Why Study International Business?

In today's economy, most economic boundaries have already disappeared and those remaining will continue to diminish. This phenomenon is partially due to the proliferation of electronic communication, which allows instantaneous information transfer for sales, marketing, manufacturing and outsourcing. Furthermore, growing distribution networks, supply chains, and transportation hubs simplify the movement of products. And, the broad networks of worldwide financial institutions reduce currency issues. Thus, businesses operating in the Midwest can service the needs of customers around the world. Ultimately, most business professionals will in some way be impacted by international influences. All individuals planning a career in business must understand the intricacies of doing business with partners from other countries—whether the business is conducted in the United States or outside our borders. Culture, language, political systems, geography, and socio-economic factors all influence a person's business practices. Knowing that you need to research not only the company you wish to do business with but, also, the culture, tradition, and business practices of those you will be working with is vital to business success in this global marketplace. In order to be prepared for a career in any facet of the business world (accounting, finance, marketing, information technology, law, healthcare, etc.), knowledge and understanding of global issues is critical. Thus, you should study international business to be prepared for diverse business opportunities, knowing in advance that respect for and knowledge of your counterparts can give you a competitive advantage.

Wikipedia

International business is a term used to collectively describe all commercial transactions (private and governmental, sales, investments, logistics,and transportation) that take place between two or more nations. Usually, private companies undertake such transactions for profit; governments undertake them for profit and for political reasons.[1] It refers to all those business activities which involves cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources include capital, skills, people etc. for international production of physical goods and services such as finance, banking, insurance, construction etc.[2] A multinational enterprise (MNE) is a company that has a worldwide approach to markets and production or one with operations in more than a country. An MNE is often called multinational corporation (MNC) or transnational company (TNC). Well known MNCs include fast food companies such as McDonald's and Yum Brands, vehicle manufacturers such as General Motors, Ford Motor Company and Toyota, consumer electronics companies like Samsung, LG and Sony, and energy companies such as ExxonMobil, Shell and BP. Most of the largest corporations operate in multiple national markets. Areas of study within this topic include differences in legal systems, political systems, economic policy, language, accounting standards, labor standards, living standards, environmental standards, local culture, corporate culture, foreign exchange market, tariffs, import and export regulations, trade agreements, climate, education and many more topics. Each of these factors requires significant changes in how individual business units operate from one country to the next.

Functions: marketing. global manufacturing and supply chain management. Modes of operation may differ from those used domestically.The conduct of international operations depends on companies' objectives and the means with which they carry them out. turnkey operations. The best way of conducting business may differ by country. An understanding helps you decide what governmental policies to support. or other factors. especially in transportation and communications. risk minimization Modes: importing and exporting. licensing and franchising. tourism and transportation. Cross-national cooperation and agreements. finance. Political relationships have improved among some major economic powers. direct investment and portfolio investments. innovation. Means • • • • • • • • • • • • • • • • • • • • • • • Physical and societal factors Competitive factors There has been growth in globalization in recent decades due to the following eight factors: Studying international business is important because: Managers in international business must understand social science disciplines and how they affect all functional business fields. Most companies are either international or compete with international companies. The operations affect and are affected by the physical and societal factors and the competitive environment. organization and control mechanisms Political policies and legal practices Cultural factors Economic forces Geographical influences Major advantage in price. Governments are removing international business restrictions. Competition has become more global. Countries cooperate more on transnational issues. An understanding helps you make better career decisions. Number and comparative capabilities of competitors Competitive differences by country Technology is expanding. Operations • Objectives: sales expansion. human resources Overlaying alternatives: choice of countries. Consumers know about and want foreign goods and services. management contracts. Institutions provide services to ease the conduct of international business. . accounting. resource acquisition. marketing.

Expect the Unexpected 6. Appoint a leader. Protect your brand at all costs 3. Read the fine print.Tom Travis. All global business is personal . Participate in trade-government partnerships. You must be vigilant in enforcing your IP rights. Forge ethical strategic partnerships. Seize opportunities when they arise. Protect your worldwide reputation by strict adherence to labor and human rights standards. Keep your personnel secure. Understand corporate accountability laws. Stay secure in an insecure world 5. 2. and international trade and customs consultant. Keep the home office operational. The unexpected will happen. Address your particular circumstances. PA. Strong ethics translate into good business. Maintain high ethical standards ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ 4. Keep communications open. Develop compliance protocols for import and export operations. You and your brand are inseparable. Make the most of new security measures. uses the Six Tenets when giving advice on how to globalize one's business. The Six Tenets are as follows[3]: 1. Memorialize your company's code of ethics and compliance practices in writing. Participate in the process. Become involved with the international business self-regulation movement. Security requires transparency throughout the supply chain. Take advantage of trade agreements: think outside the border ○ ○ ○ ○ ○ ○ ○ ○ Familiarize yourself with preference programs and trade agreements. You must be vigilant in protecting your intellectual property both at home and abroad. Travis & Rosenberg. Secure your data. the managing partner of Sandler. Go to the source. Do your research now.

Hart. The third mode is known as management contracting. Be available to overseas clients and customers 24/7. the joint venture allows the two firms to apply their respective comparative advantages in a given project. This method is also used when the host government put restrictions on the inflow of foreign capital investment. The contract is meant for a given number of years during which the seller of management skills manages the affaires of the company located in the host country for a specific fee. while its exports its output to different countries in order to earn maximum amount of foreign exchange. Capitalism at the Crossroads (p. Prahalad & S. Hart. The greatest benefit of this mode is that the acquiring company does not have to begin operations from scratch. Strategy & Business. Relate to offshore associates on a personal level. and (2) S. When a firm lacks capital and detailed knowledge about a foreign market. In this case. For example technology and marketing ability of German firms and raw material availability of Australia firms have led to joint-venture agreements between the two countries. 2005.000 Approximately four billion people Modes of ib The oldest mode of international business is foreign trade. 111). Top Tier: Per capita GDP/GNI > $20. Philadelphia: Wharton School Publishing. trade mark and other proprietary advantages to be used for a fee by a licensee or technology importing firm. A firm imports its necessary inputs from the cheapest source. patent. The fortune at the bottom of the pyramid. the company sells abroad a particular resource. like management skills.000-$20.K. According to C. Naturally. and so .○ ○ ○ Fly the flag at your overseas locations. Joint ventures are the fourth mode.2002.000 Approximately one billion people Second Tier: Per capita GDP/GNI $2. no overseas manufacturing is involved The other mode of international business is licensing. An international company may acquire existing operations in a foreign country in order to penetrate the foreign market. They represent a partnership agreement in which the venture is owned jointly by the international company and a company of the host country.000 Approximately one billion people Base of the Pyramid Per capita GDP/GNI < $2. 26: 54-67. In this mode. As compared to export. this mode requires less time or depth of involvement in foreign markets. it allows its technology.

particularly in smaller companies even though they are less likely to export. in this case is quite large. IIND as per 2008 The six major modes of international business are imports and exports. This way. While exports and imports apply mainly to goods. The revenue gained . This mode is better than the acquisition inasmuch as the operations can be tailored exactly to the firm's need and what is more. it sets up an affiliate there. tourism and transportation. Whatever the motivation behind foreign investment or foreign manufacturing. When a company innovates a specific technology and its product is mature in the markets abroad or when the company wants to reap the location advantage in foreign country. The quantum of investment. However.. Most service imports and exports revolve around tourism and transportation. they can also apply to services. management contracts. however.. Finally. Some time money is not the only way to do the business.. an international company invests in the majority equity shares of the company of the host country. the company evaluates the cash inflow and outflow during his life of the project and makes investments only account foreign exchange risk and the political risk involved... Large companies are more likely to engage in other modes of international business in conjunction with importing and exporting. and direct and portfolio investment.. or nonproducts. the size of the investment is often lower than in case of acquisition. turnkey operations. Cont. the company in the host country becomes a subsidiary of the international company. licensing and franchising. Companies may import and export merchandise.. defined as tangible goods brought into or out of (respectively) a country. in other words in exchange of useful good or raw materials the exchange is done. the benefits begin to appear only when the consumer base is firmly established. Imports and exports are the most common mode of international business.. The importer of goods has normally to pay for the import in convertible currencies which they buy with their own currency.does not have to labor hard to grab the market.

copyrights. travel agencies. and technology. . it is known as a joint venture. Gloria Vanderbilt has franchised her name out to several clothing companies. forming the Gloria Vanderbilt line. the investor takes ownership in a foreign property for a financial return. By investing in a foreign company. When a government joins a company in an FDI. and China. a portfolio investment is a noncontrolling interest in a company that usually involves either taking stock in a company or making loans to a company in the form of bonds. performed under contract. For example. their income on foreign tourism is more important than their income from exports. especially in the Caribbean and Southeast Asia. Management contracts are initiated when one company supplies personnel to perform general or specialized management functions for another company. When two or more companies share in an FDI. Japan. management services. international business occurs within direct and portfolio investments. by providing components.from international tourism and transportation is best seen in hotels. Companies also pay fees that may be incurred on an international level for engineering services handled through turnkey operations and management contracts. For many countries. A turnkey operation involves construction of facilities. allowing other countries around the world to use their assets (ie: trademarks. Finally. bills. who earn a considerable amount from foreign shipping. A foreign direct investment (the more common of the two) gives the investor a controlling interest in the foreign company. This is most evident in Disney's theme parks in France. or notes that the investor purchases. Many companies enter into international licensing agreements. The same holds true in countries such as Norway and Greece. Portfolio investments are particularly popular with multinational enterprises as they offer a safe means towards short-term financial gain. it becomes a mixed venture. many companies engage in franchising. a mode of business where the franchisor allows the franchisee to use a trademark that is an essential part of the franchisee's business. patents. or expertise) under contract. The franchisor also assists on a continuing basis in the operation of the business-for example. airlines. receiving royalty payments in return. which is then transferred to the owner when the company is ready to begin operating. Similarly. and shipping companies. Conversely.

This gives it greater control over its brand and operations overseas. Licensing. Overseas Manufacture and International Sales Subsidiaries. International Agents. Exporting. For some companies the Internet is an additional channel that enhances or replaces their traditional channel(s). Here you will be consider modes of entry into international markets such as the Internet. Examples of indirect exporting include: • • Piggybacking whereby your new product uses the existing distribution and logistics of another business. the most important point is that you consider all useful modes of entry into international markets .e. but recognizes that alteratives are many and diverse. This lesson considers a number of key alternatives. if you were to employ a home country agency (i. Joint Ventures. It is worth noting that not all authorities on international marketing agree as to which mode of entry sits where. as well as those pre-existing companies that now employ eMarketing approaches as part of their overall marketing plan. On the other hand. . For example. Strategic Alliances. whilst others see franchising as part of licensing. Essentially the organization makes a commitment to market overseas on its own behalf.which handles exporting on your behalf) to get your product into an overseas market then you would be exporting indirectly. an exporting company from your country . For others the Internet has provided the opportunity for a new online company. They offer a whole range of bespoke or a la carte services to exporting organizations. some see franchising as a stand alone mode. If in doubt. The eMarketing space consists of new Internet companies that have emerged as the Internet has developed. Export Management Houses (EMHs) that act as a bolt on export department for your company. In reality. Direct exporting is straightforward.over and above which pigeon-hole it fits into. The Internet The Internet is a new channel for some organizations and the sole channel for a large number of innovative new organizations. More Exporting There are direct and indirect approaches to exporting to other nations. over an above indirect exporting.Modes of Entry into International Markets (Place) How does an organization enter an overseas market? Background A mode of entry into an international market is the channel which your organization employs to gain entry to a new international market. always clarify your tutor's preferred view. International Distributors. Finally we consider the Stages of Internationalization.

so beware conflicts of interest. Distribution alliances e. Strategic Alliances (SA) Strategic alliances is a term that describes a whole series of different relationships between companies that market internationally. If you intend to globalize. Agents are a low-cost. retain and train. They tend to be expensive to recruit. Turnkey contracts and contract manufacturing.g. brand and/or expertise.for example. Put simply. concepts. Distributors are similar to agents. or sometimes unrelated products in international markets. Turkey. and market on your behalf in a particular country. Therefore they have an incentive to market products and to make a profit from them. Toyota's car plant in Adapazari. Sometimes the relationships are between competitors. Marketing agreements. They often include a the training and development of key employees where skills are sparse . Franchising involves the organization (franchiser) providing branding. You would not own the plant once it is handed over. • International Agents and International Distributors Agents are often an early step into international marketing. to the franchisee. iPhone was initially marketed by O2 in the United Kingdom. There are many examples including: • • • • Shared manufacturing e. Of course you need to set targets since you never know the level of commitment of your agent. Research and Development (R&D) arrangements. make sure that your contract allows you to regain direct control of product.g. but low-control option. French. Today they exist as mainstream businesses that use traditional business relationships as part of their competitive advantage. expertise. Trading companies were started when some nations decided that they wished to have overseas colonies. They rarely take ownership of products. Coffee Republic and McDonald's Restaurants. Examples include Dominos Pizza.• Consortia are groups of small or medium-sized organizations that group together to market related. Management tends to be controlled by the franchiser. agents are individuals or organizations that are contracted to your business. Otherwise pros and cons are similar to those of international agents. and infact most facets that are needed to operate in an overseas market. • Licensing Licensing includes franchising. Spanish and Portuguese colonies. Agents might also represent your competitors . the British. and more commonly take a commission on goods sold.g. Agents usually represent more than one organization. . Turnkey contracts are major strategies to build large plants. They date back to an imperialist past that some nations might prefer to forget e. with the main difference that distributors take ownership of the goods. • • Licensing is where your own organization charges a fee and/or royalty for the use of its technology. Toyota Ayago is also marketed as a Citroen and a Peugeot.

Honda's relationship with Rover in the 1980's. Overseas Manufacture or International Sales Subsidiary A business may decide that none of the other options are as viable as actually owning an overseas manufacturing plant i.Essentially. we conclude by considering the Stages of Internationalization. any business wishing to enter China needs to source local Chinese partners. Others will start at a later or even final stage. For example. it acts more like a distributor that is owned by your own company. Some companies will never trade overseas and so do not go through a single stage. This is also known as Foreign Direct Investment (FDI). However. There are many reasons why companies set up Joint Ventures to assist them to enter a new international market: • • • Access to technology. This can be a new-build. a new company is set up with parties owning a proportion of the new business. and foreign assembly Foreign manufacture . companies remain independent and separate.e. Access to distribution channels. The downside is that you take on the risk associated with the local domestic market. Of course you could assemble products in the new plant. and have the same key benefit of course. manufacturing and R&D are most common forms of Joint Venture. Joint Ventures (JV) Joint Ventures tend to be equity-based i. Strategic Alliances are non-equity based agreements i. Internationalization Stages So having considered the key modes of entry into international markets.e. For example. reducing the element of risk. The key benefit is that your business becomes localized you manufacture for customers in the market in which you are trading. core competences or management skills. or the company might acquire a current business that has suitable plant etc. and simply export components from the home market (or another country). To gain entry to a foreign market.e. the organization invests in plant. You also will gain local market knowledge and be able to adapt products and services to the needs of local consumers. Of course some will go through each stage as summarized now: • • • • • Indirect exporting or licensing Direct exporting via a local distributor Your own foreign presences Home manufacture. machinery and labor in the overseas market. An International Sales Subsidiary would be similar.

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-Look in detail at economic and political factors which influence foreign markets. Timing of entry:It is important to consider the timing of entry. it’s the ability to prevent rivals and capture demand by establishing a strong brand name.Nature of competition By considering such factors firm can rank countries in terms of their attractiveness and long-run profit. 3. -Long run benefits of doing business in a country depends on following factors: .1 • • Start on page: Scroll Preview View: <a title="Vie More share options Add to Collections Auto-hide: on Modes of entry into an International Business:There are some basic decisions that the firm must take befor forien expansion like: which markets to enter. Ability to create customer relationship. Entry is early when an international business enters a foreign market before other foreign firms. 2.The present wealth of consumer markets (purchasing power) . The advantage is when firms enters early in the foreign market commonly known as firstmover advantages First mover advantage.1.so that they can drive them out of market. when to enter those markets.firm has to devote effort.risk is high for business failure(probability increases if business enters a national market after several other firms they can learn from other early firms mistakes) . 2. And late when it enters after other international businesses. and on what scale. Ability to build sales volume in that country. Which foreign markets? -The choice based on nation’s long run profit potential.Size of market (in terms of demographics) . time and expense to learning the rules of the country. Disadvantage: 1.

stored or processed in the supplying firm’s home country. It is a convenient method to increase the sales. Exporting 2.brand name etc to a manufacturer in a foreign country for a fee. customer and the market of the host country gradually.Licensing : In this mode of entry .Modes of entry:-1. Licensing 3.managerial . The cost of entering market through this mode is less costly. Motivation for exporting: Motivation for exporting are proactive and reactive. Active exporting conversely results from a strategic decision to establish proper systems for organizing the export fuctions and for procuring foreign sales. Wholly Owned Subsidiary 1. c. Later after understanding the host country the company can enter on a full scale. Exporting involves less risk as the company understand the culture . 2.investment etc. Franchising 4. b.Exporting: It means the sale abroad of an item produced . If the company selects a company in the host country to distribute the company can enter international market with no or less financial resources but this amount would be quite less compared to that would be necessary under other modes. Passive exporting occurs when a firm receives canvassed them. Proactive motivations are opportunities available in the host country.the domestic manufacturer leases the right to use its intellectual property (ie) technology . copy rights . Mergers & Acquisitions: 6. Advantages Of Exporting: a. Less Risks. Need for limited finance. Turnkey Project 5. Acquisitions & Mergers 8. Advantages. . Joint Venture 7. Here the manufacturer in the domestic country is called licensor and the manufacturer in the foreign is called licensee. Reactive motivators are those efforts taken by the company to export the product to a foreign country due to the decline in demand for its product in the home country. The domestic company can choose any international location and enjoy the advantages without incurring any obligations and responsibilities of ownership .

2. 3. Disadvantages: 1. Low financial risk to the licensor 3. employee training . Disadvantages: 1. Franchisee get the benefits of R& D with low cost. Low investment on the part of licensor.1. Both parties have to maintain the product quality and promote the product . . 3. Trade marks 2. It is difficult to control the international franchisee. Product reoutation 4. Licensor can investigate the foreign market without much efforts on his part. It may be more complicating than domestic franchising. 5. 3. Licensee may sell the product outside the agreed territory and after the expiry of the contract. Licensee escapes himself from the risk of product failure. 5. Franchisee escapes from the risk of product failure. 4. Licensee may develop his reputation 6. Chance for leakages of the trade secrets of the licensor. Franchisor learns more from the experience of the franchisees. 4. Continuous support system like advertising . Low investment and low risk 2. 2. 4.Franchising Under franchising an independent organization called the franchisee operates the business under the name of another company called the franchisor under this agreement the franchisee pays a fee to the franchisor. Operating System 3. Advantages: 1. Chance for misunderstanding between the parties. Therefore one party can affect the other through their improper acts. The franchisor provides the following services to the franchisee. Franchisor can get the information regarding the market culture. 1. customs and environment of the host country. Licensee gets the benefits with less investment on research and development 5. It reduces market opportunities for both 2. reservation services quality assurances program etc.

Hence they are multiyear project. 4. It reduce the market opportunities for both 4. Alternatively the domestic company may purchase the foreign company and acquires it ownership and control.Turnkey Project: A turnkey project is a contract under which a firm agrees to fully design . payment on cost plus basis. 4. lawyers regulation. Acquiring a firm in a foreign country is a complex task involving bankers. This strategy helps the host country. construct and equip a manufacturing/ business/services facility and turn the project over to the purchase when it is ready for operation for a remuneration like a fixed price . 5. 3.Mergers & Acquistions: A domestic company selects a foreign company and merger itself with foreign company in order to enter international business. The company can formulate international strategy and generate more revenues. Sometimes host countries imposed restrictions on acquisition of local companies by the foreign companies. There is a problem of leakage of trade secrets. If the industry already reached the stage of optimum capacity level or overcapacity level in the host country. Disadvantages: 1.3. national highways . technology . mergers and acquisition specialists from the two countries. It provides immediate access to international manufacturing facilities and marketing network. This strategy adds no capacity to the industry. railway line etc. employee. 5.brand name and distribution networks. airports. The company immediately gets the ownership and control over the acquired firm’s factories. 2. Advantages: 1. This form of pricing allows the company to shift the risk of inflation enhanced costs to the purchaser. 2. .oil refinery . Eg nuclear power plants . 3. Labour problem of the host country’s companies are also transferred to the acquired company. Both the parties have the responsibilities to maintain product quality and product promotion.

Motives for acquisitions: . It make large projects and turn key projects feasible and possible. 5. Partner delay the decision making once the dispute arises. expertise . technology. Life cycle of a joint venture is hindered by many causes of collapse. Scope for collapse of a joint venture is more due to entry of competitors changes in the partners strength. Disadvantages: 1. human skills . Advantages: 1. 5. marketing skills. Various environmental factors like social . It provides strength in terms of required capital. 3. It synergy due to combined efforts of varied parties. Then the operations become unresponsive and inefficient. 4. 4. It involves shared ownership.6. 3. 7. This act improves the local image in the host country and also satisfies the governmental joint venture. It provide skills like technical skills. The decision making is slowed down in joint ventures due to the involvement of a number of parties. and enable the companies to share the risk in the foreign markets. Conflict may arise 2. Joint venture provide large capital funds suitable for major projects. technological economic and political encourage the formation of joint ventures. It spread the risk between or among partners. 2.Acquisitions & Mergers: A mergers is a voluntary and permanent combination of business whereby one or more firms integrate their operations and identities with those of another and henceforth work under a common name and in the interests of the newly formed amalgamations.Joint Venture Two or more firm join together to create a new business entity that is legally separate and distinct from its parents. Latest technology required human talent etc.

A parent and all its subsidiaries together are . Expert use of resources. only an entity representing a legal fiction as a separate entity can be a subsidiary. A subsidiary may itself have subsidiaries. 4. however. 8. 8. A subsidiary. Economies of scale possibly made through more extensive operations. corporation. While individuals have the capacity to act on their own initiative. These shares give the parent the necessary votes to determine the composition of the board of the subsidiary and so exercise control. other ways that control can come about and the exact rules both as to what control is needed and how it is achieved can be complex (see below). 10. is an entity that is controlled by a bigger and more powerful entity. Tax consideration. The reason for this distinction is that a lone company cannot be a subsidiary of any organization.1. They give their own rent. officers and employees. may have subsidiaries of their own. license & intellectual property. 6. or limited liability company.Wholly Owned Subsidiary Subsidiary means individual body under parent body. The desire to acquire business already trading in certain markets & possessing certain specialist employees & equipments. The ability to control supplies of raw materials. Only the certain percentage of the profit will be given to the parent body. and these. Acquisition of land. Desire to become involved with new technologies & management method particularly in high risk industries. There are no branches here. building & other fixed asset that can be profitably sold off. 5. salary to employees. etc. in business matters. Obtaining patents. The controlled entity is called a company. Removal of competitor 2. in turn. and the controlling entity is called its parent (or the parent company). a business entity can only act through its directors. There are. Reduction of the Co failure through spreading risk over a wider range of activities. This gives rise to the common presumption that 50% plus one share is enough to create a subsidiary. But policies and trademark will be implemented from the Parent body. The most common way that control of a subsidiary is achieved is through the ownership ofshar es in the subsidiary by the parent. 7. 3. 9. This Subsidiary or individual body as per their own generates revenue.

organize their businesses into national or functional subsidiaries. and not legally or otherwise distinct from it. although this term can also apply to cooperating companies and their subsidiaries with varying degrees of shared ownership. Subsidiaries are separate. . or Xerox Corporation. and others. Time Warner. Examples includeholding companies such as Berkshire Hathaway. sometimes with multiple levels of subsidiaries. which are businesses fully integrated within the main company. or Citigroup as well as more focused companies such asI BM. These. For this reason. they differ fromdivisions. distinctlegal entities for the purposes oftaxation andr egulation. Subsidiaries are a common feature of business life and most if not all major businesses organize their operations in this way.called a group.

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