International Business and importance in detail to understand the concept

International Business and its importance

1. International Business

2. International Business Refer to the trade of goods and services, capital, knowledge and technology across borders on a global scale . International business transactions include contractual agreements products processes C ontractual A greements means that permit foreign firms/business/an organization to utilize services, products and processes from different countries.

3. EXAMPLE

4. Apple Inc - I n the year 1970 the company was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne, now a days Apple Inc considered one of the most influential international companies. Headquartered in the United States. Apple Inc doing Apple designs, develops, and sells electronics, software, streaming, and online services worldwide. In the year 2003 after saturating the American market, Apple opened its first international branch in Tokyo, Japan. Under Jobs, Apple touted ease-of-use, innovative design, and customer loyalty with the marketing slogan THINK DIFFERENT and it continues to use visionary strategic marketing and a tight ecosystem to overcome competition and attract creative audiences around the globe. Apple not only sells products internationally but has supply chains from 43 countries that ship supplies to China for final production and assembly. By keeping a tight-knit and strong relationship with suppliers, strategic inventory, and a focus on sustainability, Apple stands as one of the world’s most successful companies.

5. Importance of International Business Increase Revenue and Brand Awareness Because of international expansion ,A business will be able to explore new markets and getting ideas to generates new clients, which will increase sales and revenue but also the visibility of business and its brand value internationally. G row in sales on goods and services , A Business gets a chance to enter into a new market and getting extension on sustainability.

6. Minimizing Reliance on the Current Market  Because of heavy competition in market it is difficult for establishment of a business to survive on profits and to raise sales. Moving company abroad would be one of the best solutions t hat could be split the resources to create money without being overly dependent on one particular market instead of concentrating on just one plan or putting all eggs in one basket.

7. Collaborate with Skilled Individuals and Utilize the External Resource The ability to utilise the other country’s resources, such as technology, skill, and understanding in a certain industry, is another significant benefit of expanding a business internationally . It enables to employ better technologies and discover better work practices, ultimately enhancing company’s operations and revenue. For business ,owner of the business and employees of the organization it could be a benefit to share their knowledge and experience by working together to comprehend how a new country have recently expanded to

8. Get a First-Mover Advantage The desire to outperform rivals is one of the main drivers behind many businesses seeking to go global. They will benefit greatly from being the pioneer. Customers will be familiar with brand before those of rivals . Additionally, changing their habits and thinking maybe challenging when buyers have certain brands in mind. They will visit rather than other competitors .