Relevance of global markets, political & economic history
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#1. The study of global business is relevant if you work or plan to work in a large multinational company, but it has little or no significance for individuals who work in smaller national firms. Do you agree or disagree? Defend your argument with at least two supporting statements.
#2. Why is it important to understand the political and economic history of a region when expanding into markets in that region? Please provide examples to illustrate your answers.
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Solution Summary
Discussions on the relevance of global markets for domestic and small businesses and the importance of knowing and understanding the political and economic history of a region considered for expansion.
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1. Smaller firms need to be aware of the global business market because the resources they use, the people they serve, and the vendors they use may be part of the global markets. Additionally, the competition is probably involved in some way in the international marketplace. Very few companies can claim to have no ties to international business. Too many resources and labor are gained from international entities. A small retail company that sells clothing thinks they are only in a single city or state, but the clothing can be made from cotton from Australia or Turkey and made in Mexico, Taiwan, or Haiti. Costs of products are dependent on where they are made and shipped from and the prices a company can charge are dependent on the costs. So knowing less expensive markets to acquire goods and resources is a necessity in today's markets.
A company that makes furniture is ...
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