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Chapter 1 International Business - Coggle Diagram
Chapter 1 International Business
Meaning of International Business
International business is all commercial transactions (private or gorvernmental) with different countries. It could be two or more.
Also, it could be when there are profit-related activities across national boundaries.
Is a firm that engages in International trade and investment.
Managing an international business can be different because you need to consider different things such as cultural aspects, political and economic from other countries.
Why do companies go International?
Minimize competitive risk: It's basically when you want to compite with another company whenever they have a business abroad. (You might not want your competitor to be the only one in the market)
Expand sales: Business increase sales whenever they reach international markets instead of just focusing on the same one.
Increase in global competitions: important if you want your product to become more easily global.
Participants in International business
They can be any company from difference sizes.
Also, all types of industries entering yo international transactions.
International company is a business that works directly international by exporting and importing.
Global perspective
People in the global are more connected than ever. Also, Information and money
Why study international business?
As a business man or women it is important to study International business because:
Affects activities in all customers
There is an increase in competition
You need to understand and learn how to do things whenever your business goes international.