The Influence of Globalization Processes on Forecasting the Activities of Market Entities

Document Type : Original Manuscript

Authors

1 Scientific-Educational Institute of Entrepreneurship and Perspective Technologies of Lviv Polytechnic National University, Lviv, Ukraine

2 Mykolayiv National Agrarian University, Ukraine

3 Admiral Makarov National University of Shipbuilding, Ukraine

4 Kharkiv National Agrarian University named after Dokuchaiev, Ukraine

Abstract

The paper outlines the essence, components, and features of globalization from the viewpoint of manifestations in society, development priorities, and possible threats. The processes taking place in the globalized environment are proven to require market participants to adapt to changes in the external environment, including through the expansion of the spheres of transnational business influence. A significant increase in the influence of geopolitical, geosocial, geo-economic, and environmental factors on a global level is emphasized. The paper proves that the development of the world economy, individual states, and regions of the world should be focused on a set of global factors that determine potential opportunities and the priority threats of market entities. A significant advantage of modern activity management is the timely identification of priority approaches to adapting solutions in order to prevent threats, conduct analytical assessments, and predict (plan) the activities of entities in the context of the growing influence of transnational business using appropriate methodological approaches to economic analysis. The authors argue that the development of business ideas, the formation of business plans, and forecasting the results of market entities’ activities should take into account the relevant capabilities and input conditions that will allow a timely response to ensure the adequacy of actions and forecasts. The efficiency of forecasting (planning) activities and adjusting managerial decisions is emphasized. The calculations are based on the method of extrapolating trends according to the equation of the line to predict the activities of a market entity. The paper proves that expansion of the activity domain of the transnational business fosters the maintenance of efficient management mechanisms that allow quick change of approaches to holding the domestic and external policy of business processes.

Graphical Abstract

The Influence of Globalization Processes on Forecasting the Activities of Market Entities

Keywords