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OVERVIEW OF INTERNATIONAL BUSINESS - Coggle Diagram
OVERVIEW OF INTERNATIONAL BUSINESS
DEFINITION
Business activities that involve the exchange many physical and intellectual assets including product, resource, goods, services, knowledge, skills or information across national boundaries
A specific entity such as a multinational corporation or international business company that engages in business among multiple countries
EXTERNAL ENVIRONMENT IN INTERNATIONAL BUSINESS
ECONOMIC ENVIRONMENT
Refers to all the economic factors that affects commercial and consumer behaviors
For example a farmer, the weather and the price of the fertilizer are important factors
POLITICAL AND LEGAL ENVIRONMENT
Related to management of public affairs and their impact on the business of an organization
Includes legal environment consists of law, courts, attorneys and legal customs and practices
SOSIOCULTURAL ENVIRONMENT
A set of beliefs, customs practices and behaviors that exists within a population
Includes an examination of the sosio-cultural environment prior to entering their target market
TECHNOLOGICAL ENVIRONMENT
The changes in technology affects how a company will do business
The changes in operating strategies can be the result of changes in the technological environment
COMPETITION ENVIRONMENT
On how the companies compete within a defined market place
Includes the distribution channels, collaboration between suppliers, competitors and distributors, the pricing methods, the level of promotion