Notably, the idea of business is practiced by many people in the world. Trade has become one of the primary sources of money to many people. Many people engage in all day business to produce and provide to the people. The people needs are recurrent, and thus there must be products to satisfy their requirements. Also, enterprises operate both locally and even internationally. Local business is where a company operates to offer goods and services to the people in the same county. However, international trade involves commercial activities that take place to promote the transfer of products, services, people, ideas, resources, and technologies across national boundaries. The paper discusses the aspects of international business and the globalization concept.
An enormous variety of goods for consumption. The international trade brings in different types of a product from different areas to an area. The concept, however, gives consumers a broader array of choices which will not only improve their quality of life but also will help the country grow. Customers are the target of all business and if they get many people who have the goods which they require enables them to get all the varieties which different companies have to offer to them.
Grow your business. The essence of internationally business trading increases the universe of potential suppliers and clients significantly. The international trade helps a company to grow the potential clients by even hundred percent always when starting to sell in a different country. The fact gives the business an excellent playground to develop and they, however, have a higher chance to grow than when trying to expand the market in the home country.
Less competition. In business, the ability to stand out amongst competitors is an essential factor in business. The task is made easier when there are fewer competitors. One’s business, which may be viewed as comparable to others in a country, may turn out to be a unique service or good not to be missed when placed in a more abundant and more diverse environment. One can instantly create another lifeline for the business by making the product available to global buyers by being in less competition and increasing the possibility of standing out. The act will in turn boost sales potential and allow your business to flourish by making lots of profits.
The risks of international business
Cost calculation and global pricing strategy problem. The setting of the price for your products and services can present challenges when doing business globally and is a significant consideration of your strategy. One must consider costs to remain competitive, while still ensuring profit for the products or services they are offering.
Foreign laws and regulations problem. The gaining a comprehensive understanding of the local laws and regulations governing your target markets is key along with getting your company structure in place. Navigating the legal requirements is a primary function of any successful international business. The eligibility to trade is an essential consideration as are potential tariffs and the legal costs associated with entering new markets. Employment needs and labor requirements also differ by a country which should be considered to operate business globally.
The advantages of international business
A country can consume those goods that it cannot produce. The international business enables a nation to benefit from the products that they don’t have but is vital to their needs. The action leads to citizens to have all the products that they need to cater for their needs.
Massive price fluctuations are controlled. The control of the substantial volatility of price is necessitated by the imports of goods from other countries, and the prices brought down in case of price increment of a commodity.
Imports from other countries can meet shortages in times of scarcity and famine. The surplus produce can be sent out to developing countries when hunger strikes. Food scarcity is a significant problem, and however, it is met by the gain of imports from other countries which have in plenty.
Disadvantages of international business
The destruction of the cottage and the home industries. The growing industries in a country can end up collapsing due to the imports which replace the commodity in the market and make them have a hard time to operate.
Dependence on foreign business creates difficulties in the times of need. If a country has however been depending on the external products, they will suffer adversely when the supplying companies do not deliver to their county. However, it is good to anticipate for the growth and support of local businesses to produce for the country.
The lesson from the site visit to the US District Court.
The district courts of United States are the general trial courts of the federal court system of US. The civil and criminal cases both are filed in this court, which is a court of law, admiralty, and equity. The district court judges are responsible for managing the court and supervising the employees of the court. They can serve continuously so long as they maintain good behavior and however, they can be impeached and removed by Congress from office.
The questions for international business
The problems that I had for the class are for the understanding of the global business. The benefits, challenges, the advantages and even the disadvantages of the international business. However, due to the class lectures, I have been able to know the solutions to the questions which was discussed well.
The world is flat phrase and globalization
I agree with the phrase that the world is flat due to the studies gained from the book written by Thomas L. Friedman under the title of the world is flat. Under the focus of globalization in the 21st century, the author views the world as a level playing ground regarding commerce which allows all the competitors an equal opportunity to business. Friedman advocates for the idea that a rapid pace of change is however inevitable and believes that the Americans will have to have to cope with the growing changes caused by the increasing the opportunity for the developing countries. Globalization is the termed as the integration and interaction among people, different governments, and companies. The process of globalization is driven by the investment, international business and however aided by the information technology.
What will globalization look like after Brexit and under a trump administration in the US?
The fundamental tenets of globalization that include trade and immigration were among catalysts that pushed the United Kingdom to exit the EU. The Brexit would mean that there will have difficulties in the business among the EU where many countries import their products from the UK. The economy of UK is adversely high even compared to the US economy. Under the presidency of Donald Trump, the globalization will be affected most because the president stated that the US manufacturing jobs had migrated across the North American Free Trade Agreement which was signed by Bill Clinton and that he will pull out of the agreement. Also, he had promised to depot the immigrants who had come to the US which however would affect globalization.
Trade has however become one of the primary sources of money to many people. Many people engage in all day business to produce and provide to the people. The people needs are recurrent, and thus there must be products to satisfy their requirements. International trade involves commercial activities that take place to promote the transfer of goods, services, people, ideas, resources, and technologies across national boundaries. The benefits of international business include, a greater variety of products for consumption, grow your business, and less competition. The global business also has challenges, advantages, and even the disadvantages.
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