Differences Between Domestic and International Business

Assignment #1
Date: 01/14/2023
To: Richard Bendix
From:
Subject: Differences between Domestic and International Business
Expanding into the international market environment offers an immense opportunity for growth, but it comes with significant challenges that differ from those in the domestic market.
While you are familiar with the domestic market conditions, the international market environment is complex on many fronts and necessitates extensive prior planning and research. International business is different in that you will have to deal with different negotiation patterns, laws and political systems, business norms, customer preferences, supply chain procedures, and workplace procedures, among others. In essence, expanding abroad means encountering a whole new set of challenges, most of which you are not equipped to address. Risks such as currency exposure, foreign taxation, competition, and operational problems can jeopardize the expansion plans.
The complexity of the international business environment needs careful planning and market resear...