Question – 1: How do three elements of
globalization, innovation, and sustainability impact your understanding
of strategy?

Globalization is creating numerous opportunities
for sharing knowledge, technology, social values, and behavioral norms and
promoting development at different levels including individual’s organization,
and societies across different countries and cultures. Globalization leads
to increased competition. The good side of globalization is all about the
efficiencies and opportunities open markets create. Business can
communicate efficiently and effectively with their suppliers and distribution
networks. Globalization a greater impact on the understanding of
strategy. Strategies are defined by covering all aspects of business, such
as environmental socials values and market development regarding resources
availability. Is quite difficult to understand the strategy without considering
globalization effect. Globalization brings lower cost goods from abroad
which leaves them with spending power to spare and a higher standard of
living.it also brings opportunities for productive investment in higher growth
investment.

Innovation is a process of translating a new
method or idea. Innovation is very crucial to the success of a
business therefore also has a greater impact on
strategies. Hence required better knowledge of innovation before
getting to understand the strategies. Due to globalization, innovation
also increased and more people attracted towards it and in creating new
products and selling them globally. So it’s a very important factor in the
understanding of strategy. Strategies are made by taking into account all
such factors.

Sustainability factors include triple bottom line
approach that considers the environment, society and
profit. Sustainability has an important impact on the understanding of
strategy. Either strategy is sustainable according to the
environmental, social and customer needs. Sustainability must-have factor
for setting strategy and their respective policies.