International Business
Class 11 Business Studies · Business Studies · Chapter 11
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Summary
International business refers to business activities that take place across national frontiers, involving the movement of goods, services, capital, personnel, technology and intellectual property; it is broader than international trade, which covers only the exports and imports of goods. Nations trade because they cannot produce equally well or cheaply all that they need, owing to the unequal distribution of natural resources, differing productivity and factor availability, leading to geographical specialisation. International business differs from domestic business in the nationality of buyers, sellers and stakeholders, mobility of factors of production, customer heterogeneity, business systems, political risk, regulations and the currency used. Its scope covers merchandise exports and imports, service (invisible) trade, licensing and franchising and foreign investments, both direct (FDI) and portfolio. It benefits countries through foreign exchange earnings, efficient use of resources, growth and employment and a higher standard of living, and benefits firms through higher profits, capacity utilisation, growth prospects, escape from domestic competition and improved business vision. Firms enter international markets through exporting and importing, contract manufacturing (outsourcing), licensing and franchising, joint ventures and wholly owned subsidiaries, each with its advantages and limitations. The export procedure involves receiving enquiries and orders, obtaining a licence and pre-shipment finance, producing and inspecting goods, customs clearance, obtaining a bill of lading and securing payment through a letter of credit, while the import procedure involves enquiry, licence, foreign exchange, indent, letter of credit and customs clearance.
Meaning of international businessReasons and benefits of international businessInternational vs domestic businessScope and foreign investment (FDI and portfolio)Modes of entry — exporting and contract manufacturingLicensing, franchising and joint venturesWholly owned subsidiariesExport and import procedures and documents
Key terms
International business
Business activities that take place across national frontiers, involving the movement of goods, services, capital, personnel and technology.
Invisible trade
The export and import of services such as tourism, transport, banking and insurance, which are intangible.
Foreign Direct Investment (FDI)
Investment made directly in plant and machinery abroad, giving the investor a controlling interest.
Contract manufacturing
A mode of entry, also called outsourcing, in which a firm contracts local manufacturers abroad to produce goods to its specifications.
Letter of credit
A guarantee issued by the importer's bank to honour payment up to a certain amount, used to assure the exporter of payment.
Bill of lading
A document issued by the shipping company acknowledging receipt of goods on board and serving as a document of title to the goods.
Extra questions & answers
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International business refers to business activities that take place: