INT220 Milestone One
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Feb 20, 2024
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docx
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Mike Leal Jr
Professor Erik Nikodem
INT 220 Business Brief Template Course Project
Section One: Drivers for Global Entry
Country Selection
South Africa Purpose of Global Expansion
Global expansion is described as "the process by which companies from one market (often referred to as their home market) expand operations into a foreign market (often referred to as the target market)" (Smartling, 2023). Domestic trade firm sales might become stagnant in some situations, resulting in revenue loss and a decrease in overall sales. Global growth would help the corporation overcome its slump. Some of the most significant advantages of expanding to other nations would be the generation of new revenues, the discovery of new customer marketplaces and intakes, and the discovery of new competitive marketplaces. "These benefits demonstrate to new customers that your company meets their wants and needs, as well as adapts to the cultural nuances of the market" (Velocity Global, 2023). Business Impacts of Global Business
The expansion of a local corporation into international trade is always seen as a complicated system. This is due to the careful examination and evaluation of aspects that might make or ruin a business. These are both internal as well as external causes. Every firm pursuing worldwide development must assess its everyday business tasks so that owners may choose whether innovation is appropriate for their organization. The various demands and desires of returning and prospective clients, the rules and regulations that the business follows, the general state of the market as a whole, competition within the market they are targeting, the cost structure of the goods, and resource availability are some of the various kinds of variables which could possibly impact a business going global. All these functions might be damaging to the firm. As a result, these functions necessitate adjustments to the firm in order for it to perform successfully in a global commerce market. Societal Impacts of Global Business
Several things may have an influence on society inside a worldwide corporation. "Since prehistoric times, humans have sought remote locations to live, produce, and exchange goods, made possible by advances in technology and transportation" (PIIE, 2022). When discussing job
opportunities, if a company is seeking global growth, it will look for overseas personnel to develop a wider labor pool. "Between 2007 and 2015, foreign-owned enterprises operating in the United States recruited more Americans than US private employers. Demand for more
highly trained manufacturing employees in sectors such as management, engineering, financing, computer, and mathematical jobs, and sales are expected to rise" (PIIE, 2022). Having a global structure inside your firm may help you build a stronger foundation and stable ties with your collaborating nations. Cultural Considerations for Global Business One's country's culture significantly influences the company and how they make decisions. It is described as the buying habits of consumers and the actions of various institutions inside their country. Before entering an unfamiliar market, it is critical that the firm grasp the customs and traditions of the latest market into which they seek to penetrate. Cultural preferences, religious beliefs, and ethical ideals are cultural elements that might help with decision enlargement. Section Two: Market Profile
Cultural Profile
[Compare and contrast important cultural elements of your selected market against those in the domestic market, including communication, values and attitudes, cultural dimensions, and so on. You may fill in the chart below in order to use data and statistics to support your comparisons. Note that tables require only words, phrases, and/or numbers, not complete sentences.]
Category
United States
[Insert Country Selection From Course Project]
Commonly Spoken Languages
[Insert information.]
[Insert information.]
Commonly Practiced Religions
[Insert information.]
[Insert information.]
Power Distance Index (PDI)
[Insert information.]
[Insert information.]
Individualism Versus
Collectivism (IDV)
[Insert information.]
[Insert information.]
Masculinity Versus Femininity
(MAS)
[Insert information.]
[Insert information.]
Uncertainty Avoidance Index
(UAI)
[Insert information.]
[Insert information.]
Long-Term Orientation Versus
Short-Term Normative
Orientation (LTO)
[Insert information.]
[Insert information.]
Indulgence Versus Restraint
(IVR)
[Insert information.]
[Insert information.]
Political and Economic Profile
[Compare and contrast important political and economic factors for your selected market against those in the domestic market. Factors should include political systems and ideologies, current leaders, economic measures or characteristics used in classification, and government intervention on trade.]
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