How Does International Business Differ from Domestic Business?
1.2 Understand how international business differs from domestic business.
Firms operate in countries characterized by distinctive economic, cultural, and political conditions. For example, the economic environment of Colombia differs sharply from that of Canada, the legal environment of Saudi Arabia does not resemble that of Japan, and the cultural environment of China is very distinct from that of Kenya. Not only does the firm find itself in unfamiliar surroundings, it encounters many uncontrollable variables—factors over which management has little control. These factors introduce new or elevated business risks. As exemplified by Instagram in the opening case, distinctive conditions ...
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