As global business leaders and citizens are able to have an influence on the economy of the world. Your actions, as well as those of your colleagues whether in the boardroom or in the garage shape the future of economies and businesses worldwide. Global business is a prime example of this dynamic because it encompasses both responsibility and opportunities for companies which operate across national boundaries.
A global corporation is present in a number of countries through direct sales subsidiary or joint ventures, as well as exports to markets outside of its home country. It also adapts its products and services to the cultural environment of a given market. Moreover, it may be aware of laws and regulations of different countries that affect its ability to conduct business in that.
A company must be well-versed in the economics of each country. This is in addition to the political and legal aspects of conducting business. It is crucial to know how to utilize data to study the economics of a country as well as its competitiveness and growth opportunities.
The key to succeeding in expanding into a different market is to build trust with local customers. This is why it’s important to have an office or store in the local market, such as having a store or office, hiring local people and establishing relationships with local suppliers and partners. Companies with a local presence are more aware of the local culture and business practices. This will allow them to create strategies to reach their target audience.
www.terraeconomy.com/2020/09/16/global-business-and-intenrational-business-whats-the-diference