Final answer:
Globalization refers to the widening scope of business and cultural exchange that makes national boundaries less relevant and leads to a more interconnected and interdependent world. A globalization strategy often involves a standardized approach across an organization's global operations. Despite its potential benefits, some oppose globalization due to concerns about its effects on wages, jobs, and the environment.
Step-by-step explanation:
Globalization is the process by which companies and other organizations develop international influence or start operating on an international scale. It's driven by a combination of economic, technological, socio-cultural, and political factors and has led to a more interconnected and interdependent world. Industries have seen a decrease in trade barriers, and corporations have the possibility to compete globally, challenging local companies and economies.
A globalization strategy might aim for global integration through standardization, where processes and policies are uniform across international operations. This encourages a common corporate culture and consistent approach, which can lead to economies of scale and a strong global brand. However, opponents of globalization argue that it could result in reduced wages, lower environmental standards, and job losses to regions with cheaper labor.
The strategy can also bring positive outcomes, like the spread of technology and culture, and philanthropic efforts to increase access to healthcare or safe drinking water in underdeveloped areas. On a grand scale, globalization has been a part of human history, with exploration, migration, and trade leading to economic interdependence.