International Business Practices

International business

Table of Contents
INTRODUCTION...........................................................................................................................3
LO1..................................................................................................................................................4
International business practices and how they are shaped by various theories and emphasis on
business practices of uk trading partners....................................................................................4
LO2..................................................................................................................................................6
Key elements of the international environment which impact activities of international firms.
.....................................................................................................................................................6
LO3..................................................................................................................................................7
Basis and recent patterns of international trade and investment.................................................7
LO4..................................................................................................................................................7
Understanding of market selection techniques...........................................................................7
LO5..................................................................................................................................................9
Methods for international market entry and development..........................................................9
LO6................................................................................................................................................10
Methods of risk minimisation available to international companies. ......................................10
LO7................................................................................................................................................10
Appropriate concepts and theoritical frameworks to the workplace experience......................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
International business refers to the activities that involves transfer of goods, resources,
from one country to another. It deals with exporting of products, licensing as well as franchising
and interacting with foreign markets. In International business, not only multinational firms
particpate but also a small company who dels in exporting of products. It involves mainly seven
types of thing; licensing, outsourcing, franchising, partnerships, multinational firms foreign
investments. Organizations expand their business to international markets because they want

dvelopment in their firms. It is beneficial for organization because in International industries the
cost are much high than the firms which are among the boudaries so selling products to
International firms is much more profitable for them. In internal business there are major
industries which has expanded their business in international markets as well like Mc donald's,
microsoft, starbucks, samsung and so on (Di Giovanni, Levchenko and Mejean, 2018). The
growth of international business has increased because in today's world lot of digital
technologies are used through which it has become more easy for firms to develop their
industries. In the below report it is discussed that how international business practices are shaped
by different theories, elements of international environment which can impact the international
firms, patterns of international trade and investment, market selection techniques, methods of
international market development, methods of risk minimisation and concept of workplace
experience. (Hamilton and Webster, 2018)
LO1
International business practices and how they are shaped by various theories and emphasis on
business practices of uk trading partners.
There are many firms that are involved in international business and they export their
products in different countries. Every country has their own perspective regarding their standards
and they work according to that (Teagarden, Von Glinow and Mellahi, 2018). International
business practices involves exporting, foreign investments, trade organizations, commercial
polies and taxation. Exporting:- It means when products are made in the nation but are sold in foreign
countries. It is a good way to expand one's business as entering into foreign firms is an
effective marketing strategy. In exporting there are agents, various restrictions,
documents to be submitted and so on. While doing exporting, companies has to deal with
various securities which may be a risk for them. Industries dealing in International
business and exporting their products while doing cross- border transactions, they have to
deal with various charges also like freight charges, costs are incurred. There are many
documents which have to be submitted as it is a legal responsibility of organizations like
inspection certifcates, insurance policies and so on (Dörrenbächer and Gammelgaard,
2019).