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Technological abundance

In fact, conducting international business is really not like playing a whole new ball game, however, it is like playing in a different ballpark, where international managers have to learn the factors unique to the playing field. Managers who are astute in identifying new ways of doing business that satisfy the changing priorities of foreign governments have an obvious and major competitive advantage over their competitors who cannot or will not adapt to these changing priorities. The guiding principles of a firm engaged in (or commencing) international business activities should incorporate a global perspective. A firm‘s guiding principles can be defined in terms of three board categories products offered/market served, capabilities, and results. However, their perspective of the international business is critical to understand the full meaning of international business. That is, the firm‘s senior management should explicitly define the firm‘s guiding principles in terms of an international mandate rather than allow the firm‘s guiding principles in terms as an incidental adjunct to its domestic activities. Incorporating an international outlook into the firm‘s basic statement of purpose will help focus the attention of managers (at all levels of the organization) on the opportunities (and hazards) outside the domestic economy.