Describe the global business environment and discuss the implications globalization may have on strategy formulation.

The global business environment is characterized by rapidly increasing globalization and the accelerating rate of change in technology, markets, and consumer preferences. This has led to increased competition among businesses worldwide as well as new opportunities for companies to expand their operations.

The implications of globalization on strategy formulation are significant. Companies must now consider factors such as cultural differences when entering new markets or expanding their existing ones. Additionally, they need to be able to quickly adapt their strategies to changes in the global market if they want to remain competitive. Furthermore, because of increased competition from around the world, companies must also focus on developing unique products or services that can differentiate them from other competitors while still being attractive enough for customers.