Provide a combined response to the statement answers below with a minimum of 125 words of substantive content and references cited in APA format. No copying and pasting of work previously done for someone else.
The Internet, social media, and e-commerce are opening the world for global trade. Discuss the importance of using the Triple Bottom Line to ensure socially responsible treatment of today’s global stakeholders. Next, discuss whether or not you believe that there is a need for international oversight and legal action. Explain your position.
The triple bottom line focuses on people, planet, and profit. Companies have to realize the actions that take place with a company could very well affect those who are around them. Triple bottom line keeps things on a level playing field and allows them to be successful. It respect on three different levels. When all of these are taking in consideration they will produce more products and will also gain the backing of others.
I do feel it is important for international oversight. There are so many different ways that people can mishandle international funds and products. It should a method to the madness. When you look at the current news you are able to see how people are constantly trying to get over internationally.
Describe two (2) possible challenges you foresee for domestic companies that want to develop an international growth strategy. Next, discuss two (2) challenges you believe domestic companies will face from global competition. Within your response be sure to speculate on the role that technology will play on global trade. Provide support for your response.
There are many challenges you would have to take under consideration when trying to develop an international growth. First you will have to choose the right country to expand to. There may be more than one choice to choose from, but that’s when you have to analyze the benefits for all before selecting. Another thing to consider is your human resources. You have to know how you will meet the manpower needed to operate the business. There will be proper training involved and you may have to send current employees to the country to help set things up.
Global competition will bring about challenges. One of the challenges they will face is the currency of their product. When you have a domestic company you they only have to worry about the current currency, culture, regulations, and tax system. When global competition will bring different cultures and currency. With the technology stand point, they may have times where the web speed will be off. Also, the level on competition will be more dynamic and complex. Meaning in the US the speed of the internet and technology will be faster/ more current than the rest of the world.