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28 Pages Complete Study Notes Year: Pre-2018

Lecture 1 International Business: what is it? (Chapter 1) WHAT IS GLOBALISATION? Globalisation • the shift towards a more integrated and interdependent world economy. • Growing interdependence among countries, industries, companies as a result of increasing cross-border flows of goods/ services, capital and know-how Globalization of markets: the merging of historically distinct and separate national market into one huge global marketplace. • Falling barriers to cross-border – makes it easier to sell internationally • Tastes and preferences of consumers in different nations are beginning to converge on some global. • Global market norm For example: Coke, Apple, Google, IKEA Industrial goods are the most integrated as they serve a universal need. For example, Globalization of production: sourcing goods and services from locations around the world to take advantage of national differences in the cost and quality of various factors of production. By doing this, hope to lower their overall cost structure, improve quality or functionality. Factors of production: components of production such as labour, technology, land, capital. Outsourcing: the tasks that were previously performed in house are now purchased from another firm. Offshoring: a form of outsourcing: it means that a task previously performed in one country is now being undertaken abroad. (also due to technological advances) For example: data entry, customer service calls, software development, preparation of legal briefs and tax return. Global products: firms are basing individual activities at the optimal world locations for particular activities that were once conducted at home. So no more Australian products, Japanese products, etc. DRIVERS OF GLOBALISATION Micro factors: • Consumer’s willingness to accept products globally • Increase in pressure for business to compete globally and match the market moves of their rivals Macro factors: • Decline in trade barriers to free flow of goods and services • Technological change: ♣ Microprocessor and telecommunications • ICT: ♣ The internet and World Wide Web • Transportation tech: ♣ Jet travel

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