Business Concepts, Theories And Strategies Used Internationally

1910 Words Jul 28th, 2016 8 Pages
Mary Powell
28 June 2016
INB 300 Final Summary

Throughout the semester I have come to learn about many important business concepts, theories and strategies used internationally. As a business management major and with an interest in minoring in international business, I took this class with an open mind and an intention to learn. Between learning about the global marketplace, different strategies, when to enter a foreign market and much more, I now have a better understanding of what International business actually means. Over the years the world has come to understand and witness the globalization of markets and production. Markets are merging with one another and making up the global marketplace. Many factors drive globalization. For instance, trade barriers are falling, technology is ever changing, consumer taste is different from what it once was, and firms are now promoting the same base products worldwide. When firms produce products worldwide, it allows them to lower their overall cost structure and improve their overall quality and/or functionality of their product. Institutions such as, the General Agreement on Tariffs and trade (GATT), the World Trade Organization (WTO), and the United Nations have been implemented to help manage, regulate, and police the global marketplace. With the option to trade and invest globally, firms can now look at the market not only as a single country, but a worldwide market. Though globalization seems to be beneficial, it has had…
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