What Is A Global Business And What Types Of Global Business?
Global Business is, therefore, the concept of companies that develop, produce, sell and distribute products and services in various countries around the world. Global Business Over time, governments have lowered barriers to trade and investment and signed free trade agreements, companies can now produce and sell in many countries, and companies compete and collaborate in domestic and foreign markets.
The geographical scope within the offshore wind industry has expanded from a regional perspective to a broader global perspective, where there has been tremendous growth. Companies in the sector are following this evolution which requires a better understanding of a worldwide perspective and of entering foreign markets and local business environments. For example
Apple. Apple Inc., founded by Steve Jobs, Steve Wozniak and Ronald Wayne in the 1970s, is considered one of the most influential global companies today. Based in the United States, Apple designs develops and sells electronic products, software, streaming and online services worldwide.
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Why Is Global Business Important?
Even if your organization does not produce or sell products internationally, the importance of global trade cannot be underestimated. It can enable you to evaluate new business opportunities, make informed decisions, and get a holistic view of the worldwide competition from a strategic perspective.
For example, imagine you have a clothing company that sells embroidered t-shirts. His products are made in the United States with locally sourced materials, and he only sells them in the country. How could global trade affect your Business?
- Domestic competitors can produce or sell their products internationally and gain traction. For example, a competing company sources cotton from a farm overseas and charges less for similarly embroidered T-shirts. It then develops a global following and presence, perhaps where clothing trends differ from those in the United States.
- International companies could also become your competitors. For example, a clothing business based in the UK can expand into the US and win over its customers.
- The laws of other countries regarding taxes, production and importation of goods may affect the market in which you operate. Policy changes, even those made overseas, can ripple effects on your local Business.
Studying global Business can allow you to navigate the challenging and ever-changing world of Business while capitalizing on opportunities for expansion and connection. Here are five benefits of studying international Business to consider.
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