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Differences between international and domestic business (Nature of…
Differences between international and domestic business
Definitions
Domestic business consists of transactions within the geographical limitations of one country.
International business is not restricted to one particular country.
Area of operation
Domestic is limited and confined
U.S has bordering countries so it can export and import through many different types of transportation
international has much more opportunity
Australia can only export and import through plane or boat due to them being an island
Quality Standards
Domestic is quite low
International is much higher because you are dealing with more then once country
Currency
United States uses the US Dollar
Australia uses the Australian Dollar
Investment capital
Domestic has low investment capital
International has huge investment capital
Restrictions
Domestic: Few
International : Many
Nature of Customers
Australians
Wary to share
Trust in person over online
They love and hate the same brands
Americans
Trust online with almost everything
Americans share things all the time via social media and in person
Very brand loyal.
Speach
Americans would say April 10
Australians would say the 10th of April
Weeks
U.S starts on Monday
Australia starts on Sunday
Community
U.S is more individualistic
Australia is about being fair for all and more community based
Spelling
Although Australia uses the English language they do not use the same spelling for everything
Business Research
Domestic can be conducted and bought quickly, cheaply, and easily
International data is much harder to gather and more expensive to purchase
Factors of production
Land
Labor
Capital
United States has lower minimum wage
Australia has higher minimum wage and you do not tip. prices also include tax