An international business refers to the exchange of goods and services with businesses or individuals in different countries across the globe. The expansion of business at the international level has emerged as one of the competitive strategies that organizations use. The major challenges that are witnessed by the organization in the global business environment revolve around the issue of handling a new business environment that shows variations in business cultures. Many college students find it challenging to make the international business case study as it is a vast field that requires adequate knowledge and ample research.
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The overview on international business case study assignment
International business is concerned as the trade carried on over the geographical boundary of the country. When an organization spreads its business and carries on a trade in more than one country, it gets engagements in international business. Carrying on international business is not a cakewalk, and it confronts a lot of challenges as the culture of the two countries is different, and the style of doing the business in different organizations vary on the basis of their organization’s believes and values. An international business case study is described as the study of a real-life international business situation. It enables students to properly analyze various international business issues from various perspectives and apply critical thinking problem-solving skills that they have developed in their classrooms.
Problems occur in doing international business case study
The difference in currencies: Due to the difference between the currencies used in different countries and fluctuation in their exchange value, there is always an uncertainty in a currency rate with time. The firm needs to pay for the imports in the host country’s currency.
The difference in the natural and geographical condition: Natural resources like rainfall, raw material, soil quality, freshwater, weather, temperature, mine, and minerals may differ from country to country. Due to the changes in geographical and natural conditions, countries and their firms have to specialize in producing certain commodities with a low cost and superior quality. The specialization of low cost and high quality creates challenges for international organizations to make proper investment decisions.
Differences in the political and legal system: In recent times, every organization is an independent political entity with a political agenda to manage the people and firms’ interests. Because of the differences in the political and conditions and policies in the countries, there may be a difference in the tax imposed on both international and domestic organizations that may lessen the organization’s interest in international investment. And the legal system differences in the two countries make it difficult for the organization to follow the legal provisions of the two countries regarding a particular trade.
The transportation infrastructure: The cost for the transportation system to transport the raw materials and finished goods from one place to another also influences the decision of expanding the business by international investment.
Steps for managing the business at the international level
International issues can be identified and monitored by a checklist-based procedure that evaluates every possible and favorable and unfavorable factor. While evaluating every factor in international environmental issues, a proper analysis procedure needs to be developed systematically to identify changes. Some of the steps of effective management at an international level are discussed below:
- International environmental observation: The international environmental observation comprises observation of specific industry segments internationally to find business opportunities. These observations are based on the objective of finding the variations in demand conditions for goods and services. It can be done by finding and defining trend indicators related to the factor observation.
- International environmental monitoring: After analyzing critical trends and potential events during observation, the next step is international environmental monitoring. In this step, the identified issues and opportunities need to be appropriately observed by the manager to monitor the specified change indicators based on a defined purpose.
- International environmental assessment: In this step, the organization makes an assessment of possible opportunities by analyzing the data. It can use various data analysis techniques available in multiple research methodologies.
- International environmental forecasting: In this step, the direction and intensity of environmental trends need to be predicted through environmental forecasting. The prediction for possible opportunities and threats should be the focus in this step.