Introduction The essay gives a brief review of globalization, internationalization, technological renovation and global business environment analysis. Major factors that hinder business expanding into global are cultural, political and legal, economic and technological factors. To achieve global business companies should be equipped with a global mindset and have a good understanding of entry strategies such as franchising, joint ventures, exporting and importing and strategic alliances. Globalization, Global Business, Technological Renovation & Internationalization The increasing forces of globalization and technological renovation have enabled enormous growth in global economic activities. Globalization is defined as a large degree
Introduction Globalization is encouraging several business to expand in many countries. In some countries the business can’t resist because of the cultures and tradition in those countries. So before starting business in a foreign country one should know study culture of that county. A business can’t run successfully in a foreign country without knowing its culture. Through this project I am going to explain the importance of culture of two countries in international business.
Compared to domestic, International markets have more complex variables that any business needs to take into account before venturing into this sector. For instance, strategies, gaining timely information, diversity of geographic locations and difference in the environmental setting such as cultural, market, legal, political, and financial processes. Roy Choi should, therefore, consider an international standardization of their products and services. Standardization is an important marketing strategy, especially when it comes to the international expansion of the business. International marketing is defined as the process of identifying markets for goods and services outside the domestic market or home country.
International business is a trading with two or more than two countries. Trading is a process of exchanging good, or service. International business also includes import and export activities within and outside the country. By doing international business, it can increase the competition between local and foreign business, it also can create new business opportunities to the firm that ready to go for foreign market. International business can bring profit to the business, but they will face some problems when operating business internationally which is international management and the different in cultures.
International expansion requires enormous capital investments in many cases, along with the development of a specific strategic business unit (SBU) in order to manage these accounts and operations. Finding a way to capture value despite this fixed organizational investment is an important initiative for global corporations. Leadership: The final factor worth noting is attaining effective leaders with the appropriate knowledge base to approach a given geographic market. There are differences in strategies and approaches in every geographic location worldwide, and attracting talented managers with high intercultural competence is a critical step in developing an efficient global strategy. Combining these four challenges for global corporations with the inherent opportunities presented by a global economy, companies are encouraged to chase the opportunities while carefully controlling the risks to capture the optimal amount of value.
Globalization has been an essential part of trade in the past and present; and will without a doubt play a major role in the future. Trading internationally has been used for a wide variety of purposes throughout the years. From the trading of weaponry during times of crisis and war to natural resources that while thriving in one country may be lacking in another. Many Companies such as Google, Apple, and Adidas have discovered that to increase sales and have a larger audience to target that it is key to have a multinational corporation. A multinational corporation is one that owns or sells a product or provides a service in at least one other country other than their country of origin.
As the years go by, people worldwide have started to flourish with international trade, which is when two countries exchange certain goods or services between each other. Trading supplies countries and their consumers the opportunity to be out in the open to goods and services in which they can’t manufacture. Countries usually trade for goods in which they are able to manufacture but find it cheap in other countries. Through trade, every country worldwide can get lots of profit if they sell their goods to larger markets and benefit from them. Benefits from international trade made counties develop and grow over the years, as it is the most essential foundation for gaining high profits for a developing country.
As we would go traveling and buy products from overseas brands. Even we do not want to start the business, we would still touch with globalization because we may work as an employee for an international company. Also, the foreign affairs would affect our domestic growth and it could happen at anytime. So, we should know more about the information around the world. This is why we need to learn Globalization and Business.
Some important reasons to study international business can be discussed below. Extensive knowledge about international business helps youngsters explore job and business opportunities in the competitive world of multinational and transnational corporations as these companies source their human resources globally. For example, most global companies want to hire skilled employees for their BPO operations from India. Most products of our daily life are an outcome of cross border business. Knowledge of international business enables its customers to identify the quality of a brand and to know other information such as where it is manufactured and about its competitors.
In today’s high competitive globalisation markets, and with its rapid integration of economies and societies, people are living in an increasingly interdependent world. Nation-wide barriers to the stream of goods, people and capital are breaking down, and platforms, policies and processes are standardising. In this report, the author will be exploring three broad sections in order to critically assess the international business environment that are crucial to succeed in the cross-border business. The first section is to discuss between the globalisation and internationalisation. The second section is to identify some issues and challenges business face by managers in an international environment.