Globalisation SRQ 6 by Azlina Binte Ibrahim

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azlina_ibrahim3 — 2024-05-17 03:49:21 UTC

Add your two factors with elaboration

Harmesh, ranjith, yugen, jaden (In your opinion, what can local businesses in Singapore do to survive the economicdownturn because of COVID-19? Explain your answer using two strategies.)

harmesh2007 — 2024-05-17 03:56:10 UTC

To survive the economic downturn caused by COVID-19, local businesses in Singapore can consider the following two strategies. Digital Transformation,Businesses can pivot to online platforms to reach their customers. By investing in e-commerce, digital marketing, and adopting digital payment systems, they can continue operations despite physical restrictions. For example, restaurants can expand their delivery services through partnerships with food delivery apps, and retail stores can create online shops to maintain sale Cost Management and Operational Efficiency: Businesses should evaluate and optimize their cost structures. This can include renegotiating leases, reducing non-essential expenditures, and streamlining operations to improve efficiency. By adopting flexible work arrangements, such as remote work, businesses can reduce overhead costs while maintaining productivity.

These strategies can help businesses adapt to changing consumer behaviors and economic conditions, ensuring their sustainability.

In your opinion,what are some challenges Singapore faced in globalised world?. (Samyog,migin,jareon,rishi, you Sheng)

2024-05-17 03:56:55 UTC

Singapore is very dependent on trade and international exportation. For example, goods from countries like USA and Malaysia . So if a war is to break out. Singapore would be in trouble as there is not a lot of natural resources to survive from. Also cybersecurity threats. Increased connectivity with international countries can result in a more vulnerable security. For example the SingHealth data breach in 2018.

1. In your opinion, what can Singaporeans do in order to cope with the challenges of working in a globalised economy? Explain your answer with reference to two strategies.

2024-05-17 04:04:04 UTC

life long learning is one strategy singaporeans can adopt. upskilling to stay relevant in rapidly fast changing job market. For example singapore's skillsfuture initiative provides resources and funding for the citizens to develop new skills and upgrade their capability , enabling them to thrive in a globalised world.

another strategy is Cultural Competency and Networking. Working in a globalized economy often involves collaborating with people from diverse cultural backgrounds.

Singaporeans can improve their cultural competency by participating in cross-cultural training programs, learning new languages, and gaining international experience through work or study abroad opportunities.

By focusing on continuous skills development and enhancing cultural competency, Singaporeans can better manage the demands of a globalized economy and position themselves for long-term career success.

what can SMEs do to help them survive in an increasingly globalised economy?explain with 2 references

2024-05-17 04:07:37 UTC

one thing Small and medium enterprises(SME) can do is by working together with Multinational corporations to for the benefit of both businesses.For example,a locally owned taloring business in Singapore can collaborate with companies such as H&M by providing services to H&M customers to adjust their desired clothes.By doing so,more customers will be interested in certain clothes even though the right size of that design may not be available.Hence it leads to a higher profit for H&M and the taloring business as they both meet the needs of its customer’s satisfaction.

Secondly, another way to SMEs can help themselves is by utilising digital markets effectively such examples can be setting up an business account tik Tok shop where it is convenient for buyers as they can just scroll and buy with a few clicks.This provides efficiency to its customers and easy accessibility to its products or services.Thus the business is more known to social media which is a big advertising method with technology constantly evolving.

1. In your opinion, what benefits have MNCs brought to Singapore?

2024-05-17 04:11:02 UTC

(Aayus,Andhar,Rayun,Jasper,Chloe)

MNCs are multi national companies that are based out of their own country.

These companies invest to other countries for development and economic growth.

Such companies are McDonald’s , star hub and H and M. These companies bring benefits to singapore such as job opportunities and employment for locals.Singaporeans are able to get a job and earn an income. This will improve their way of living as they are able to afford the costs more comfortably.Such example is when Dyson moved their headquarters to singapore which created many jobs for the locals.

MNCs are also able to create opportunities for local suppliers and businesses to grow by working together with them.Such example is when H&M collected used clothes from their customers and gave them to local businesses to reuse and give a second life to the clothes.This practice helped the small business gain more recognition for their businesses which ultimately attracted more customers.

In your opinion, why do you think foreign food has become so popular in Singapore? Explain Your answer with two reasons.

2024-05-17 04:12:16 UTC

Hybridisation is the reason for foreign food has became more popular in Singapore. Hybridisation is referred to the process which foreign and local cultures are blended, resulting in unique combinations containing elements from both cultures. It means that local influences are still evident in foreign food options, bringing a new concept of food. For instance, the Nasi Lemak burger at McDonald’s. With food fusion becoming more popular as the innovation behind each item or dish is a novelty on its own. New ‘food creations’ may not fully reflect the full authenticity of local food and the fusion food may end up being more popular, leading to foreign food becoming more popular in Singapore

Globalisation and tourism is also the reason for foreign food becoming popular in Singapore. Singapore’s status as global hub for trade, tourism and business brings people from all corners of the globe to the city-state. These visitors often bring with them their culinary traditions, introducing new flavours and cuisines to the local scene. Additional, Singaporeans themselves are well traveled and exposed to international cuisines through their journeys abroad. This exposure fosters a curiosity and appreciation for foreign foods, contributing to their popularity in Singapore. For instance, there are more than 100 McDonald’s and KFC outlets in Singapore. This therefore let Singaporeans to favour foreign food than local food.