Globalization is a synonym for international integration whereby businesses operate in an internationally unified society. Globalization has greatly aided the management in growth and expansion of business from one country locality to another. With the improvement in technology for production and communication, and the means of transportation international business has being greatly enhanced.
As firms engage into the international business, the management must understand the political, economic, social, technology and cultural settings forms and the internal environments that influence and affect the way business is conducted since they determine the success of a business or failure. Furthermore, the political policies adopted by contemporary government favors an open economy, where organizations from other countries can have free entry and exit into the country to transact business and invest. Many governments have gone ahead to set the political environment to interest would be investors to come in.
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