FAIMA Business & Management Journal – volume 7, issue 3, September 2019

FAIMA Vol 7 - Issue 3 [Septembrie 2019]

CONTENT

Expanding Affairs 3
Florin Dănălache

A Field of Globalization – ICT Affairs 5
Lea Nedomova, Petr Doucek

The Influence of Emotional Intelligence 14
Claudia-Emilia Pipera, Gheorghe Militaru, Andrei Niculescu

Stakeholders’ Analysis 26
Vesselina Maximova

The Perception of the Organization by Employees 36
Doina Marina Ştefan, Sorin Ionescu, Iuliana Grecu

Implementing an Energy Management System 49
Constantin Ionescu, Roxana Patraşcu, Diana Tuţică, Ioana Diaconescu

Marketing in a Globalized Market 59
Evgeniya Tonkova
EDITORIAL

Expanding Affairs

The new economy has markedly transformed the structural parameters of the economic landscape and contracted the prism for time and space. The role of information technology in the new economy has been pivotal. It is particularly potent in the changing structure of international transactions and production. Digital development brings a whole new collection of challenges. One of the most important is to under-stand the question of globalization vs. localization, and how these terminologies differ from international¬i-zation. Companies must adapt their strategy to every new target market, especially when doing business in a completely different culture. The last 15 years of innovation have generated many international pos¬si¬bil¬i-ties for businesses large and small.
The economic profile of the new global economy has been driven by technology, fueled by innovation and entrepreneurial initiative, and is based on new ideas, new perspectives and new business strategies. It has opened the door to new investment opportunities and acted as a catalyst for employment creation.
As you launch your business in new countries, you become part of a growing infrastructure that allows you to consolidate your brand globally and diversify your customer portfolio. However, not all markets are a good fit for your brand.
The first step to a successful expansion into emerging markets is to know what you’re dealing with. If you can’t make a distinction between globalization vs. localization, you’ll find it hard to build a cohesive strategy and prepare your business for multiple markets. We present the main differences you should consider when talking about globalization, internationalization, and localization.
Globalization refers mostly to the strategy of expanding your business outside national borders. It includes the processes through which you learn about both international law and local regulations, how to build a multinational business environment, and connect with international partners to increase your chances of success. Globalization includes the internationalization and localization processes.
Internationalization is the part of your global strategy in which you create a product that can be local-ized. That means you design and develop a flexible website, game, app, software, or any other product, that can be adapted to local markets. This includes a series of technical measures that make your product easy to tailor to the tastes of a new audience.
Internationalization is an essential step that allows you to begin your localization project.
Localization is the process of adapting your product to local markets by making it sound and ‘feel’ local. It goes beyond the translation of your content. You should consider aspects like culture, religion, and local preferences to create a product that can meet the locals’ expectations. Localization also means customizing many elements like currency, time format, colours, icons, and every part of your product that could make it feel foreign to your audience.
As you can see, there are significant differences between globalization, internationalization, and locali-za¬tion. However, each of these concepts is equally as important when you expand to emerging markets. Skipping any step could slow you down and keep you from building a stable global brand.
Understanding the difference between globalization and localization as well as their relation to inter¬na-tion¬alization puts you one step closer to forming a cohesive global strategy. Behind these long and com-plicated words, the idea is simple: think global, act locally. For successful localization, you should find a balance between your global brand and the local versions that you create for each target market. It’s easier when dealing with countries that share a common cultural background, and gets more complicated when you approach nations with a different vision of life.
The world that is experiencing globalization intensely is also in need of localization. Participation, pluralism, autonomy and decentralization stigmatize the state understanding of the new century, and the collective expression of these concepts, ‘localization’, emerges as a concept that has been researched and accepted almost all over the world. It is aimed to create a more democratic and participatory government to overcome the negativities of globalization with localization.

Florin Dănălache
Senior Editor