Globalisation – A Case Study of Renishaw PLC

Globalisation – A Case Study of Renishaw PLC
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Executive Summary
The report provides a critical evaluation of Renishaw PLC’s international management strategies on the dire business issue of globalisation. Among the major aspects of globalisation that the report focuses on to establish the management effectiveness of Renishaw PLC include the company’s corporate structure, the cross-cultural competence, and the company’s strategy towards the market dynamics associated with globalisation. Renishaw PLC has done exceptionally well in positioning itself as a global entity by implementing a matrix organisational structure to leverage the combined benefits of functional and product organisational structure. Cross cultural competence, an important aspect of globalisation and international management, is also well thought-out within Renishaw PLC, evidenced by the highly diversified workforce. To offset the market dynamics that may impede entry into emerging markets, Renishaw PLC has done exceptionally well in in investment on research and development, quality of products, and customer support.
Globalisation – A Case Study of Renishaw PLC
Introduction
The desires for economic growth and social transformation has led to a dramatic shift in the world of business. The industrial revolution revolutionised almost every aspect of the business world including agriculture and craftsmanship that were regarded as the core business operations in the past. In the contemporary era, a myriad of organisations and enterprising entities have emerged, specialising in different domain areas and producing products and services for profit. Although the concept of sole proprietorship and local business enterprise development still exists, emphasis has been placed on international corporations as the main drivers of the world economy. Now and then, periodical evaluation and listing of world-leading corporations are done by authoritative organisations such as the United Nations Conference and Trade Development (UNCTAD) and a few others primarily based on three criteria: revenues, capital power, and foreign assets (Jaworek & Kuzel, 2015). According to a ranking by foreign assets of the multinational corporations in 2016, Royal Dutch Shell PLC from the United Kingdom emerged as the top company, with foreign assets valued at $ 349720 million (Hunkar, 2017).
A multinational corporations (MNC), which can be defined in simple terms as a company that makes business transactions and delivers products and services in more than one country, has to battle common business issues to emerge a successful and notable global corporation (Wettstein, 2020). Some of the most common issues have to do with globalisation, corporate social responsibility, business ethics, innovativeness, cybersecurity, geopolitics, among other business issues. This paper purposes to analyse the different aspects of globalisation and how successful multinational corporations, in particular Renishaw PLC, manage the complexities that comes along with the idea of globalisation. The paper focuses its findings on the theoretical arguments of different scholars on the various aspects of globalisation and the empirical data on Renishaw PLC f...