As global citizens and business leaders are able to have an impact on the economics of the world. Your actions and the actions of your colleagues whether in the garage or in a boardroom determine the future of economies and businesses around the world. Global business is the finest example of this, because it encompasses both the opportunities and obligations for businesses that operate outside of national boundaries.
A global corporation has a presence in multiple countries through direct sales as well as subsidiaries and joint ventures and exports to international markets. It also adjusts its products and services to fit the cultural and social context of a specific market. Moreover, it may be aware of laws or policies, as well as practices of various countries that affect its ability to do business there.
In addition, to be aware of the political and legal aspects of business, a company must be aware of the economics of a certain country. It is important to learn to utilize metrics and data to evaluate a country’s economic situation competitiveness, as well as opportunities for growth.
The key to successful expansion into a new market is building trust with local customers. It is crucial to have a presence in the local market. This includes having a physical office or store, hiring locals, and developing relationships with local suppliers and partners. Companies that have a presence in the local area are more aware of the local culture and business practices. This will allow them to design strategies to reach their target audience.