GLOBAL BUSINESS MANAGEMENT DISCUSSION QUESTIONS 1- Essay

GLOBAL BUSINESS MANAGEMENT DISCUSSION QUESTIONS 1- - Essay Example Another very important aspect of international business is that the compulsions of the present times require versatility in the work ideology and functioning, thus making it imperative that new skills and strategies are evolved to meet the emerging challenges with efficiency and unmatched proficiency. Goldberg correctly interprets higher education and says, ‘academic thinking is powerful and usable over long time frames’ (1996). The study would provide the professionals with wider perspectives of the changing paradigms of the business environment and help facilitate better options to address the emerging challenges in the dynamics of new business equations. One can therefore, conclude that the study in international business would always serve as value addition to any work environment. Charles Hill’s assertion that ‘Countries have different political, economic, and legal systems†¦ All these differences can and do have major implications for the practice of international business’ (Hill, 2004) is absolutely correct. In the rapidly changing environment of globalization, the businesses have become more competitive thereby making it obligatory for them, as well as for the working force to become more flexible and swiftly adapt to the changing technologies and work environments. Another aspect that has emerged as a result of globalization is that of increased mobility that requires the ever increasing need for flexibility of time and place especially when the business is spread across the different countries. The non market factors have direct and indirect impact on the overall performance and operation of the firm. ‘These are characterised by 4Is: issues, institutions, interests and information’ (Baron, p2, 1995). Broadly they are the socio-political environment within which the firm has to operate. The role of government regulations and political dynamics combined