The role of culture
Culture is a term with varied meanings depending on the person using it. It has been defined differently by different scholars. It is, however, generally defined as the set of values, goals practices, and the ways of a specific group of people or an organization. Different societies and communities have different cultures. The operations of a business will be shaped by the culture of the society in which the business is in. The business culture of organizations also contributes to their success or failure.
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Culture plays a major role in the development of businesses and organizations today. Leaders and managers of such institutions should be able to understand the corporate culture of their organizations and the culture of the society around the business.
Culture plays many roles in the organization to ensure its success. Culture helps to improve the communication process in an organization. It determines the codes and ways of communication that governs how people communicate in the organization, and this helps to strengthen the communication process and ensures understanding. Culture also affects the attitudes and values of the stakeholders of the business and will determine how they work and how they relate with each other to improve the value of the business
Creating and maintaining a good business culture in an organization is hard because of the different individual cultures and beliefs of the stakeholders of the business. Business owners should, therefore, create cultural awareness in their organizations to ensure effective business strategies. Both the culture of the society and the culture of the individual stakeholders should be taken into consideration when creating cultural awareness in the organization
Ethics and social responsibility in international business
Lately, there has been so much attention to business ethics and social responsibility requirements in many organizations across the world. Corporate social responsibility means taking responsibility for the impact of the organization on the social, economic, and environmental factors that affect human beings or to fulfill obligations towards the stakeholders of the business. Business ethics gives guidelines on how to behave when conducting business
Corporate social responsibility and ethics are applied in international business to ensure that they gain the loyalty and trust of their customers in other countries in which they operate. International business can show corporate social responsibility and ethics to the international society by engaging in investment activities in the area and also engaging in social and environmental projects in the area.
Businesses and organizations should be ethical enough to develop their businesses. They should therefore apply ethics in their operations to improve their relationship with the customers and also to ensure their loyalty. International organizations have a big responsibility of improving the welfare of the society in which their businesses are situated, for example, they should reduce pollution of the environment in which their businesses are situated or engage in activities that reduce pollution in the area.
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An ethical or socially responsible organization is bound to be prosperous. Social responsibility and ethical behavior are, therefore, a concern of every manager in the business today, and they try to ensure that they are present in the business. The business will, therefore, engage in activities that benefit the society and community around where the business is located to improve their welfare and their well being and standards of living
International trade and investment
International trade and investment are a very important factor in business and economics because without international trade many countries would lack many goods and services that are not produced within their borders. International trade is the exchange of goods, services, and capital across borders of different countries. International investment also, known as foreign investment is the process of providing capital to overseas businesses or organizations
International trade has been widespread in many countries and is very important in the development of the economy of many countries. It is so because international trade helps countries get so many goods and countries that they cannot or do not produce. It also helps in the importation of advanced technology, machinery, and other equipment that are needed for effective production. Many businesses now involve themselves in international investment because of the many advantages that come with it and which further results in the development of the business and the improvement of the economy of the home country and the investment country.
Businesses, that invest in foreign countries have the advantage of the foreign markets, and this will improve their sales volumes and, in the long run, their profits. International investment also comes with some reduced costs, and this serves as an advantage to the business because it will have reduced costs and increased profits that will benefit the business
International trade and investment is the best direction to take for large businesses and organizations. It is because they have a large foreign market available in international countries, and there are also many resources and raw materials for production in other countries that are not in the home country
Foreign exchange and international financial markets
International financial markets are markets that allow the exchange of financial securities between different countries. Financial securities include bonds, stocks, futures, options, and commodities. Foreign exchange is a market that allows one currency to be exchanged for another currency in the financial market. International financial markets and foreign exchange systems have been fueled by the existence of international trade and investment
Foreign exchange and international markets are important for the sake of international traders. Different currencies are used in international trade and, therefore, businessmen need the foreign exchange market to exchange their currencies into the currencies of the countries that they trade with. Foreign exchange affects the international trade process. When the foreign exchange is low then the prices of foreign goods will below, and when the prices are high, then the prices of foreign goods will be high. This will affect the exchange of goods and services because there will be many uncertainties about foreign currencies due to the fluctuations in the currencies.
The purpose of financial markets in business is to allocate capital or financial resources to the most profitable or productive use. An effective and efficient financial market will lead to the improvement and development of the economy
Foreign exchange and international financial markets play a major role in international trade and international investment. Businesses monitor and track the fluctuations in the foreign exchange rates to determine when it is profitable to trade engage in trade and to engage in investments in foreign countries. Foreign exchange is also trade or business in itself. Many foreign exchange bureaus engage in exchanging currencies, and through this, they earn commissions and also gain profits when the exchange rates are high
Leadership and employee behavior in international business
Leadership and employee behavior has become a great concern for business owners in many businesses today. Leadership and employee behavior will determine how effective and ethical an organization is. Leadership behavior is the modes of conduct of leaders when carrying out their duties. Employee behavior is the way employees act, talk, and behave in the course of their duties. Good leadership and employee behavior will also determine the image of the organization to the public
Authentic leadership and ethical leadership is a requirement for all leaders if they want to behave appropriately. Leaders act as an example to the employees, and almost all the stakeholders of the business look unto them. They, therefore, need to act ethically towards the stakeholders to ensure increased effectiveness and development of the business. Employees need to be honest when carrying out their duties and be able to provide a healthy and safe environment for employees to work.
They should not provide strict rules that will limit the productive activity of the employees. Employees also have to behave well to make it easy for leaders to lead them. When employees act ruthlessly, they reduce co-ordination and alter the communication process, and this will lead to reduced productivity. Guidelines and rules or codes of conduct should be determined in the organization so that the leaders and employees can know how to behave or how they are required to behave
Good leadership and employee will improve communication between the leaders and the employees, and this will reduce the supervision of employees, giving them some element of freedom and also giving more time for leaders to perform other duties. It also improves the image of the organization to the public
International marketing is also referred to as global marketing. It refers to the process of marketing a company’s products and services across borders. It also refers to the application of marketing strategies of a company to markets that are across borders. The purpose of international marketing is to reach potential customers and consumers of the goods and services and also to explore new markets overseas. International marketing is very costly but very effective, and it helps in the profitability of the company.
Many companies are engaging and investing in international marketing today because of the many benefits that it offers. International marketing can be carried out in many ways, for example, through the internet, through forums and seminars, advertisements and exhibitions in foreign countries. International marketing is important in business because it helps potential customers and consumers familiarize themselves with the products of the company.
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It also helps the consumers to acquire the best products from the best producer. International marketing also helps in increasing competition among producers, and this will help them to improve the quality of their products to increase their sales. International marketing also helps the producers to expand their market to other countries apart from the home market. International marketing, therefore, encourages in many organizations today because of the increased global interaction and international trade between countries
International marketing is the ultimate marketing strategy that should be adopted by any business or organization that is looking to expand its market share and to increase its profits, and be productive. Businesses should, however, not rely so much on the international market to an extent that they forget the domestic market or the local customers
International human resource management and labor relations
Labor relations are also referred to as industrial relations. It is the process of interaction either directly or indirectly between workers and their representatives and the government to put forward rules that govern their work relationships. Labor relations always lead to the emergence of trade unions that help in protecting those guidelines and making them better. International human resource management is the process of acquiring and maintaining a qualified and effective working force and also maintaining a good work relationship. A good labor relations system should take into account both the personal and public interests of the workers and the employers
International human resource management and labor relations are helpful in the business to acquire and retain the most qualified and experienced working staff from all over the world. The human resource department of the organization is in charge of recruitments in the organization. Human resource management in organizations is needed to ensure that employees are well paid and motivated so that they can work effectively.
It ensures that the organization has a good and fair working system that will motivate the employees. The human resource management should also ensure that employees are trained or given money and incentives to train themselves so that they can add to the productivity of the organization with the increased knowledge and additional qualifications that they gain through the training process
International human resource management deals with the appropriate management of human resources or the workers of an organization all over the world. It refers to the guideline that should be followed by organizations all over the world in maintaining their human resources
International operations management
Operations management is the most critical function of management, even though it is at the bottom of the management ladder. Operations management is the process of managing the processes that are used in an organization in the production of goods and services. It deals with all the operations that occur in a business or that affect the business. Operations management is, therefore, involved with the internal processes of the business like purchases, inventory controls, quality controls, and other related activities. International management is not different. It is just increased in dimensions because it covers the operations of the business across borders
International operations management is required for any international business organizations. It is to help the management in controlling the international activities of the business and all the transactions that arise from the business across borders.
Businesses that operate internationally should have an effective international operations management process that is distinct from the domestic operations management process. It is because international operations are very complicated and very detailed and should be given careful attention. International operations are also complicated because of the difference in systems and rules of the different countries that trade together. An effective international operations management is, therefore, required for the effective running of activities and operations of the business enterprise
International operations management has a wider scope than domestic operations management because of the many transactions and activities that are involved when dealing with other countries that have different policies and rules that govern how they carry out trade with
International financial management
Financial management is the process of coordinating and managing the financial resources of the business or organization. The management of these resources will include management of accounting records, financial reports, budgets, the insurance of the company, and management of risks of the organization. Financial management will include the methods or easy that the business will use to finance the business and how to manage the money that is received from the operations of the business.
International financial management will involve managing the financial resources that are across borders. International financial management unlike domestic financial management must be done with the help of a qualified and experienced accountant who will prepare the accounting reports of the company of the business
International financial management has a broader scope than domestic financial management. Financial management is a crucial process in the business. It helps the business in financial planning. It will help the business to draw a budget of what to spend on and how much to spend on it. It helps in the effective use of the financial resources of the organization. It will also help the organization to determine how much funds are needed in the business. Financial management also helps the management in financial decision making for example, which assets to be acquired and if the organization needs external borrowing from financial institutions or if it can use funds from the business to finance its operations and activities
Financial management is important in the business to help in maximizing the wealth of the business and to reduce any wastes that may occur due to overestimation of resources needed
Global business environment
The global business environment is the external factor around the business that affects its operations effectively. It is the environment of sovereign countries that are affected by factors at home that will influence its decisions and operations. These factors at home include economic factors, political factors, social factors, and technological factors. Political factors are also legal factors, and they arise mainly from the government. The technological factors involve the expertise that is used in the manufacturing process, and therefore it includes the machinery, plant, and equipment
The success of firms depends on how well the business organization will adapt to the external business environment. It does not mean that the internal business environment should be ignored. The political factors have a greater influence on business. Any foreign organization operating in a particular country must abide by the legal requirements and rules of that country. It will include the guidelines followed in carrying out the business and the tax system. If the taxes are high then the profits of the company may reduce or may below. The social factors are also important for the success of the business. The business activities should not interfere with the social beliefs and the culture of the people in any way if it wants to succeed in that society
An organization should get used to or adapt to the environment of the country in which it is operating so that it can be successful. The ability to adapt to that environment will also enable it to react to any threats that may be caused by the same environment. The process of adapting to an environment is not easy and, therefore, it requires a clear understanding of the environment
Electronic business is called e-business, and it is the process of conducting business by the application of information and communication technologies. It can be simply described as conducting business with the use of the internet or through the internet. Many organizations are applying e-business in their operations because of the adverse influence that it has on potential customers and because of the ease of doing business at the comfort of a computer. Electronic business involves performing the operations of the business using a computer system that will simplify the process and reduce the time used in carrying out the activities
Electronic business is an important part of the business that has been recently adopted by many businesses today. E-business helps in processing transactions electronically, and this makes the transactions valid and more authentic.
It also helps in the storage of all the data of the organization and gives a record of all the transactions of the business. This will reduce any uncertainties and inconveniences that may occur with a manual system because all data is stored systematically and secured. Access to data is also secured using passwords, and access to data is also made easy by just clicking on the files that you need on the computer system. E-business also helps in reaching customers all over the world through the internet and this improves and widens the market of goods and services of a business of the organization
Electronic business has been widely adopted by many organizations and businesses because it has made the operations of the business easier and it has made access to goods and services easier and faster for potential customers and consumers all over the world
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