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concepts of Globalization and International Business Report

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Added on  2020-05-16

concepts of Globalization and International Business Report

   Added on 2020-05-16

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Running head: INTERNATIONAL BUSINESSInternational businessName of studentName of UniversityAuthor note
concepts of Globalization and International Business Report_1
1INTERNATIONAL BUSINESSTable of ContentsIntroduction......................................................................................................................................3Concept of globalization..................................................................................................................3Importance of international business...............................................................................................4Impact of globalization on international business...........................................................................5International business and globalization future...............................................................................7Conclusion.......................................................................................................................................8References........................................................................................................................................9
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2INTERNATIONAL BUSINESSIntroductionThe report is prepared to focus on the major concepts of globalization and internationalbusiness considering various business organizations present in Australia. The topic will illustratethe globalization concept in details and evaluate the ways by which international business can bemanaged. The focus though will be on how the globalization can create an impact on theinternational business and furthermore allow the companies to sustain in the competitivebusiness environment in the future (Hitt, Ireland & Hoskisson, 2012). Concept of globalization The concept of globalization is actually the changes done for managing business globallyand moving beyond boundaries, i.e., from the self contained nations to a more competitivebusiness environment. The changes managed by a business help in operating in the home countryas well as in the foreign countries by penetrating the foreign market segments and allowing tofulfill the needs and requirements of more people worldwide. There are two types of impactscreated by globalization including the market globalization and production globalization. Themarket globalization allowed for overcoming the barriers and managed selling of products andservices outside the home country (Baylis, Owens & Smith, 2017). The lower tariffs would keepthe prices of products and services lowered, which could also overcome the restrictions of crossborder trade activities and maintain good cultural aspects too. Cultural differences could be amajor barrier, so it must be overcome as well to enter the foreign markets and respect thecultures for developing useful marketing strategies. This would deliver proper marketingmessages to target the most important foreign market segments and ensure that the products andservices were delivered properly to the customer (Wild, Wild & Han, 2014).
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