Q:

Why is international business important?

A:

Quick Answer

International business is important because it gives domestic companies access to new markets, potentially increasing sales and profitability. Operating internationally can also help a company lower expenses through direct access to cheaper materials and labor.

Know More
Why is international business important?
Credit: John Lund Blend Images Getty Images

Full Answer

International business is important to individual companies and the US economy generally. With Internet globalization of the world marketplace, companies are competing with businesses from around the world whether they want to or not. Knowing how to take advantage of international business opportunities can ensure a company's continued success. Also, a measure of the strength of the US economy is based on the quantity of business exports and imports to and from the international marketplace, making international business extremely important to the quality of life in this country according to the U.S. Department of State.


Is this answer helpful?

Similar Questions

  • Q:

    Why is decision-making so important?

    A:

    Decision-making in business is important because there are consequences to making the wrong decision. When managers are making decisions on behalf of the company, it is important that they weigh their options because poor choices can result in legal, financial or brand issues.

    Full Answer >
    Filed Under:
  • Q:

    What are the advantages and disadvantages of international trade?

    A:

    International trade lowers the cost of products through competitive advantages, but it can lead to harm for communities and nations. Workers in developed nations are sometimes replaced by counterpart in developing nations. Work conditions in developing nations can be exploitative.

    Full Answer >
    Filed Under:
  • Q:

    What does the International Virtual Assistant Association do?

    A:

    The International Virtual Assistants Association supports the professional development and education of virtual assistants and educates the public about what virtual assistants do. IVAA provides its members with continuing education, certification, networking opportunities and member benefits. It also offers a request-for-proposal system free to members and allows entities looking to hire a virtual assistant to post jobs and IVAA members to respond.

    Full Answer >
    Filed Under:
  • Q:

    What is resource planning?

    A:

    Resource planning is the step in writing a business plan that involves identifying the resources that a proposed business needs to succeed. This includes resources that the entrepreneur already has and those that still need to be acquired.

    Full Answer >
    Filed Under:

Explore