International Business Practicum in Marketing Dynamics Unit 1, Lesson 1 Copyright © Texas Education Agency, All rights reserved

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Goals The student will be able to analyze the impact of an international economy on business activities The student will determine the impact of multiculturalism and multigenerationalism on business activities. Copyright © Texas Education Agency, All rights reserved

Terms Imports Exports Globalization Trade agreements Multinationals Cultural Factors Economic Factors Political & Legal Factors Culture Multiculturalism Multigenerationalism Copyright © Texas Education Agency, All rights reserved

International Business Imports – good or services that are purchased by one country from another country. Exports – goods or services that are sold by one country from another country. Copyright © Texas Education Agency, All rights reserved

International Business Trade Agreements are made by two or more countries that establish guidelines for international trade and to setup trade alliances. – NAFTA – North American Free Trade Agreement Copyright © Texas Education Agency, All rights reserved

International Business Multinationals are companies that have operations in foreign countries. – McDonalds – IKEA – Coke-Cola – WalMart Copyright © Texas Education Agency, All rights reserved

International Business Cultural Factors are differences in language an culture that make international business more challenging – Language – Values – Customs Copyright © Texas Education Agency, All rights reserved

International Business Economic Factors must be considered when considering starting up a business in a foreign country. – Infrastructure – Labor – Taxes – Currency exchange – Standard of living Copyright © Texas Education Agency, All rights reserved

International Business Political and Legal Factors – Type of political system – Governmental policies – Government stability – Nationalization Copyright © Texas Education Agency, All rights reserved

International Business Technological Factors – Technology has changed the way people get involved in international business. Internet Cell phones Computers Copyright © Texas Education Agency, All rights reserved

International Business Culture is a system of learned, shared, unifying, and interrelated beliefs values, and assumptions. – Learned through Home School Religious institutions Copyright © Texas Education Agency, All rights reserved

International Business Multiculturalism is the appreciation, acceptance or promotion of multiple cultures in a society. Copyright © Texas Education Agency, All rights reserved

International Business Multigenerational is having several generations living and working together. – Baby boomers ( ) – Generation X ( ) – Generation Y ( also known as millennials) – Generation Z (early 90’s to present – net generation) Copyright © Texas Education Agency, All rights reserved

International Business Country Expansion Project – You are an employee of a business that wishes to expand into the international market to research the country to which your business is hoping to expand. Culture Political and Legal Government Technology Copyright © Texas Education Agency, All rights reserved