Questions on International Business

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International business 1. Describe the difference between globalization and national responsiveness. What is the principle advantage of each strategy? As the international market grows, there arises the need to manage cross cultural relationships so as to increase trade. Trade between foreign nations has improved the economy through provision of employment to the local residents. The increase in the goods in the market has provided customers with the luxury of choice. Increased competition between the producers has resulted in an improved quality of the final product. It is important to encourage international trade to ensure that the global economy grows. The cultural differences across the globe need to be managed to ensure that the trader understands the needs of the customers. There are two main strategies used by the business to manage cultures that are different in a business environment. The first strategy is referred to as globalization and it refers to the production and supply if products or services of a standardized type on a global basis. The other strategy is the national responsiveness strategy which refers to the need to evaluate the customer's preference in the regional markets within a segment. The main difference is thus the quality of the product produced by an organization using each strategy. A company that uses the globalization strategy is likely to supply the same quality product across its markets while an organization that uses national
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