How international business is different from domestic business?
Answers
Domestic Business - Domestic business refers to trade transactions within a nation's borders. ... Different from International Business, Domestic business pertains to a limited territory. Though the firm has many business establishments in different locations all the trading activities are inside a single boundary.
Answer:
Domestic Business
Meaning: Domestic Business refers to business transactions within the geographical boundaries of a country.
Participants in Business: People/ organisations within the country can participate in business activities.
Scope of Market: The scope of market is limited to national boundaries of a country.
Currency used: Currency of domestic country is used.
Mode of Transport: Goods are transported by roadways or railways.
Nature of Consumer: Consumers are relatively homogenous in nature.
International Business
Meaning: International Business refers to business transactions beyond the geographical boundaries of a country.
Participants in Business: People/ organisations outside the country can participate in business activities.
Scope of Market: The scope of market is very wide and extends beyond the boundaries of a country.
Currency used: Currencies of foreign countries are used.
Mode of Transport: Goods are transported by airways or waterways.
Nature of Consumer: Consumers are relatively heterogeneous in nature.