As global citizens and business leaders have a direct impact on the economy of the world. Your actions, as well as those of your coworkers, whether in the garage or the boardroom determine the future of nations and businesses worldwide. No field showcases this potential more than global business, which encompasses the challenges and opportunities for companies that operate beyond national borders.
A global company is present in many countries via direct sales subsidiary companies, joint ventures or direct sales and exports to foreign markets. It also adapts products and services according to the cultural context of each market. It may also be familiar with the laws, policies, and practices of other countries that affect its ability to conduct business there.
A company must be knowledgeable about the economics of each country. This is in addition my link to the legal and political aspects of doing business. It is essential to know how to utilize data to evaluate the economics of a country, its competitiveness, and growth opportunities.
The most important factor in succeeding in expanding into a different market is establishing trust with local customers. That’s why it’s essential to have an established presence in the local market, for example, having an office or store, hiring local people and developing relationships with local suppliers and partners. Companies that have a local presence within the market also have a better understanding of the culture and local business practices that can help them come up with strategies to reach their intended market.