CHANGING GLOBAL ENVIRONMENT AND CHALLENGES OF INTERNATIONAL BUSINESS

2020 ◽  
pp. 43-48
Author(s):  
Dr. K.Madhava Rao
Keyword(s):  
International Business ◽  
Communication Technology ◽  
World Trade ◽  
Free Market ◽  
Business Leaders ◽  
Online Marketing ◽  
Global Business ◽  
Conceptual Base ◽  
Doing Business ◽  
The World

Rapid advancement of Information & Communication Technology (ICT) provides a newer shape of business. Pattern of doing business has changed into a completely different format. Concept of free market economy got its existence from the conceptual base through the advancement of online marketing facility. Countries are working to come closer through different regional blockings as well as under the multilateral trading system through the World Trade Organization (WTO)s active intervention to make international trade easier than ever. World Customs Organization (WCO) introduced HS Code system to harmonize world trade facilitate quick customs clearance. After all globalization get a momentum in last decade and many non-tariff, Para-tariff barriers are addressed and in a considerable position of solution of the problems. Countries are negotiating and committed to co-operate each others to ensure free movement of trade around the globe. As a result new issues are coming into emergence with challenge or opportunity in its two sites. Nowhere, perhaps, was it felt more keenly than in the world of international business. Political, economic, and environmental issues are increasingly becoming the remit of international business leaders as much as governments. The next generation of global business leaders, embracing the opportunities and challenges of international business. While the global marketplace becomes more interconnected and accessible, the risks involved in doing business abroad are not to be taken lightly. The aim of the research is to introduce and explain international business in an important emerging light of globalization. The paper concludes that business people and governments around the world will have to be more knowledgeable about the international dimensions of management than at any time in the past. KEYWORDS: World Customs Organization, International dimensions, Globalization, Communication Technology.

scholarly journals Fashion shows and fashion week during Covid-19 pandemic in 2020

2021 ◽  
Vol 69 (3) ◽  
pp. 29-36
Author(s):  
Milena Savić ◽  
Radmila Savić ◽  
Dragana Frfulanović
Keyword(s):  
Business Practices ◽  
Fashion Industry ◽  
Sustainable Business ◽  
Global Business ◽  
Environmental Challenges ◽  
Price Fluctuations ◽  
Doing Business ◽  
The World

The pandemic that hit the world in 2020 significantly affected global business and the fashion industry. Companies have been forced to rethink their current way of doing business, while consumers have reviewed their priorities, emerging needs and constraints, care for health, the environment, and the community. All these aspects together have shaped a slightly different global fashion market and companies' business practices, which have made great efforts to maintain their status, audience, and sales. The focus of this paper is Milan's "Fashion Week" held during 2020 and innovative technological solutions that serve to compensate for the limitations imposed by circumstances. Also, there's a few words about other (un)predictable situations such as price fluctuations, closure of production plants, overcoming safety and environmental challenges, and sustainable business.

scholarly journals Buddhism and Buddhist Business Practices

2019 ◽  
Vol 10 (2) ◽  
pp. 115
Author(s):  
Samuel L. Dunn ◽  
Joshua D. Jensen
Keyword(s):  
Business Environment ◽  
Business Practices ◽  
High Likelihood ◽  
Business Professionals ◽  
Global Business ◽  
Doing Business ◽  
Present Information ◽  
The World ◽  
Basic Understanding ◽  
History Of

The 21st century global business environment is more diverse and interconnected than ever before. As organizations continue to expand their global reach, business professionals often find themselves having to navigate challenging cultural and religious terrain, which they may not be prepared for. While it is impossible for someone to learn the intricacies of all cultures and religions throughout the world, one can seek to learn about some of the more prominent cultures and religions of the world – particularly those they have a high likelihood of engaging with at some point in his or her business career. This paper examines Buddhism, a prevalent religion throughout many parts of the world, and discusses how its culture and beliefs are manifested through Buddhist business practices. Particular focus is placed on business in Thailand, the country with the highest percentage of Buddhists. The purpose of this paper is to provide business professionals with a basic understanding of the history of Buddhism, an overview of the major beliefs of Buddhists, and to present information that will assist business professionals in successfully navigating intercultural affairs when doing business with Buddhists in Thailand or around the world.

scholarly journals Hinduism and Hindu Business Practices

2018 ◽  
Vol 10 (1) ◽  
pp. 33
Author(s):  
Samuel L. Dunn ◽  
Joshua D. Jensen
Keyword(s):  
Business Environment ◽  
Business Practices ◽  
High Likelihood ◽  
Business Professionals ◽  
Global Business ◽  
Doing Business ◽  
Present Information ◽  
The World ◽  
Basic Understanding ◽  
History Of

The 21st century global business environment is more diverse and interconnected than ever before. As organizations continue to expand their global reach, business professionals often find themselves having to navigate challenging cultural and religious terrain, which they may not be prepared for. While it is impossible for business professionals to learn the intricacies of all cultures and religions throughout the world, one can seek to learn about some of the more prominent cultures and religions of the world – particularly those they have a high likelihood of engaging with at some point in business. This paper examines Hinduism, a prevalent religion throughout many parts of the world, and discusses how its culture and beliefs are manifested through Hindu business practices. Particular focus is placed on business in India, the country with the largest number of Hindus. The purpose of this paper is to provide business professionals with a basic understanding of the history of Hinduism, an overview of the major beliefs of Hindus, and present information that will assist business professionals in successfully navigating intercultural affairs when doing business with Hindus in India and around the world.

Chandler and Global Business History

2008 ◽  
Vol 82 (2) ◽  
pp. 251-266 ◽  
Author(s):  
Mira Wilkins
Keyword(s):  
International Business ◽  
Business History ◽  
Global Business ◽  
The World ◽  
History Of

What was Alfred D.Chandler's significance in the study of business history throughout the world? How did his views evolve? Why was his approach so influential? How did his thinking contribute to comparative business history and to the history of international business? This essay is designed to answer these questions.

scholarly journals An Analysis of Links between Turkey and Kyrgyzstan from Economic and Commercial Perspectives

2011 ◽  
Author(s):  
Semih Çetin ◽  
Burak Sertkaya
Keyword(s):  
World Trade ◽  
Development Process ◽  
Bilateral Trade ◽  
Free Market ◽  
Trade Volume ◽  
Trade Relation ◽  
Economic Relations ◽  
Trade Relations ◽  
The World ◽  
Increasing Trend

Kyrgyzstan has become an attractive market because the country has a central location in Central Asia and kept pace with the free market faster than other countries in the region. Since Kyrgyzstan is a member of the World Trade Organization country become more important than the other countries in the region. In this study the recent history and the development of foreign trade relation between Turkey and Kyrgyzstan and the problems encountered in this relation are considered. Despite the growing trend of bilateral trade and economic relations since the early 90s, contraction experienced in the trade volume in 1998 and 1999 depending on the Russian crisis. Since the early 2000s, again the increasing trend of economic relations was observed. In this context by examining the trade relations between the two countries, the trade relations between the two countries are discussed and problems that encountered in the development process of the relations are investigated and solutions suggested.

scholarly journals Export Performance and Competitiveness of Indonesian Food Commodities

JEJAK ◽  
2017 ◽  
Vol 10 (2) ◽  
pp. 289-301
Author(s):  
Firmansyah Firmansyah ◽  
Wahyu Widodo ◽  
Karsinah Karsinah ◽  
Shanty Oktavilia
Keyword(s):  
Comparative Advantage ◽  
World Trade ◽  
Free Market ◽  
Market Competition ◽  
Food Crops ◽  
Market Penetration ◽  
Agricultural Commodities ◽  
Commodity Trade ◽  
Trade Specialization ◽  
The World

The developments of the world trade requires the improvement of the competitiveness of products, including agricultural commodities. At the regional level, Indonesias agricultural commodities face the ASEAN free market competition. This study aims to identify and examine the competitiveness of Indonesian exports of several agricultural commodities in the international market by employing the index of competitiveness of trade specialization by trade specialization index (TSI), and the index of market penetration, by revealed comparative advantage (RCA). This study observed the HS 4 digit agricultural commodities, along 2011-2015. The study finds that the index of commodity trade specialization of estate crops sub-sector is in a stage of maturation of the world trade, or it has a very strong competitiveness. The food crops sub-sector stand on the introduction stage of the world trade or it has low competitiveness, or in other words, Indonesia is a net importer of the sector commodities. Although some of commodities have the strong competitiveness, but on the other hand, they do not have a strong comparative advantage. This is shown by the RCA value that less than 1. It means that a part of agricultural commodities, namely food crops, horticulture and estate, are still import oriented.The developments of the world trade requires the improvement of the competitiveness of products, including agricultural commodities. At the regional level, Indonesias agricultural commodities face the ASEAN free market competition. This study aims to identify and examine the competitiveness of Indonesian exports of several agricultural commodities in the international market by employing the index of competitiveness of trade specialization by trade specialization index (TSI), and the index of market penetration, by revealed comparative advantage (RCA). This study observed the HS 4 digit agricultural commodities, along 2011-2015. The study finds that the index of commodity trade specialization of estate crops sub-sector is in a stage of maturation of the world trade, or it has a very strong competitiveness. The food crops sub-sector stand on the introduction stage of the world trade or it has low competitiveness, or in other words, Indonesia is a net importer of the sector commodities. Although some of commodities have the strong competitiveness, but on the other hand, they do not have a strong comparative advantage. This is shown by the RCA value that less than 1. It means that a part of agricultural commodities, namely food crops, horticulture and estate, are still import oriented.

scholarly journals Intercultural Communication In Global Business: An Analysis Of Benefits And Challenges

2012 ◽  
Vol 11 (2) ◽  
pp. 217
Author(s):  
Melvin C. Washington ◽  
Ephraim A. Okoro ◽  
Otis Thomas
Keyword(s):  
Intercultural Communication ◽  
International Business ◽  
Business Environment ◽  
Global Market ◽  
First Century ◽  
Global Business ◽  
Intercultural Skills ◽  
The World ◽  
Business Negotiations ◽  
Appropriate Practices

The twenty-first century business environment is expanding and increasingly attracting the interest of countries from developed and developing nations of the world. As countries of the world become increasingly interdependent and interconnected because of global market and diverse consumer needs, it is critically important that participating countries and their organizations understand and appreciate one anothers cultural differences in order to ensure growth and sustainability in international business. Recent studies have traced the failure of some international business ventures to three significant factors: lack of intercultural skills and competence, inability to communicate effectively at a global level, and failure to practice acceptable etiquette in business negotiations. Therefore, businesses from different countries need to appreciate the importance of understanding the cultures and values of their counterparts as well as develop intercultural communication sensitivity and decorum. This paper then is an attempt toward analyzing the significance and role of intercultural communication and etiquette in international business. Recommendations for appropriate practices and acceptable conducts among nations are provided.

Effects of Globalization on Economies in Transition

2016 ◽  
pp. 26-44 ◽  
Author(s):  
Drago Cvijanović ◽  
Branko Mihailović
Keyword(s):  
Trade Liberalization ◽  
International Business ◽  
World Trade ◽  
Capital Mobility ◽  
Electronic Money ◽  
Economies In Transition ◽  
Monetary Unit ◽  
The World ◽  
Money Transfer ◽  
Global Communications

The chapter covers ranges and effects of globalization on economies in transition, as well as possibilities and limits in raising their competitiveness. International business has increased its size in the 20th century, mostly owing to trade liberalization and investments and partly owing to a fact that doing the international businesses has generally become easier and simpler. With regard to liberalization, the General Agreement on Tariffs and Trade has led to trade liberalization, and it was continued with establishment of the World Trade Organization in 1995. At the same time, capital mobility was liberalized by most of the countries, especially with development of electronic money transfer. Besides, by introduction of a new European monetary unit – euro, in January 2002 has been exerted influence to international business. With regard to international business, two main forces are important: technological progress, which made global communications and transport relatively fast and comfortable, and economies in transition, which brought about opening new markets.

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