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International Business: Session 1

"International Business: Session 1" What is international business? business transactions between parties from more than one country; sourcing, manufacturing, selling, developing; parties may include. | International Business Session 1 What is International Business? Business transactions between parties from more than one country Sourcing, Manufacturing, Selling, Developing Parties may include Private individuals Individual companies Groups of companies Governmental agencies 2 Why Study International Business? Today’s business environment is global. Conducting international business presents unique risks, challenges and opportunities. ASK YOURSELF: is your company maximizing the opportunities of global business across the value chain? 3 Key Objectives Learn to: Understand the global business environment and how it is different from the national environment. Select between the different modes of international business Analyze and react to different cultural contexts Research and evaluate global markets. Assess how countries can shape global business through policy and integration Understand the EU’s role in the global marketplace 4 International vs. Domestic OPPORTUNITIES Seek opportunities for growth through market diversification Gain new ideas about products, services, and business methods Better serve key customers that have relocated abroad Be closer to supply sources, benefit from global sourcing advantages, or gain flexibility in the sourcing of products International vs. Domestic OPPORTUNITIES Gain access to lower-cost or better-value factors of production Develop economies of scale in sourcing, production, marketing, and R&D Confront international competitors more effectively or thwart the growth of competition in the home market 8 International vs. Domestic RISKS Cross-cultural risk: a situation or event where a cultural miscommunication puts some human value at stake Country risk: potentially adverse effects on company operations and profitability holes by developments in the political, legal, and economic environment in a foreign country Currency risk: risk of adverse unexpected fluctuations in exchange rates Commercial risk: firms potential loss or . | International Business Session 1 What is International Business? Business transactions between parties from more than one country Sourcing, Manufacturing, Selling, Developing Parties may include Private individuals Individual companies Groups of companies Governmental agencies 2 Why Study International Business? Today’s business environment is global. Conducting international business presents unique risks, challenges and opportunities. ASK YOURSELF: is your company maximizing the opportunities of global business across the value chain? 3 Key Objectives Learn to: Understand the global business environment and how it is different from the national environment. Select between the different modes of international business Analyze and react to different cultural contexts Research and evaluate global markets. Assess how countries can shape global business through policy and integration Understand the EU’s role in the global marketplace 4 International vs. Domestic OPPORTUNITIES Seek .