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Contrast between International Business and Domestic Business Video Lecture | International Business - B Com
FAQs on Contrast between International Business and Domestic Business Video Lecture - International Business - B Com
| 1. What is the difference between international business and domestic business? |  |
Ans. International business refers to the activities of business organizations that involve cross-border transactions and operations, whereas domestic business refers to business activities that are confined within a single country. International business involves dealing with different cultures, currencies, legal systems, and economic conditions, while domestic business operates within a familiar and consistent environment.
| 2. What are the main challenges faced by international businesses? | |
Ans. International businesses face various challenges, such as cultural differences, language barriers, legal and regulatory complexities, currency fluctuations, political instability, and logistical issues. These challenges can impact market entry strategies, supply chain management, communication, and overall business operations.
| 3. How does international business contribute to economic growth? | |
Ans. International business plays a significant role in promoting economic growth by facilitating trade, investment, and technology transfer between countries. It creates job opportunities, stimulates innovation, and enhances productivity. International business also promotes competition, which can lead to improved efficiency and consumer welfare.
| 4. What are the benefits of engaging in international business? | |
Ans. Engaging in international business offers several benefits. It allows businesses to access larger markets, diversify their customer base, and tap into new sources of revenue. International business also provides opportunities for knowledge exchange, learning from different business practices, and gaining a competitive edge. Additionally, it can lead to economies of scale, reduced costs, and increased profitability.
| 5. How can businesses mitigate the risks associated with international business? | |
Ans. Businesses can mitigate risks in international business by conducting thorough market research, understanding the cultural and legal differences of target markets, establishing strong relationships with local partners, diversifying their operations across multiple countries, and implementing effective risk management strategies. They should also stay updated on geopolitical developments, monitor foreign exchange rates, and have contingency plans in place to address potential disruptions.
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