Question

How do concepts relating to Global business useful to both our personal and professional life?

Answer 1

Global Business is an integral part of digital economy and society. It refers to the trade of goods, services, technology, capital and/or knowledge across national borders. Global marketplace is a platform for the individuals or company (large or small and international or domestic) to assess the potential to network with diverse communities, geographical locations and cultures.

Global business useful for professional & personal life in following ways:

Personal:

1. It helps in breaking down language & cultural barriers
2. It helps to adopt & accept the diversity exist in the marketplace
3. It helps to explore cross border locations and assess the market potential in international trade

Professional:

1. It will improve the profit margins
2. It will increase the customer base - Distributing your products in additional countries increases your customer base
3. International business will lead to improved sales & revenues
4. Greater recognition to the large population
5. Benefits from currency conversions
6. Better risks management from downfall in the country economy