Global Business Environment Impacting the International Business

Term Paper

Submitted by:
Neha Jaiswal
MBA, 4th trimester

Submitted to:
Rahish Lal Shrestha
Lecturer

Ace Institute of Management

Kathmandu, Nepal
February 14, 2024
Contents
Introduction ..................................................................................................................................... 3
Globalization Trends Reshaping Business Models......................................................................... 3
Political Factors Creating Risks ...................................................................................................... 5
Economic Environment Shaping Business Financing & Costs ...................................................... 6
Sociocultural Forces Shaping Management Approaches & Demand Patterns ............................... 7
Technological Forces Enabling Innovation and Agile Coordination ............................................. 8
Geopolitical Shocks Reshaping Strategies...................................................................................... 9
Legal Environment & Regulatory Shifts ...................................................................................... 10
Regional Dynamics Fostering South-South Trade ....................................................................... 11
Demographics Transforming Consumption.................................................................................. 12
Conclusion .................................................................................................................................... 13
References ..................................................................................................................................... 14
Introduction
Companies operating in the 21st century are confronted with a global environment that is growing
more complex, interconnected, and adaptable as the level of cross-border unity increases.
According to Li & Oh (2016), when businesses expand outside their domestic markets, they must
be able to adjust to the changing external environment in various locations. This allows them to
devise new strategies and maintain their advantage over their competitors (Li & Oh, 2016). It is
nevertheless essential for company executives who are exploring the possibility of expanding their
operations to other countries to ensure that their management methods are in sync with the shifting
cultural dynamics, technological advancements, alterations in the legal and regulatory framework,
and the economic climate.
The purpose of this research article is to investigate whether aspects of the global business
environment have a significant impact on the opportunities, risks, and decisions that multinational
businesses in a variety of fields make. Political contexts that demonstrate stability, regime changes,
and risks; demographic compositions; sociocultural factors such as consumer demand patterns;
values that shape work cultures; and technological advancements that allow people to connect are
some of the areas that are examined. Economic systems and policies, such as monetary regimes,
trade agreements, and financial markets, are also studied. We also look at recent global events,
such as the COVID epidemic, the continuing conflict between Russia and Ukraine, and growing
pricing pressures, to demonstrate how essential it is for companies to have the ability to adapt and
remain resilient in the face of difficult circumstances.
Comprehensive research shows how intricate and varied transnational environments are in
globalization. Intelligent individuals who oversee strategic planning are required to be always on
the lookout for fresh chances and inventive approaches to addressing significant challenges. They
can do this by working together in ways that take into account the needs of the local community,
the standards of the worldwide community, and the profitability of the enterprise over the course
of the long term.

Globalization Trends Reshaping Business Models

Over the past few decades, globalisation, measured by rising foreign direct investment (FDI) and
cross-border trade flows and facilitated by supranational organisations like the World Trade
Organisation (WTO), has increased the interconnectedness between developed and emerging
economies (Demir et al., 2021). Globally, the stock of foreign direct investment (FDI) grew from
$1.3 trillion to 2022, which is indicative of a deepening of economic integration. This growth
occurred during the years of 2022 and 2022. Recent research shows that trade liberalisation
increases economic growth by an average of 1.0 to 1.5 percentage points, resulting in 10 to 20 per
cent higher income after a decade. Since 1990, trade has increased incomes by 24 per cent globally
and by 50 per cent for the poorest 40 per cent of the population. Economic growth underpinned by
better trade practices has lifted more than 1 billion people out of poverty since 1990 (Overview,
n.d.).
The advancements that have been made in transportation, information, and communication
technology have significantly reduced the amount of time and distance that is required for
multinational communication and business. Examples of organisations that make use of digital
technologies to give value proposition arrays that include goods, services, platforms, logistics, and
infrastructure solutions to clients all over the world include conglomerates such as Amazon and
Globe (Der Zwan, 2023). The focus on maximising shareholder wealth, on the other hand, is in
opposition to the worsening income inequality that is occurring across the globe because of
globalisation. This contributes to the proliferation of anti-globalisation attitudes, which include
concerns about cultural homogeneity, labour exploitation, and loss of sovereignty among
opponents who advocate for more humanistic models that strike a balance between profitability
and social welfare via suitable rules and corporate ethics.
Despite the increased competition, prioritising efficiency improvement and innovation has become
important to achieve competitive positioning (Hidayat, 2022). Firms can continuously create
capacities with the assistance of emerging networked organisations, which are supported by
national innovation ecosystems and research and development networks. According to Cricelli et
al. (2021), there are several ways to exploit the collective intelligence of a group of people,
including crowdsourcing, open innovation platforms, and university links (Cricelli et al., 2021).
However, changes that are tailored to the requirements of the community must be guided by
contextual awareness. In reaction to ecological concerns and social imbalances that have been
worsened by capitalist globalisation that is devoid of existential considerations, businesses are
altering their objectives to include sustainability partnerships, impact investment funds, and
circular economic projects.
Political Factors Creating Risks

The policy environment and the security of the government are all factors that have an impact on
the costs, supply consistency, and strategic flexibility of businesses that operate in an international
context. Even though anti-globalisation politics have gained popularity in recent years and have
caused people to become more patriotic, tariffs and other trade obstacles have a direct impact on
market access (Antiglobalization | Social, Economic & Political Impact, n.d.). Over eighty billion
dollars in assistance was provided by governments all over the globe to local businesses to assist
them between the years 2018 and 2012. However, non-economic objectives such as wage
legislation, environmental norms, and data privacy can also restrict the alternatives available
throughout the value chain (Kumar et al., 2023).
Overnight, the laws and standards can be completely altered because of power transfers that occur
outside of the law during rapid regime transitions and coups. In the year 2022, the government of
Venezuela announced that it would seize the locations of businesses that did not want to
manufacture counterfeit medications domestically. Clearly, this demonstrates that policy is not
always easy to understand. (Buxton, 2017). When it comes to management planning, it is essential
to try to strike a balance between the requirements of the dominant state and concerns about the
pressure from the government. It is found that extreme anti-business measures are unlikely to be
successful. The recent revocation sees this as obsolete legislation, such as Indonesia's, which
mandated businesses to relocate their premises. Additionally, fresh demands for seizure from
communist leaders in South America demonstrate that such changes are difficult to implement
(Craig et al., 2018).
The most significant concerns stem from violent conflicts, terrorist acts, and political
unpredictability, all of which have the potential to halt production and put workers at risk. This
was the case during the demonstrations that occurred during the Arab Spring, as well as the loss
of one billion dollars to multinational businesses in Egypt. The use of sanctions and trade disputes
also makes it more difficult to react. More than 600 enterprises have left Russia because of
sanctions connected to the war on Ukraine (Miadzvetskaya, 2022). As an example, a number of
U.S. and Japanese automobile manufacturers have reduced their interests in Russia. In the case of
McDonald's sale of ownership rights to Russian bidders, any later arrests can entail irreparable
loss that extends beyond the measured assets involved. It is important to note that this underlines
the worldwide dangers that are associated with the desire to develop abroad (McDonald’s, Russia,
and the Territoriality of IP Rights, 2022).

Economic Environment Shaping Business Financing & Costs

Countries that transition between socialist, communist, capitalist, and mixed economic systems
have direct consequences on the ways in which enterprises can access them, how they are
controlled, and how they are rewarded (Capitalist Vs. Socialist Economies, 2023). Within the
context of capitalist economies, there are also variations in the extent to which the government is
involved in the development of state programmes, the size of the public sector, and the amount of
money spent on assistance. In addition, structured adjustments to taxes, investment, and gender-
inclusive finance laws have the potential to significantly modify business possibilities to rectify
the unjust treatment of disadvantaged groups in the past, such as women entrepreneurs and racial
and ethnic minorities.
The expansion of financial markets, interest rates, and the stability of currency rates all have a
direct influence on the budgets and costs of agreements, as well as the expenses of importing
products and obtaining inputs for multinational corporations. To mitigate currency risks,
executives in charge of finance must collaborate with human resources, operations, marketing, and
strategy to devise hedging instruments, localise currency transactions in blockchain contracts so
that domestic currency is preferred, and use floating exchange rate denominations in international
business agreements (How Do National Interest Rates Affect Currency Values and Exchange Rates
2022).
The actions of the central bank have a significant influence not only on the way individuals get
access to money, their discretionary income, and their capacity to produce things but also on the
economy, the employment rates, and the levels of market demand that enterprises are dependent
on. Over the last decade, the United States, the European Union, and Japan have all experienced
periods of quantitative easing and low-interest rates, which have encouraged firms to invest and
credit flow. Even though balanced measures assist in guaranteeing long-term growth in production,
governments in developing countries are being forced to restrict the money supply by hiking
interest rates because of excessive inflation. As a result, there is a clear connection between
corporate trends (How Central Banks Control the Supply of Money, 2022).
It is nevertheless essential to have a thorough understanding of the particulars to make the most of
the many advantages that are available in various locations. For instance, structural changes in
China and South Korea are expanding the scope of social security to increase the amount of money
that households spend. The unified payments interface in India has made it feasible for eighty per
cent of the owners of 89.5 million accounts to make mobile payments. This includes those who
had never previously held a bank account. Because of this, managers of businesses need to be
proactive and aware of their surroundings (Cashless et al., 2023).

Sociocultural Forces Shaping Management Approaches & Demand Patterns

The early socialisation that occurs in families, schools, and other social institutions plays a
significant role in the formation of national cultures. These societies instil in their members a set
of values, beliefs, and behavioural standards that they internalise and use as a basis for determining
how they should conduct themselves. These values, beliefs, and norms are highly mirrored in the
interactions that take place in the workplace regarding leadership, motivation, and decision-
making methods across regions, as well as via the dynamics of teams and the communication
strategies that are used. In contrast to the Japanese people, who place a higher priority on unity,
respect for authority, and communicating indirectly when they can disagree, Americans place a
higher value on desire, independence, and directness. Companies in India that outsource
technology take advantage of their common heritage of colonial administration to establish
connections with customers in the United Kingdom (TERZIEV, 2022).
Global organisations must have fair glocalisation human resource management policies that allow
them to keep the company's objectives and aims in mind while also being conscious of racial and
cultural disparities. This is because cross-cultural differences imply that global companies need to
have these policies. According to Drysén (2021), a method of adaptation that is measured and takes
into consideration the danger of cultural imperialism also serves to prevent the loss of cherished
traditions in developing nations (Drysén, 2021). It costs money for the Spanish clothing store Zara
to study customers in Mexico, China, India, and the Middle East to learn more about their size
needs, buying habits, yearly changes in demand, and personal style choices. This helped them
better plan their goods and make their shops look better in these places with a lot of different
ethnicities, which eventually made them more famous.
Using global branding strategies that focus on signature elements, trademarks, and slogans that
appeal to everyone's sense of style and class, multinational companies such as Coca-Cola,
McDonald's, and Samsung are very good at using these strategies. In addition, these companies
make country-specific changes to product flavours, ingredients, pricing levels, and advertising
stories that appeal to local cultural values. When companies align their services and procedures
with the underlying social and cultural realities in this manner, they can successfully create
significant connections and cater to the requirements of a wide variety of groups.

Technological Forces Enabling Innovation and Agile Coordination

Machine learning, blockchain technology, the internet of things, augmented reality and virtual
reality, sophisticated robotics, additive manufacturing (also known as 3D printing), and analytics
programmes that make use of large amounts of data to get insights are all examples of
digitalisation. These many technologies are advancing at a rapid pace and are having a significant
influence on competitiveness in every sector. Cloud platforms foster the development of new ideas
by making it simple for app developers to test such ideas in a short amount of time. On the other
hand, blockchain technology builds trust by letting people do business with each other across
foreign borders clearly and cannot be changed (Hyung et al., 2017).
This makes the supply chain more resilient and improves customer experiences through
personalised suggestions and automated grievance redressals. Machine learning algorithms are
used to match supply and demand levels precisely, and predictive analytics are used to see what
will happen. Incorporating artificial intelligence into operational processes around inventory
allocation makes the supply chain more resilient. Global teams who are operating in separate time
zones can more easily collaborate successfully when they are able to use digitally enabled agile
collaboration. On the other hand, automation eliminates employment that belongs to the middle
class in growing economies. This necessitates the implementation of policies that encourage the
distribution of wealth and put an end to the loss of jobs at this time.
PESTEL models, which stand for political, economic, social, technical, environmental, and legal,
are examples of environmental analysis methods that assist businesses in determining the
opportunities or challenges that arise from external elements that they are unable to control.
Startups can find niche gaps by artistically combining modern technology with people's wants and
needs by looking at a bigger range of situations. The markets are continually shifting and growing
more competitive, and technology is rapidly upending old value chains. As a result, established
businesses need to continue seeking out new perspectives on their strategic planning. It is
beneficial for organisations to have adaptable talents that enable them to explore daring new ideas
while simultaneously making use of their existing strengths. All of these are important leadership
tasks in business ecosystems that are becoming increasingly technology-driven, where scale and
agility are required to remain in business. Adopting archetypal customer categorisation,
coordinating between multiple businesses, and utilising technology for competitive advantage are
all examples of these types of tasks.

Geopolitical Shocks Reshaping Strategies

Large-scale geopolitical events, such as the current conflict between Russia and Ukraine, as well
as trade conflicts between the United States and China and the worldwide pandemic that occurred
before it, have a great deal of a negative impact on the lives of many individuals and the economy.
They disrupt the flow of commerce, cause shock waves to travel across interconnected markets,
and result in a decrease in investor confidence. Due to political upheaval and a shortage of
batteries, Tesla has decided to cease exporting automobiles to China. While this was going on,
Apple established manufacturing facilities in Vietnam and India to reduce its reliance on
production in China.
On the other side, the Regional Comprehensive Economic Partnership (RCEP) deal made it
possible for Australian agrifood exporters to increase their presence in new countries, such as
Japan, South Korea, and Malaysia, where levies were reduced. While this was going on, sanctions
imposed by the West made it simpler for Russia and China to collaborate on projects involving
energy infrastructure and wheat exports. In addition, modifications to taxation, business licences,
and crisis response programmes are of utmost significance in deciding the way the economies of
emerging countries such as South Africa will recover after the epidemic. On the other hand,
Jamaica's recovery is being dragged down by issues.
Scenario analysis is a useful tool for making predictions since it illustrates the many possible
outcomes of significant events that can fundamentally transform corporate settings. Having backup
plans for things like different suppliers, additional inventory, priority shipments, multi-country
nodes that can handle high volumes, constructing a cybersecurity infrastructure, establishing
priorities for small markets, controlling prices, and strategically communicating with the public
can be helpful in dealing with issues and maintaining a high level of trust. Despite this, the fact
that Renault, Starbucks, PwC, and Yum Brands all left Russia after being subjected to criticism
and criticism from the public demonstrates that values can be more important than revenues under
severe circumstances. Even after years of hard work, since policies are not always predictable, the
taking away of property is another example of the dangers that are associated with
internationalisation plans (Scenario Analysis – Predictive Analytic Approach and Crafting
Options).

Legal Environment & Regulatory Shifts

Businesses are required to constantly comply with international regulations as well as local laws
regarding a variety of topics, including taxation, privacy, the environment, and workers'
conditions. Failure to comply with the requirements can result in the imposition of penalties.
According to the new regulations governing e-commerce in India, which were implemented in
2022, online businesses are prohibited from selling items that are manufactured by firms in which
they have interests. Complaints that Amazon and Walmart's Flipkart preferred private label items
necessitated structural adjustments, which led to this action being taken to ensure that competition
was fair (Zühlke, 2019).
Alterations are also made to governance policies to address difficulties with ethics. When it comes
to user content, for instance, the 2021 Media Bargaining Code in Australia makes it simpler for
news publishers to negotiate terms with Google and Facebook. The agreements made after COP26
show that policies are becoming more sustainable by including environmental, social, and
governance (ESG) factors in required structures for openness and business responsibility in several
countries. Nevertheless, these frameworks need to be adapted to the specific needs of the
organisation because of the varying degrees of strictness that they possess.
There are additional dangers associated with multiple legal systems, which can make things more
complex and should be simplified. Multinational corporations confront these risks. Laws
concerning data privacy and cross-border data transfers, localisation requirements such as Russia's
Internet sovereignty law that requires foreign technology companies to open local offices, and
China's limitations on the sharing of classified data abroad are all factors that contribute to an
increase in digital protectionism. It is more difficult to incorporate cloud technologies, customer
relationship management systems, and data because of this. Regional regulations that conflict with
one another also place limitations on the implementation of unified systems for product
specifications, chemical components, carbon standards, and labour rights. The likelihood of
criminal damage is increased when many policies are both different and confusing.
When other nations cross a country's borders, it can be more difficult to enforce strict regulations
such as anti-competition legislation, tax codes, and punishments. The European Union (EU)
enforced sanctions against Apple, Google, Intel, and Qualcomm, which resulted in the situation
above. Nevertheless, in a world where shareholder action is expanding, it is essential to ensure that
ethical conduct is still relevant. Private norms of conduct for ethical AI techniques have been
developed by organisations such as the Organisation for Economic Cooperation and Development
(OECD) and Ethical Minds. These are the efforts that businesses are making to demonstrate that
they can be trusted. The inclusion of compliance into operating strategies and site decisions based
on legal risks is eventually required, however, since binding rules are not optional (Press et al.).

Regional Dynamics Fostering South-South Trade

Several regional trade blocs, including BRICS, ASEAN, AfCFTA, USMCA, and the Pacific
Alliance, are aiming to deepen their economic relations by harmonising norms, providing tariffs
that are cheaper or nonexistent, collaborating on immigration concerns, constructing infrastructure
together, and developing partnerships for the flow of data. As a result, this setting is conducive to
operations that involve many countries. Interactions between different corporate groups operating
in the same region Over thirty-five per cent of all commerce in Asia and Africa is comprised of
increasing relationships between enterprises in developing nations. This constitutes roughly the
same amount of trade as that which occurs between emerging countries and industrialised ones.
This demonstrates that there is a significant amount of space for South-South collaboration via the
introduction of franchise models, corporate partnerships, and the integration of e-commerce (Trade
Integration in Africa:2023.).
Growth is made feasible by preferential taxation. Vietnam and South Korea, for instance, have
entered into commercial agreements with Russia and Kazakhstan, both of which are members of
the Eurasian Economic Union. These deals make it possible for clothing, technology, and farm
goods to get into these big markets. Specific economic zones (SEZs), like the $500 million China
Zhongshan SEZ manufacturing park in Indonesia, also make investments more likely. This park
allows companies that produce electronics and clothing for export to other countries to be
established in Indonesia by reducing regulations on land, utilities, and taxes. On the other hand,
issues like conflicts, delays at the borders, a lack of infrastructure, and excessive administration
expenses. Changes in trade relaxing policies and systems of dispute resolution are required to
facilitate commerce within the region.

Demographics Transforming Consumption

Changing global demographics, including growing middle classes in developing markets, longer
life spans, and an age problem in Japan and parts of Europe, create huge possibilities for spending
but also make healthcare more expensive for everyone (Minowa & Cameron, 2022). Baby boomers
in the West who are retiring spend a lot of their extra money on fun activities, high-class travel,
and financial services. In contrast, East Asians want useful foods and health goods that will help
them live longer.
The buyback wave in fashion retail is being driven by Gen Z teens, who value circularity more
than ever, and digital natives who buy and sell on social media, which shows a shift from old
business models. Much power lies with young people in China when it comes to the couch culture
that spreads viral media. A lot of tech-savvy, English-speaking Indians under 35 years old are a
useful group of people that Accenture, Expedia, and JPMorgan are all using for outsourcing.
People in Brazil, Mexico, and the Philippines are also skilled and cheap enough to work as business
process servers.
Urbanisation is making it easier for businesses to reach more customers. This is happening at the
same time as specific policies like China's recent property tax breaks and rewards to bring skilled
workers to the country's backward inland regions and regional satellites, which also help smaller
towns. However, the risk of housing not being affordable, discrimination, and low wages for jobs
that are not digitally based means that regional growth needs to be managed. Tracking changes in
demographics helps with choosing production sites, talent hubs, and target markets.
The fast rate of innovation cycles, changing policies around the world, and the huge risks that
climate change, global health threats, and international conflicts pose make the business world
complicated and unclear. In this study work, the main factors that affect the outside world of global
companies were looked at. When you look at the pros and cons of different economic conditions,
political systems, cultural differences, legal and regulatory frameworks, and population groups,
you can better align your priorities, come up with entry strategies, and find quick ways to work
together to stay ahead of the competition around the world. As change becomes the norm,
establishing strategic planning, in-house skill development, and joint networks can help protect
possibilities during tough times by promoting resilience and values-driven decision-making that
creates long-lasting shared value.

Conclusion

In conclusion, this report investigates several aspects of the global landscape that make up the
external environment and have an impact on multinational corporations. The ever-evolving
economic, political, and cultural components provide both advantageous opportunities and
dangerous threats. This is because global integration relates to unpredictability and may be
associated with potential perils. Additionally, some chances are favorable. Maintaining a
competitive edge requires synchronising management approaches to increase preparation. It is
necessary to be able to seize opportunities and triumph over challenges to keep one's competitive
edge. Both aspects can be accomplished through the utilisation of this. It is of the utmost
importance to have a complete comprehension of the characteristics that are associated with any
region or country. Alterations that are sensitive to circumstances and the search for a balance
between standardisation and customisation are also of the greatest importance. It is of the utmost
necessity to make these changes. This is very important to accommodate a wide range of customer
preferences and to fulfil the demands of a large variety of stakeholders. This is particularly true
when one considers the substantial variations that are present in a number of different
marketplaces. When it comes to resolving conflicts that arise between the objectives of businesses,
the needs of certain situations, and the duties of diverse communities, the establishment of sturdy
and morally upright systems that are founded on humanistic principles has the potential to be an
effective solution. This is the case because these systems are based on people. In order for
organizations to progress in their trajectory, they need to have the ability to cross geographical
borders and build a feeling of closeness that is founded on trust in them.
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