International Business refers to any business that takes place outside the international borders of a country. It includes not only the international movement of goods and services, but also capital, technology, intellectual property such as patents, trademarks, copyrights, etc.
For example, India selling agricultural products to other countries is an international business. Advances in technology and improved communication facilities have improved international business with great success in various countries. International business provides organizations with a wide range of markets and gives them the opportunity to meet the wants of customers around the world.
International companies must have flexible, adaptable, communicative and resourceful employees who know when to take advantage of expansion opportunities. They must have a deep understanding of the international economy to expect how global markets will affect their bottom line and global marketing to effectively communicate their organization’s value to diverse viewers.
Are you intent in working with an international organization? Do you have plans and aspirations to internationalize your business? Here’s a look at five leading international companies that have successfully, and not so successfully, navigated the global marketplace.
Helps a country earn foreign exchange, which can later be used to buy capital goods, technology and other products from foreign countries.
It is based on the theory of comparative cost advantage. It involves producing what your country can produce most efficiently and trading surplus production with other countries so they can produce most efficiently. In this way, countries can make better use of their resources.
Countries can improve their productivity to supply primary products to other countries through foreign trade. If foreign trade is sustained, production will increase, the country’s GDP level will increase, resulting in economic growth. With higher production, the demand for more labor also increases. Therefore, international business also creates employment opportunities.
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National borders
Transactions
Globalization
Multinational enterprise
Economic policy
Accounting standards
foreign direct investment
Financial investment
Capital movement
Franchising
Scale of economies
Organizational structure
Customer service
Service exports
Partnerships
Intangible property
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