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Explain the International Business Environment in Which a Selected Business Operates.

In: Business and Management

Submitted By fudgecat1
Words 441
Pages 2
Unit 12
Assignment 1

P1 - Explain the international business environment in which a selected business operates.

The business that I have chosen to produce a report on how they could expend their business internationally is my own business, Impossible Project. Impossible Project is a fashion brand based in the UK. We design and produce our own brand of high-end designer clothing and are just selling in the UK at the moment. It is a relatively small business at the moment, however we have the capacity in terms of finance and scale to start looking at trading internationally.

The country Impossible Project has targeted to start of their international journey is China. I have chosen to use China for a variety of reasons; one being it is a BRIC country. “BRIC is an acronym for the economies of Brazil, Russia, India and China combined. The general consensus is that the term was first prominently used in a Goldman Sachs report from 2003, which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers.” - http://www.investopedia.com/terms/b/bric.asp

Political * Being a communist country means Chinese consumers feel forced into supporting Chinese brands as a pose to UK brands. | Economical * According to the latest government figures, growth picked up to 7.9% in the final three months of 2012, from 7.4% in the previous quarter * China is a BRIC country and will soon be one of the leading economic powers | Social * Chinese workers are accustomed to a more hierarchical structure in which each person has a clearly defined role. * China have a population of approximately 1.344 billion * High demand. | Technological * Faster technological developments in china mean manufacturing in china can cut costs and save time * Use of the internet makes it simpler for information to spread from country to country | Legal * Tight waist disposal laws * The WTO’s presence in China has made it easier to export to China. | Environmental * Tight waist disposal laws * Geographical location compared to the UK |

M1: Compare how cultural differences and foreign business environments affect international businesses

Cultural differences between the UK and China | Impact upon Impossible Project | Despite communism, China are more inclined to buy from UK brands | Huge sales potential in China | China has a weeklong holiday during Chinese new year. Which is a very important holiday throughout china | Must not attempt to conduct business in China at this time. | China has a very non-confrontational culture. So it is considered disrespectful to cause disputes during business negotiations/talks. | Not accepting and taking action upon this could lead to business discussions ending. |

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