In this video, Thomas Friedman is giving an insight of three great era of globalization. He explains these periods through providing some of the changes that have occurred from 1492 until now. One of the key ideas from this video is the transformations which have occurred and the factors which triggered globalization from initial era up to date. In terms of country globalization, Friedman argues countries were the agents of globalization and bases his argument on countries colonizing other nations (Juergensmeyer, 2014). Friedman urges that the second era of globalization lasted between the year 1820s to 2000 and was defined and spearheaded by companies globalizing. In this era, companies started expanding to other countries in the search for markets and labor. He also says this era moved globalization from size medium to size small. From this argument, it shows that Friedman felt that globalization was going small in terms of size. The era of globalization between 2000 until now is not defined or spearheaded by countries or companies globalizing (Asefa, 2010). He says that the current era is characterized by what he terms as new, unique, and terrifying aspects. One of the important ideas Friedman derives from the third era of globalizing the reason which triggers individual globalization. According to his sentiment, what is unique, exiting and terrifying in this era is the degree in which it empowers and requires individuals to globalize themselves and think themselves as potential connectors, collaborators and competitors with other individuals anywhere in the world (Thomas, 2013). The primary point of Friedman in this video was trying to explain globalization in terms of size and the purpose of globalization in each era.
There are numerous companies which can benefit from Friedman’s ideas (Böss, 2010). One of these companies is Hunter mason in Sidney. This is because this firm is one of the fastest growing in Australia and using Friedman’s views can assist it to expand to not only in Australia but also in the global market. The company can use Friedman concept to globalize bit by bit. For example, it can start by testing the global market through beginning with small investment and end up establishing huge investment if it finds the market fit. Friedman argued that globalization has had different transformations and therefore this company can look at the changes in the present era and work based on it. The idea of a company globalizing to search for markets and labor may be beneficial for this company. The company can use Friedman’s concept through its Human resource department to look for the countries with cheap and reliable labor. This Company can also use this department to look for the countries where it can cope with the labor regulations (Spooner, 2015). The marketing department can play a significant role in analyzing the global market and finding which country best fits the operations of this company. This can be through analyzing consumer buying behavior, analyzing competition and so forth. The management should always factor in all individual views concerning expansion of this company to other countries because Friedman argues that the current era of globalization is individual and is characterized by energy, curiosity and passionate of the power of individual and
BCG's Yves Morieux provides an insight of organization and competitive advantage. The primary idea in this case was trying to explain why organization should be taken as the central component of attaining a competitive advantage. He argued this by saying that organization is the central determination of competitive advantage because its strategy determines the behavior of the people. According the Morieux, the major organizational advantage of the organizations in the next decade will be the ability to organize and leverage the intelligence of its people (Russo, 2010). According to his view, competitive advantage in companies is made of the organization, behaviors and team habits. This means companies which do not consider these factors are likely to face challenges in trying to challenge their rivals in terms of competition. Moreiex also argues that lack of perceiving signals concerning threats and opportunities may lead to wrong decisions. This indicates that organizations which want to succeed in competition must analyze the opportunities and weaknesses in both their companies and in the market (Thomas, 2012). Another key idea from the video is that the main aspect of organizational strategy is the ability to translate the strategy into structure, processes and systems of the organizations. Another important point which Morieux tries to deliver is how bureaucracy emerges. According to him bureaucracy in organizations emerges from very valuable and respectful principles like efficiency and equity. The last key point which he derives is that the nature of company organization determines the ability of a company to come up with sound strategy.
One of the companies which can benefit from these ideas is landlease group. This is because this company operates in the building and manufacturing sector which has been classified as one of the most competitive sector in Australia. This company is also a multinational corporation, meaning it competes with different companies in different countries and therefore it should use the right strategies to attain a competitive advantage (Kaushik, 2016). One of the ways which this company can use these ideas are ensuring it is well organized. The management should ensure there are clear mediums of communication, team work, and all levels of management works together to ensure proper competitive strategies are established in the organization (Kumar, 2012). The management should also ensure that there is equity and efficiency in the organization in order to attain bureaucracy. The company can also employ these ideas by ensuring the marketing department analyses both the company and the market to find out the possible weaknesses and opportunities. This will assist in coming up with the right strategy on how to compete. For example, making use of the strengths and weaknesses identified can assist the management to plan on how to differentiate its products, segment the market, price its products, target customers and so forth. Morieux pointed out that the main aspect of organizational strategy is the ability to translate the strategy into structure, processes and systems of the organizations. The company can attain this through ensuring all staff members are trained on how to convert the competing strategies which the company has established into structure, processes and systems.
Asefa, S., 2010. Globalization and International Development: Critical Issues of the 21st Century. Kalamazoo, MI: W.E. Upjohn Institute for Employment Research.
Böss, M., 2010. The Nation-State in Transformation: Economic Globalisation, Institutional Mediation and Political Values. Aarhus University Press: Aarhus, Denmark.
Juergensmeyer, M., 2014. Thinking Globally: A Global Studies Reader. Berkeley, CA: University of California Press.
Kaushik, M., 2016. Factors That Contribute towards Competitive Advantage: A Conceptual Analysis. IUP Journal of Business Strategy, 13(1), p. 2016.
Kumar, s. P., 2012. Management of Business Processes Can Help an Organization Achieve Competitive Advantage. International Management Review, 8(2), pp. 56-89.
Russo, M., 2010. Companies on a Mission: Entrepreneurial Strategies for Growing Sustainably, Responsibly, and Profitably. Stanford Business Books: Stanford, CA.
Spooner, B., 2015. Globalization: The Crucial Phase. University of Pennsylvania Museum of Archaeology and Anthropology: Philadelphia.
Thomas, K. J., 2013. Globalization and Developing Countries: A Global Participation Model. Economics, Management and Financial Markets, 3(4), pp. 88-99.
Thomas, M., 2012. Competitive Strategies for the 21st Century: Theory, History, and Practice. Stanford, CA: Stanford University Press.
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