Question

AU Chapter 9 discusses International Financial Markets. Name 3 things you learned in this chapter that are useful items to know when doing international business. How can managers use these 3 ideas to be more successful? (100 word minimum post) In Chapter 10 we talked about the International Monetary System. Name 3 things you

Answer 1

Answer) I will answer this question in 3 parts as follows

1. What is international business
2. Three things which are useful when one is doing international business
3. How managers can utilize these three things to their advantage while doing international business

1.What is international business-International business is defined as trade between two countries,it could be of services of different kinds or goods,in today 's times when every country is dependent on each other,international business is a necessity.

2. Three things which are useful when one is doing international business-Firstly,culture and communication is something which should be kept in mind while doing business,while in your country it is possible that country you are doing business with is more conservative and will avoid business if you are not respectful of their culture,a similar gesture may mean 2 different things in 2 different countries,secondly laws of the country you are doing business with,these are important for safeguarding your company's interests as well as getting benefits like investment incentives in other countries,finally the third point to consider is what is the economic and political condition of the country you are planning to do business in,if the country you are planning to do business in is not in good shape economically or has regime which is not favorable to foreign business,you may need to evaluate your options.

3. How managers can utilize these three things to their advantage while doing international business-In terms of culture and communications,manager can always learn other country 's culture,language and some common communication topics such as if you are doing business in football loving country you can always prep about latest developments happening in football to have a common topic to discuss before you talk business,secondly manager should look at any incentives on offering or what are the laws regarding investment be it terms of taxes or labor as these can save companies a ton of money and make sure they are protected in terms of laws,coming to economics and politics of country, managers can make sure they do a proper research to find how well economy is doing,you want to invest in a booming economy not in an economy going downwards,similarly manager needs to look at political stability,if Government is not stable,there is a chance that it will lead to chaos in future which can lead to large losses for the company,so above are the things and how managers can use them to be more aware while doing international business.

Answer is complete.Thank you!