THE IMPACT OF GLOBALIZATION ON THE BUSINESS ENVIRONMENT
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ABSTRACT: THE IMPACT OF GLOBALIZATION ON THE BUSINESS ENVIRONMENT
The study aims to: 1) evaluate the effects of globalization on market expansion; 2) analyze the influence of global supply chains on business operations; and 3) assess the challenges and opportunities presented by globalization for businesses. A survey research design is employed to capture diverse perspectives. Using Taro Yamane’s formula, a sample size of 350 businesses, including multinational corporations and SMEs, is determined. Lagos, as a major global business hub, is chosen as the location. The survey instruments achieve a reliability coefficient score of 0.87. Findings indicate that globalization enhances market opportunities through expanded access to global markets and diversified supply chains. However, globalization also presents challenges such as increased competition and regulatory complexities. The study recommends that businesses develop global strategies, build resilient supply chains, and leverage digital technologies to capitalize on globalization's opportunities while mitigating its risks.
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