International Management Essay Example | Topics and Well Written Essays - 3000 words

International Management - Essay ExampleSo what challenges do international firms face in a world-wide marketplace? What is the nature, and constituent of INRP that impact international businesses? This essay explores the diverse elements of INRP in terms of the political, economic, cultural, ethical, and social environment prevalent in divers(prenominal) countries and analyses their impact on businesses with examples drawn from different countries, and trade. This paper concludes with a concise summary of the emerging global challenges to international trade, and business imperatives to overcome them.Globalization has wide encompassing connotations. Whilst the economic integration of businesses has cursorily grown, the political, social, and cultural interfaces across the borders continue to pose challenges to international trade. With maturing economy, institutional transformations become inevitable.In the nascent or emerging phases, economies are often unpredictable and volat ile (Meyer, 2001, pp. 357-367). Managing investment and capital in such a market without an understanding of the economic regulations, and trade practices, could turn nightmarish.Scott (2002) categorized the governing institutions as regulatory, normative, and cultural-cognitive. Formal institutions are often characterized by rules, policies, and enforcement laws. Informal institutions on the other hand, are woven around norms, values, and mental models peculiar to a particular geographic region, or rustic (North, 1994). Such classifications are often useful in international business management for purposes of market analyses.Five decades ago, Hall (1960, pp. 87-96) enunciated five factors that affect bonding of global businesses, which are relevant even in modern day times. Brief interpretations from Halls article in the Harvard Business review are summarised beneath-Nuances of time Time has its own silent interpretations across national boundaries. For instance, a delay