How does globalization impact a firm's strategy?

What will be an ideal response?

Globalization entails much more than a company simply exporting products to another country. Some industries
that aren't normally considered global do in fact have strictly domestic players, but they're often competing
alongside firms with operations in many countries, and in many cases, both sets of firms are doing equally well. In
contrast, in a truly global industry, the core product is standardized, the marketing approach is relatively uniform,
and competitive strategies are integrated in different international markets. In these industries, competitive
advantage clearly belongs to the firms that can compete globally. A number of factors reveal whether an industry
has globalized or is in the process of globalizing. These factors may be grouped into four categories: market, cost,
government, and competition. This analysis helps managers better understand their environment, their market, and
their competitors. These are also necessary levels of analysis for creating a strategy that will lead to competitive
advantage.