EFFECT OF GLOBALIZATION ON SERVICE INDUSTRY IN NIGERIA
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EFFECT OF GLOBALIZATION ON SERVICE INDUSTRY IN NIGERIA
The primary goal of this research was to determine the impact of globalisation on the service industry. It focuses on globalisation via trade agreements and market integration.
Globalisation concepts and processes, as well as information technology, global interdependence, and globalisation dynamics.
The linked literature was only found in main areas such as the importance and growth of the service industry, the achievement of global synergies, trends in the globalisation of the world economy, and the consequences for Nigeria.
During the study phase, useful informal information will be acquired through the use of a questionnaire distributed to MTB customers, as well as personal interviews.
The questionnaire was used to collect data, which was then analysed using statistical tools such as Chi-square (x2), simple percentage, and mean methods. The analysis indicated that globalisation increased productivity and profit levels,
as well as allowing service marketers to perform their jobs more effectively and efficiently, resulting in consumer happiness through competition. The study also found that no nation or body can develop in isolation.
The study went on to uncover that Nigeria’s service industries have not yet reaped the benefits of globalisation due to causes such as economic instability, mismanagement, Naria devaluation, and so on. However, the service industry is improving.
In light of this, the researchers urge that the service industry aim to capitalise on chances and compete more with the rest of the world.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Globalisation indicates that the entire globe is becoming a global village, that people are joining together to be one in unity, and that individuals are producing not just for the people near them, but for the entire market.
Globalisation is taking place in Saudi Arabia, America, Europe, and other countries of the world, including Nigeria and Ghana. Globalisation is a new world order that emphasises a global perspective of the entire universe, or, in other words, that the international market is moving towards a common standard.
The global economy has changed dramatically over the last two decades, and physical and cultural distances have decreased with the introduction of jet planes, fax machines, global computers and telephones, look-ups, world television satellites, broadcasts, and other technological breakthroughs.
This has enabled businesses to significantly increase their geographical market coverage for purchasing and manufacturing. As a result, both businesses and consumers face a far more complex marketing environment.
Today, global rivalry has an impact on practically every organisation, large or small. From the neighbourhood florist who buys flowers from Mexican nurseries to the small New York clothing retailer who sources its merchandise while competing in its home markets with giant Japanese rivals, to the large American consumer goods producer introducing new products into emerging markets overseas.
Companies across industries are also developing employing a global assembly line. In addition to sourcing their component suppliers and commodities from abroad, many US corporations are attempting to offer their services overseas.
But they are recognising that to do this well, they cannot do it alone, so they are forming strategic alliances with competitors who serve as suppliers or distributors, technological partners, or joint venture partners.
All of this means that we are seeing and will continue to see some surprising alliances between international competitors. For example, Ford and Nissan successfully designed a mini-van together, and Ford has also had a successful strategic alliance with Mazda for the
General Electric and SNECMA, a French company, have been producing jet engines together since 1971, while Coca-Cola and Schweppes have been operating a big soft drink bottling factory together since 1971, resulting in significant cost savings for both companies. Toshiba supplies line transmitters to JVC Television.
What is the internet? The internet is a collection of thousands of computers, networks of varied sizes, millions of computers, and over 30 million people who share a suitable method of connecting with one another in order to exchange digital information.
A system that represents computer systems located all over the world that are eager to share resources. The internet has created a cooperative society in the form of a virtual community stretching from one end of the globe to the other.
The following are some of the reasons why globalisation is necessary.
The international spread of technology and investment sizes necessitates the removal of trade obstacles as well as all environmental demographic, psychographic, and behavioural aspects.
Globalisation via trade agreements and market integration. The viability of trading blocs in the global economy is dependent on members having similar economic structures, being geographically adjacent to one another, experiencing political commitment, and demonstrating trade compatibility (Eieleke 1992, Schott 1999).
The first exertion relates to the necessity to adapt the redistribution of trade flows, employment, and income that will inevitably result from economic integration.
Globalisation through (GATT), the general agreement of tariffs and trade round of discussion completed and signed on 15 December 1993 in Geneva, and was launched in Uruguay seaside resource of puntodec to see in September 1986, the Uruguay round of trade talks was the most ambitious attempt to date, involving more than 100 centuries of liberalising trade and standardising trade rules in textiles.
The goal was to remove as many invisible trade obstacles as possible in order to promote global proximity. The most notable trend in business today is the expanding globalisation of markets for products and services around the world.
This applies to everything from airlines to autos, banking to burgers, clothing to computer detergent, electronics to lifts, software, toothpaste to tacos. Corporations of U.S., Japanese,
European, or other national origin are drawing a rising share of their revenues from worldwide markets, with the 100 largest U.S. multinationals generating 39% of their sales from operations abroad.
Companies such as Exxon, IBM, Colgate Palmolive, CPC Internationals, and Coca-Cola, among others, derive more than 60% of their revenue from operations abroad. International markets are critical for companies such as Unilever, the Dutch conglomerate,
Philips, the electronics behemoth, and Nestle, the Swiss food mammoth, which have relatively small domestic markets. Vans commercial empires are forming, with sales volumes typically exceeding the GDP of several countries.
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