Essay About Global Business Environmentassignment And Study Of International Business

Global Business Environment
Kinjal Patel (110156385)Global business environmentAssignment 1 (Week 1 and 2)Question 3: Ultimately, the study of international business is no different from the study of domestic business. Thus, there is no point in having a separate course on international business. From the decades, the world has revolutionised through the wave of globalisation in every aspects like economic, political, social, financial sectors etc. globalisation allows countries to benefit from synergy and collaborate in handling political, economical and social challenges (Hill, 2015). The world’s economy is increasingly global from many years and students should have knowledge and skills to compete in this environment. The domestic environment is different from the international market environment. There are many international companies which have affected by the different market environment of various countries. One of them is McDonald’s which is catering to different countries. McDonald’s is dominated in USA while catering to Asian countries such as India. In USA the McDonald’s products are of beef and chicken mainly. While India is having a different taste preferences in which vegetarian burgers preferred most .So, it is understood by this company and makes a huge profit through catering to market of India (Sameer, Sharanbir kaur, 2012). The scenario of business environment is continuously changing as a result demand continues to grow for individuals who understand the global context of business. In addition, the globalisation prevails everywhere from logistics of international trade and cross-border investments to the cultural and ethical issues that are imbued in the practice of business around the world. Through the study of international business, student can learn world cultures and societies and become a challenged to approach issues from different perspectives. It is considered that China, Japan and India’s economies are amongst the world’s strongest five, reflecting the fact that the majority of Gross domestic product is now generated outside of the USA and Europe (Jemma Smith, 2016). It is prevailed that ‘To be successful in business, students need to develop a global mind set, which provides them with the necessary skills to evaluate and manage challenges and opportunities in an increasingly complex global environment.’ (Jemma Smith, 2016). There are number of areas of concern in which domestic environment differs from the international environment such as laws and regulations, nature of customers, marketing strategy and research. There are some examples which stood as the failure to achieve the market share due to different consumer perspective. There is case on the Starbucks company which caters in coffee industry. This company fails to comply with the taste preferences of Australian customers though the Australia is having a consumption of $3.1 Billion (Brook, 2016).