According to this term, corporations prefer to outsource the manufacturing of the different parts of a product in different
locations around the world in order to optimize their costs.

a. Globalization
b. Globalization of Markets
C. Globalization of Production
d. Offshoring

C. Globalization of Production

Explanation:

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

The world trade organization (WTO) is an intergovernmental organization that set rules, policies and regulates global trade across the world.

Also, the United Nations is an intergovernmental organization that is set to foster security, unity, and peace among its member nations across the world

Globalization of Production can be defined as a process in which corporations such as a multinational corporation or transnational corporation prefer to outsource the manufacturing of the different parts of a product in different locations around the world in order to optimize their costs.

In Business management, outsourcing can be defined as a process which involves an agreement between two companies that allows for the provision of services or job functions by another.

When a company is outsourced, it engages the service of another company (third-party) to perform some of its duties rather than the use of an in-house department or employees to handle them.

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Explanation: