Chapter 4 Overview
This chapter travels through the world of international business to see how both large and small companies approach globalization. First, we consider the reasons nations trade, the importance and characteristics of the global marketplace, and the ways nations measure international trade. Then we examine barriers to international trade that arise from cultural and environmental differences. To reduce these barriers, countries turn to organizations that promote global business. Finally, we look at the strategies firms implement for entering foreign markets and the way they develop international business strategies.
Learning Objectives
- Explain the importance of international business and the primary reasons nations trade, and discuss the concepts of absolute and comparative advantage in international trade.
- Describe how nations measure international trade and the significance of exchange rates.
- Identify the major barriers that confront global businesses.
- Explain how international trade organizations and economic communities reduce barriers to international trade.
- Compare the different levels of involvement used by businesses when entering global markets.
- Distinguish between a global business strategy and a multidomestic business strategy.
This chapter travels through the world of international business to see how both large and small companies approach globalization. First, we consider the reasons nations trade, the importance and characteristics of the global marketplace, and the ways nations measure international trade. Then we examine barriers to international trade that arise from cultural and environmental differences. To reduce these barriers, countries turn to organizations that promote global business. Finally, we look at the strategies firms implement for entering foreign markets and the way they develop international business strategies.
Learning Objectives
- Explain the importance of international business and the primary reasons nations trade, and discuss the concepts of absolute and comparative advantage in international trade.
- Describe how nations measure international trade and the significance of exchange rates.
- Identify the major barriers that confront global businesses.
- Explain how international trade organizations and economic communities reduce barriers to international trade.
- Compare the different levels of involvement used by businesses when entering global markets.
- Distinguish between a global business strategy and a multidomestic business strategy.
LECTURE SLIDES OF CHAPTER 4
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