Globalization changed they way I would practice business
internationally compared to how I would practice business domestically.
Globalization is the process in which people, ideas and goods spread
throughout the world, spurring more interaction and integration between the
world’s cultures, governments and economies. In order for me to conduct my business internationally I would
have to remain competitive. Having an excessive amount of knowledge of other
country businesses would help my business expand and be successful. Two factors
that I believe are most important as an International Business Manager is the
economic and socio-cultural factor. The economic factor is important as a
manager because the business has to be financially stable. Low inflation and low interest rates can effect a strong
growth in the business. Low wages for workers and high profits can also make a
difference in a business. The socio-cultural factor is also important as a
manager because in order to make sales and gain a profit, customers would need
to understand the environment their in. As a manager I would need to understand
or adapt to the lifestyle of a group of people, their customs and their
value system in that specific country.