2.Global business activities and practice refers to?

1 answer

Global business activities and practices refer to the various actions and strategies that companies engage in to operate and compete in international markets. This encompasses a broad range of functions, including:

  1. Market Entry Strategies: How businesses enter new markets, including exporting, joint ventures, franchising, and direct investment.

  2. Supply Chain Management: Coordinating production and distribution across international borders to optimize efficiency and reduce costs.

  3. Cross-Cultural Management: Understanding and managing cultural differences that can impact communication, negotiation, and operations in different countries.

  4. International Marketing: Adapting marketing strategies to suit different cultural contexts and consumer preferences in various countries.

  5. Regulatory Compliance: Navigating and adhering to the legal and regulatory frameworks that vary from country to country.

  6. Financial Management: Dealing with currency exchange risks, financing international operations, and managing foreign investments.

  7. Human Resource Management: Recruiting, training, and managing a diverse workforce across different geographical locations.

  8. Global Strategy Development: Formulating and executing strategies that take into account the global competitive landscape, including location advantages, market conditions, and competitor behaviors.

  9. Corporate Social Responsibility (CSR): Understanding and managing the impact of global operations on local communities and environments.

In summary, global business activities and practices involve a comprehensive approach to managing and optimizing operations across different countries and regions, taking into consideration economic, cultural, legal, and technological factors.