This topic aims to provide students with an introduction to the field of international business. To achieve this, the topic deals with the background and rationale for globalisation so that students understand the behaviour and perspective of the numerous parties involved in the process. It also describes the international business environment firms encounter when they take their business abroad, including the role of global organisations and the differences between countries' political, economic, cultural and legal environments. In addition, the topic outlines the range of foreign business entities firms are likely to encounter in various foreign markets and highlights the unique problems associated with undertaking international business.
Overall, the topic aims to reduce the psychic distance students hold to foreign markets. The topic's intent is to provide students with a balanced view of globalisation and an understanding of international trade theory, cultural theory, the rationale behind regional economic integration, foreign direct investment, and the international monetary system. At a micro level, the topic also aims to provide students with an appreciation of global production, global logistics, global marketing, exchange rate issues and entry strategies associated with foreign markets. An understanding of how to deal with these issues and the differences in the business environments found in various regions and countries around the globe is an important objective of the topic.
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