International Business: History and Drivers

International business is important because it allows firms to tap into new markets, access resources, and diversify risk. All managers need to have a basic knowledge of it to meet the challenges of global competition and to understand the increasing involvement of firms in international business.

The 5 kinds of drivers leading firms to internationalize their operations are all based on change, and they include market drivers, cost drivers, government drivers, competitive drivers, and technological drivers.

The key arguments for globalization of business include access to new markets, cost efficiency, and increased competition. Against globalization, arguments include loss of jobs, exploitation of workers, and cultural homogenization.

<p>CEOs want employees to have a global business perspective because IB skills are important for both senior executive and entry level positions. It is even more important for companies anticipating increasing international activities.</p> Signup and view all the answers

<p>The globalization of an international firm occurs over at least 7 dimensions, and a company can be partially global in some dimensions and completely global in others. These dimensions include market participation, product design, marketing approach, production, and sourcing, among others.</p> Signup and view all the answers