International Business concept

International Business concept

International Business encompasses any business transaction that involves parties from more than one country.These transaction can take various forms and can involve individual companies, group of companies, and or government agencies.

International business can differ from domestic business because of  differences in currency, legal system, cultures, and resource availability.

Studying International Business is important for several reasons:

  1. Any organization you work for, even if small, is likely to be affected by the global economy.
  2. You some day may work for a foreign-owned firm.
  3. You need to keep pace with other managers who are learning to function in International settings.
  4. you need to be culturally literate it today’s world.

International Business activity can take various forms. exporting involves selling products made in one’s own country for use or resale in another country. Importing involves buying products made in other countries for use or resale in one’s own country.

International Business concept

Foreign Direct Investment is the investment made for the purpose of controlling property, assets, or companies located in foreign countries. Others common forms of International Business activity include licensing, franchising,and management contracts.

International Business is one that engages in commercial transaction with individuals, private firms, and or public sector organizations that cross national boundaries. Firms with exclusive international involvement are called multinational corporations, or MNCs . Special forms of multinational corporations include multi-domestic corporations, global corporations, and transnational corporations.

International Business concept

Evidence of International Business activity can be traced back thousands of years, many of today’s major International trading patterns have evolved over several countries. During the 1950s the united states dominated the global economy because many other industrialized countries were rebuilding after World War II.But international competition began to increase during the 1960s and eventually led to the end of U.S.dominance in the 1970s. In the 1980s many U.S. firms gradually began to regain their competitiveness.As the 1990s dawned, global marketplaces  and global industries were becoming fairly well-defined.

 

International Business has grown dramatically in recent years because of market expansion, resource acquisition, competitive force, technological changes, social changes and changes in government trade and investment policies.

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