Local and International Business
Introduction
Why does business expand beyond their home country? Globalization as a business concept focuses on the expansion of the business activities or operations beyond the country’s borders. Thus, the business becomes multinational. Such business benefits from expanded markets, attracting expertise, and economies of scale in operations due to resident competitive and comparative advantage (Shenkar, 2004). The work sheds more light on issues touching on globalization such as business environments, accruing benefits, and ethical issues on going international.
Business environments can be viewed as being domestic or international. The domestic business environment is the organization’s operational environment that is resident within the country of the business registration or operation. The international business environment is the operational environment of a business entity that is beyond the business headquarters or country of registration. While the domestic business environment is controlled by local laws, political climate, and economic issues such as inflation, interest rates, and technology, the international business environment is governed by international politics, laws, and economics issues (Shenkar, 2004). The economic issues in international business are exchange rates of local currency with an international currency like the dollar and global economic performance. For example, the prices of a barrel of oil have gone down in oil-producing countries due to a decline in international prices and a shutdown in the business environment international due to the emergence of the COVID 19 pandemic. Thus, the oil business operates in an international business environment that influences prices. Some companies fit the definition of international companies such as Coke Cola. Coke has branches and operations across the globe despite having it’s headquartered in the US while Harvard University can be described as a domestic organization since it operates only in the United States. When a business goes global, several benefits accrue to them. Global business benefits from the increased market since in every country they expand, they find new customers to buy their products. Businesses that go international benefit from attracting talents to take leadership in the organization as they achieve the set goals (Gaughan, & Javalgi, 2018). Therefore, the business can develop the best products in the market taking their operational market by storm. Further, globalization helps the business to benefit from economies of scale due to the reduced cost of labor and operations. When businesses are considering going global, ethical issues to be factored in include the effect of business operations on inhabitants’ culture and traditions. The legal aspects the business will be expected to adhere to in its operations. These legal aspects may be implied or written laws. Some countries have laws that make it illegal to do an abortion. Thus, if the business is offering services for termination of pregnancy it must adhere to such laws and offer only services that are permitted.
In conclusion, business environments influence the way the business undertakes its operations. This is because it will influence its interaction with both its external and internal stakeholders. External stakeholders in the business are suppliers, customers, and legal representatives. Internal stakeholders are the organizational employees. Moreover, the business environment dictates the ethical issues that affect business operations. Ethical issues revolve around what is considered morally right or wrong. Thus, any business going international will be affected by the business environment and the ethical considerations at play. It is important for business owners and top management to consider ethical and business environment issues as well as the accruing benefits before they go global.
References
Gaughan, P. H., & Javalgi, R. R. G. (2018). A framework for analyzing international business and legal ethical standards. Business Horizons, 61(6), 813-822.
Shenkar, O. (2004). One more time: International business in a global economy. Journal of International Business Studies, 35(2), 161-171.
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