Global Business 101
As global business leaders and citizens are able to have an impact on the economics 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 all over the world. Global business is the best example of this, because it encompasses both the potential and responsibilities of companies that operate across national boundaries.
A global corporation is present in a variety of countries through direct sales, subsidiaries or joint ventures as well as exports to foreign markets. It also adapts its products and services to the specific cultural context of each market. It may also be familiar with the laws as well as policies and practices of other nations that affect its ability to conduct business there.
A business must be well-versed in the economics of every country. This is in addition to the legal and political aspects of conducting business. It is essential to know how to utilize data to evaluate the economics of a country, its competitiveness, and growth opportunities.
The most important factor in successfully expanding into a new market is establishing trust with local customers. It is therefore essential to have a local presence in the market, for example, having a store or office hiring local employees and establishing relationships with local suppliers and partners. Companies that have local presence in the market also have a better understanding of the regional business culture and the local business practices that can help them develop strategies to reach their intended customers.