achieved yet and what is really happening could be a transitional phase. Then what is the main difference that wasn’t existed centuries ago. The answer is the evolution or revolution of technology, reduction in cross trade barriers, and increase in consumer demand and high competition. (Nitisha, 2016) (, 2017). These are the real divers or forces of what we call it now ‘globalization’. These forces maximized the openness and integration between different societies and countries around the globe. These forces have caused traditional management concept to become ineffective to cope up with the challenges brought up by globalization, so modern management concepts are emerging along with improved roles and responsibilities of 21st century managers.
Talking about forces of globalization, one of the major forces is technological advancement that began in the 18th century and has continued ever since to the 21st century, in-between three industrial revolutions have taken place. The 1st and 2nd industrialization revolutions were in manufacturing and services industries respectively and the 3rd industrialization revolution of the 21st century which we are going through is now as information age as described by Adam Smith. The trends of technological changes that have taken place since the industrialization revolution has brought about innovation and interaction between nations that weren't possible before. That has led to some of the greatest invention that revolutionized trade, communication and interaction to a whole new level and increased globalization. According to Cable (1995) Transportation costs are falling with improved physical communication with the help of improved technological advances in telecommunication, computing, fiber optics and satellites, which has resulted in the speeding up of information flow and the transportation of goods across nations more quickly and efficiently. Technology like the Internet has given rise to E-commerce; E-commerce that refers to business conducted through means of electronic communication networks like Internet. Dell, for example, takes advantage of these innovations to control its globally dispersed production system. When a customer submits an order via the...

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