Question: According to Vander, C . ( 2 0 2 0 ) , engaging in international business is essential today due to several factors. Firstly, it
According to Vander, C engaging in international business is essential today due to several factors. Firstly, it allows companies to tap into new markets, increasing their customer base and revenue streams. Secondly, it enables them to diversify their operations, which can mitigate risks associated with economic downturns in specific regions. Lastly, international business fosters innovation as companies are exposed to new ideas and practices from around the world. each company adopted a distinct approach to competing globally. Some focusedon localization, tailoring products and services to meet the specific needs of different markets. Others emphasized standardization, maintaining a consistent global brand while cutting costs through economies of scale. As per Andre et al while the rewards can be significant, expanding globally also presents challenges for companies. These include adapting to different cultures and regulatory environments, managing supply chains across borders, and dealing with currency fluctuations. The article by Arnold and Locinto, also made a valid point further research is needed to understand how companies can effectively balance localization and standardization strategies. It also highlights the importance of analyzing cultural differences between countries and their impact on consumer behavior. Additionally, more studies are required to explore the role of technology in enabling international business and its effects on companies' global strategies.
In addition, Bagchi and Sharma, highlights in their article that there is a need to investigate how technology can facilitate international business and its effects on companies' global strategies. Future research in these areas will help companies adapt and thrive in an everchanging global landscape.
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