International Business Reflective Summary

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International Business Reflective Summary: Chapters 1 and 2 Reflection
I have gained vast knowledge from Chapters 1 and 2 in International Business. Chapter 1 introduces international business, a crucial concept in business and marketing. The most significant I gained from this chapter is the four risks in international business; cross-cultural, financial, commercial, and country/political. No risk is bigger than the other in this list as they all affect the objectives of international business.
Cross-cultural risks involve cultural differences, negotiation approaches, ethical practices, and decision-making styles. Each country has a distinct culture which addresses each of these differently. Financial risks involve inflation, transfer pricing, and asset valuations. They are risks to be taken in international business because each country has laws that address financial and currency issues. Commercial risks involve timing entry, we...