Globalization, as described earlier, has greatly effect all big and small types of organizations in both good and bad ways all around the world. Everything has it pro and cons, same is the case with globalization. For some companies, they got leading the competition and the profits were remarkable in many cases it was doubled. While there were others which went bankrupt. Globalization increased the competition all around the world. Since the world is becoming a single market, every business is getting access to many different countries, getting a chance to enter the race, targeting new markets and growing in its strengths. Increased competition encourages innovation in quality and presentation.
Companies bring any sort of change when is needed in order to prove their efficiency. The organizations get to bring down their costs and reduce wastage of raw materials. They have become faster and profitable. Globalization gives a chance to the organizations to enter new markets without extra taxations. In European union, for example, many companies are being able to move their goods free across many countries. This is a benefit, but it come with a new challenge of increase in competition making it difficult for the small firms to survive. So far, globalization has worked better in the developed countries than in developing courtiers.