Study of International Business

The study of international business does relevance to individual no matter they are going to work in a large multinational enterprise or small firms. An international business can be defined as requires the organization to change its processes and structure to accommodate a different way of operating. Because, nowadays domestic companies does not compete locally but competing globally against products and services that come from abroad. Furthermore, the international business now, comprises a large and growing portion of the world’s total business and affecting the world with its activities.
A small firm usually operating domestically might still involved in exporting and importing transaction with abroad. By acquiring knowledge in international business, the firm able to understand rules and regulation which may enable the firm’s product to enjoy certain benefit such as tax free when importing product from or exporting product to another country. Besides, a small firm which exporting its product to abroad has to ensure it developed a marketing plan based upon the target nation. The marketing plan shall review and change depending on the special requirement of each nation and take account of market changes impacting upon competitiveness about its product. Moreover, every product has to pass through different stages of product life cycle. It could happen as it is the last stages of life cycle in domestic market, but may get proper response at other markets due to different stage of life cycle. As such, individual with international business knowledge will help the company to gaining knowledge on international market and help in managing product life cycle. In addition, by exploring new market help in expansion of the company which they might have reached a saturation point in domestic market. With this creating new business opportunities to the company who may already operate in a saturate domestic market for a long time. Even though, by marching into another new