Question
Define international business. Briefly explain the reasons for entering into international business.
Answer :
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International business refers to the exchange of goods, services, technology, capital, and knowledge across national borders. It involves commercial transactions that occur between individuals, companies, or governments in different countries. Unlike domestic business, international business operates in diverse cultural, political, economic, and legal environments, which makes it more complex and challenging. It encompasses activities such as exporting and importing, licensing, franchising, joint ventures, foreign direct investment, and global supply chain management. The primary objective of international business is to expand market reach, increase profitability, acquire strategic resources, and gain competitive advantage in the global marketplace. One of the main reasons for entering into international business is market expansion. Companies often face saturation or intense competition in their domestic markets, limiting growth opportunities. By entering foreign markets, firms can access a larger customer base, diversify their revenue streams, and increase sales volume. This not only enhances profitability but also reduces dependence
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