Today’s world of rapid increase in and expansion of technology is the reasons for recent International Business growth. The rapid growth in international business makes an understanding of organizational behavior all the more important for contemporary managers. Businesses have expanded internationally to increase their market share, as the domestic markets were too small to sustain growth. Business transactions are also becoming increasing blurred across national boundaries. Companies engage in international business to expand sales, acquire resources, diversify their sources of sales and supplies, and minimize competitive risk. When operating abroad, companies may have to adjust their usual methods of carrying on business. This is because foreign conditions often dictate a more appropriate method and because the operating modes used for international business differ somewhat from those used on a domestic level. In many ways, then, we are becoming a truly global economy. No longer will a firm be able to insulate it from foreign competitors or opportunities. International business usually takes place in more diverse external environments than found domestically. Businesses worldwide are no longer going International but expanding globally. This fast occurring global expansion of businesses all over the world has been given a new term, it is called international business. As human beings, we encounter risk every day of our lives. As a manager, risk becomes even more importan...
Macintyre, S. (1987), Holt and the Establishment of Arbitration: An Australian Perspective, New Zealand Journal of Industrial Relations, 12(3): 151-159.
This report is set to outline and highlight key developments in a very important piece of law “Federal Arbitration Act” which is also commonly known as FAA. In order to look at the FAA in detail which was developed in late 1925, first let’s see what the word Arbitration mean. In simple words, Arbitration is known be to a very informal, private and isolated process in which all participating parties agree to hand in their disputes and problems in writing to one or more independent parties who are sanctioned to resolve the problem or issue. If someone ask you a question to define the act of Arbitration or what does it mean, most of us will have one of the following opinion:
Moorhouse, A. (2005, November). International Management Organizational Behavior. Retrieved October 16, 2008, from University of California Berkley: http://www.ocf.berkeley.edu/~matran/Files/proKarenLeary.doc
My mother would occasionally take me to work with her at the nail salon while sitting at her station I would notice how rudely customers would treat her due to her lack of English. At that point, I realized that my mother did not sacrifice everything to be ridiculed all because she could not speak English. A sense of determination washed over me. With the aid of my ESL class, in addition, to listening to other people’s discourse of the language, I gradually became fluent in the glorious English language. While learning English, it sent me on an unforgettable journey each step I took felt like I was paving my own pathway to success. After years of feeling un-American, I was committed to teaching and changing myself with knowledge, soon enough, learning the English language allowed me to adapt to my environment. Growing up as an immigrant kid, I lusted for eloquence and fluency after discovering the significance and strength of communication.
A firm that desires to enter into International business has many different options. These range from importing and exporting to contract manufacturing abroad, licensing and franchising, joint ventures and setting up wholly owned subsidiaries. To establish business internationally firms have to complete many formalities. International business share their technology which will improve the mode and quality of their production.
When a party decides to use arbitration to come up with a decision the most important step in the process is the agreement to arbitrate. This agreement can be the form of a future dispute arbitration clause in a contract or, if the party did not submit for arbitration in advance it then it can take the form of a submission of an existing case to arbitration. If parties want to provide for arbitration of futur...
When it comes to doing business internationally the decision making is more complex. There are many interactions between each country that need to be addressed. In order for a business to be successful in the international market they need to examine and analyze all the facets of their company. They need
Moving to another country and starting a new chapter of life are two of the most difficult things in life. Nobody wants to change, including me. In my country, Vietnam, people usually says that "if you have a chance to live in the United States, your future will be so bright because living in America is living on a field that is full of gold." When I was young and still as a child, my parent told me that we will be leaving Vietnam and moving to the United States in the future. When I heard that, I was so happy. Four years ago, my family and I moved to the United States with the hope of having a better future and the happiness of family reunion with my grandparent. On the way to United State, we always thought, expected, and hoped that everything will be okay and fine. After few months we have been living in the new country, problems started to happen. My parents could not communicate and understand people who spoken English because they had no chance to study English back in Vietnam. In Vietnam, they only used motorcycle. When they came here, they had to learn how to drive cars. It was really hard for my parents to find jobs since they could not speak and understand English, could not drive either. Everything was new and we had to learn and start everything from the beginning. It was really hard for my parent, including me.
A major challenge of doing business internationally is to adapt effectively to different culture. Such adaptation requires an understanding of cultural diversity, perceptions, stereotypes, and values (Hodgett &Luthans, 2005). Doing business overseas has its challenges as well as it rewards.
Our economic development will forever be defined as our ability to succeed internationally. PwC forecasts India’s real annual GDP growth until 2050 at 8.9 percent, Vietnam’s at 8.8 percent, and China’s at 5.9 percent. The list of fast-growing emerging markets goes on and on. The U.S. forecast is a meager 2.4 percent, comparable with most Western economies. The domestic companies that are likely to see incremental growth in the coming decades are those that are not only doing business internationally, but that are developing the strategic skill set to master doing business across cultures. Cross-cultural core competence is at the crux of today’s sustainable competitive advantage. For example, political environment will tell us, as to how and why political leaders control, whether and how of international business. Legal environment, both national and international will tell us about many kinds of laws by which business firms must work. The cultural environment will tell us about attitudes, beliefs and opinions important to business people. Economic environment will tell us about the economic system being followed by the host country, which may or may not be different from home country. It will also explain the variables such as level of development, human resources, Gross Domestic Per Capita and consumption patterns that determine a firm’s ability to do business. Geography will tell us about location, quantity, and quality of the world’s resources.
International business contains all business transactions private and governmental, sales, investments, logistics, and transportation that happen between two or more regions, nations and countries beyond their political limits. Generally, private companies undertake such transactions for profit governments undertake them for profit and for political reasons. It refers to all those business activities which involve cross border transactions of goods, services, resources between two or more nations. Transaction of economic resources includes capital, skills, and people. for international production of physical goods and services such as finance, banking, insurance, and construction.
15. Hill, Charles W.L. International Business: Competing in the Global Marketplace. New York : McGraw-Hill, 2007.
International Business is a transaction between two or more countries and is primarily based in a single country, but acquires some meaningful share of its resources or revenues (or both) from other countries. It comprises a large growing portion of the world's total business. Although it's riskier and more expensive it allows for greater variety on different products and services at lower prices.
Daniels, J. D., Radebaugh, L. H., and Sullivan, D. P., (2011). International Business: Environments and Operations. Prentice Hall, Upper Saddle River, New Jersey.
Stonehouse, G., Campbell, D., Hamill, J. & Purdie, T. (2004). Global and Transnational Business (2nd ed.). Chichester: John Wiley & Sons.