This statement might have held more truth years ago, but certainly not today. The workplace is drastically changing on a constant basis and the world is becoming integrated. I believe it is important to study international business for large and small corporations and any type of business. All markets are expanding across the world and business is being conducted across the world simply by using the world-wide web. It is very important to understand the practices and beliefs of those you conduct business with.
As the economy continues to change, businesses are expanding their target audiences to try and promote sales and growth. By studying international business, this is giving employees and understanding of how business is conducted in other cultures. This is important especially if a firm is interested in conducting business across seas for instance. By studying and understand business practices of the country of interest; you are gaining an understanding of how they conduct business, and how you must conduct yourself. The same rules apply to small firms that wish to conduct business throughout the world. If small businesses want to grow into larger firms, it is important that they expand their horizons and educate their employees on global business practices. Even if a company doesn’t conduct business globally, it is important to provide the tools they may need if they were conducting business globally. The world is changing and people are constantly moving. Knowledge of international business practices are great tools to have.
How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes?