Introduction to International Business

International business involves transactions between parties in one country only.

Globalization is a process that extends relationships among nations, people, firms, organizations, and governments.

The globalization of markets leads to distinct and separate national markets merging into one global market.

Globalization of production involves firms sourcing goods and services only from within their own country.

Firms engage in international business to avoid globalization processes.

Most companies are not international or do not compete with international companies.

International business does not require customization of product features, marketing strategies, and operating practices.

One of the factors contributing to the fast growth of international business is decreasing global competition.

International business involves only governmental business relationships across political boundaries.

International Business Management requires the same knowledge and skills as normal business expertise.