www.terraeconomy.com/2020/09/16/global-business-and-intenrational-business-whats-the-diference
As global citizens and business leaders, you have an impact on the economics of the world. Your actions, as well as those of your colleagues, whether in the garage or the boardroom shape the future of economies and businesses across the globe. There is no area that showcases this phenomenon more than global commerce, which encompasses the risks and opportunities of companies that operate across borders.
A global corporation has a presence in multiple countries through direct sales subsidiary companies or joint ventures as well as exports to foreign markets. It also adjusts its products and services to fit the culture of a given market. Moreover, it may be aware of laws or policies, as well as practices of different countries that impact its ability to conduct business in that.
A company should be knowledgeable about the economics of every country. This is in addition to the political and legal aspects of conducting business. It is essential to know how to use data and metrics to analyze a country’s economy and its competitiveness as well as potential to grow.
The most important factor in succeeding in expanding into a different market is to build trust with local customers. This is why it’s important to establish an established presence in the local market, including having an office or store hiring local staff and developing relationships with local suppliers and partners. Businesses that have a local presence have a better understanding of the local culture and business practices. This can help them design strategies to reach their target audience.