(An Individual Report on “International Business & Economics”)
A business research method is an analytical process with the support of which overall competency of a defined kind of organization or industry is strategically figured out in terms of market opportunity, the threat of rivalry, bargaining power of supplier & buyer, and risk for making a corrective strategy (Dougherty, et al., 2019). The research work has been carried out to make intensive research about international business and economics so that it might be understood what kind of strategy should be adopted to exploit the available market opportunity effectively. With the help of the research problem, initially, the research problem, as well as the research question related to the study, has been discussed along with highlighting relevant literature and the appropriate research methods which have been found effective in contributing the work has been explored.
Section 1: Comparison of Research Methodologies
Research Problem and Research Question
As per the classical theory of international business, the management of global corporate is required to understand and evaluate the nature, demand, and supply pattern of a particular kind of product within a given international market so that corrective business decisions might be made to meet organizational goal effectively (Chi, et al., 2019). The administration of global firms is facing difficulty in understanding the facts based on which they might make an effective decision regarding international business without facing any adverse effect from the global economy. Hence, the research problem of the work is the absence of in-depth insight about the importance of international business and economics within global firms due to which they are facing difficulty in exploiting the global market and for meeting the problem, the research work has been carried out using different research methodologies. The research question of the work has been mentioned as follows-
- What is international business and economics?
- How is understanding the balance of supply and demand of a product required for making an international business?
- What are the research methodologies which should be followed for having an insight into relevant kinds of factors related to international business and economics?
- What are the benefits and losses of the research methodologies used for getting an insight into international business and economics regarding the exploitation of a potential market?
Briefing about Relevant Literature
The first and foremost literature which has been selected for understanding the concept, as well as necessities of international business & economics, is “Managing uncertainty during a global pandemic: An international business perspective” and this has been written by Sharma, et al., (2020). The rationale behind the selection of the key literature source is that it has helped in understanding what the concept of international business is and how it is required to expand a business in the desired kind of foreign market. With the support of the literature work, it has been successful in getting the concept of supply and demand in the context of international business and economy as well as this has eventually helped in understanding why it is essential to survive in an international market. Apart from it, the key literature source has pivotally supported in having an insight that it is not possible to perform an international business until unless the culture, society as well as demographic behavior of the potential customers living in an international market is not evaluated.
Besides this, the second significant literature resource which has been selected and utilized for the research work is titled “Corruption in international business: A review and research agenda” and this has been written by Bahoo, et al., (2020). The first and foremost rationale behind the inclusion of the literature during the accomplishment of the work is that it has been helped in getting what kind of difficulties related to economy, politics and demographic structure, etc might be faced during executing an international business based on a global economy concept. With the support of the literature source, it has been possible to get that it is not feasible for the business head of an organization to expand its business in the international market until unless the buying behavior, demographic and cultural pattern of a targeted international place is not evaluated effectively. If the business head of a corporate is efficient in getting what kind of political, cultural, and societal issues might be faced by it during selling its product or services in an international market, then it will be successful in exploiting the available opportunity as well as economy effectively (Nambisan, et al., 2019).
For performing an international business, the business head of an organization needs to understand the economy of a foreign market as it will help in getting the paying and buying capacity of its potential customers. As per the principle of modern trade theory, for being a successful company in an international market, a firm is required to get an insight into the buying capability of targeted customers located in the foreign place so that its product might be sold efficiently to have a higher income (Sinkovics & Sinkovics, 2019). Apart from it, in an international market, if the economy of the nation will be inflated, then it would not be possible to expand the business of a firm effectively as it will not be successful in selling its products efficiently and this will eventually reduce its performance. The third literature which has been adopted for understanding international business and economics is titled “De-globalization: Theories, predictions, and opportunities for international business research” and this has been written by Witt, (2019). The rationale behind the usage of the literature source in the accomplishment of the research work is that it has helped in getting that a business entity needs to get the gap between demand and supply of a targeted product within an international economy. By having an in-depth understanding of the supply and demand situation of a product within an international economy, the administration of a legal entity will be successful in developing its product-related marketing strategy accordingly and this will eventually help in expanding its business in international territory.
Critical Evaluation of at Least Two Well-Used Research Methodologies
Research methodology is a strategically defined kind of approach with the support of which relevant and valuable kind of information related to a targeted research topic is tactfully collected, compiled, evaluated, and interpreted to meet defined kind of research objectives effectively (Oliva, 2019). The three types of research methodologies that have been strategically used in the selected literary works are observational, simulation as well as experimental, and this has eventually been discussed as follows in the context of understanding international business and economics.
According to Carr, et al., (2020), an observational research methodology is a fundamental approach in which relevant kind of data related to research work is collected by observing respective activity without involving in it so that effective inferences might be figured out. In the first literature work which has been written by Sharma, et al., (2020), the observational methodology has been applied by reviewing the ongoing international business process of a firm like Bentley. The internal and external operational process which has been adopted by a firm to expand in an international business has been reviewed with the support of observational research methodology and in this method, it has been evaluated what facts of international economy it has considered during international trade. On the contrary, Dobrosavljević & Urošević, (2019) stated that a simulation-based research methodology is an advanced approach with the support of which the situation of a defined kind of phenomenon is created imaginary using technology and relevant pros and cons are figured out. The simulation kind of research methodology has been followed in the key literature work which has been written by Bahoo, et al., (2020). The simulation kind of research methodology has been implemented by Bahoo, Alon, & Paltrinieri regarding international business and economy through executing a particular kind of international business with a defined kind of administrative, demographic, financial, and cultural constraint.
Apart from it, the political and social environment which are required for performing a business of a particular kind of product or service in a targeted international market has been developed through AR (Augmented Reality) and VR (Virtual Reality) (Sharma, et al., 2020). By creating a simulated international business environment, it has been possible for Bahoo, et al., (2020), to have an in-depth understanding of how the international market will react if the desired kind of business process will be performed. In other words, the simulated kind of research methodology has been applied by creating an artificial international business environment by regulating defined kinds of trade-related constraints. According to Sousa & Rocha, (2019), an experimental research methodology is a systematic approach in which data regarding a defined kind of research topic is collected by performing a relevant kind of experiment with the support of respective participants so that appropriate references might be figured out. The experimental kind of research methodology has been applied by Witt for understanding how international business and economics is required to understand before conducting international trade in a foreign market and how demand, as well as supply evaluation, works in exploiting the market. For applying an experimental kind of research methodology, a practical kind of international trade activity has been performed in a targeted international market by involving the desired number of participants and this has eventually helped in getting how international trade works.
Deployment Process to Provide Worthwhile Contribution to the Research and Theory
According to Tregaskis. & Brewster, (2016), the research head and management of an organization are required to select and deploy such kind of research methodology using which relevant and valuable information related to the research topic might be collected effectively to meet the research objective. The first and foremost research methodology named observation methodology which has been deployed by Sharma, et al., (2020) to understand the concept of international business as well as economics has helped in getting how a real organization works in an international market. Apart from it, with the support of the research methodology, it has been successful in collecting data related to the facts and constraints which are required to be considered to expand a business in an international market and this has eventually assisted in getting the principles of international trade. As per the principle of international trade theory, the business head of an organization is required to evaluate the internal and external factors of a particular segment of the targeted industry so that it might be figured out whether a defined kind of business might be performed effectively in the international market or not. On the other hand, using observation kind of research methodology, it has been feasible to find all potential factors like politics, consumer behavior, economic situation and the gap between supply and demand of particular kind of product and this has eventually helped in meeting fundamental of the respective theory.
As per the classical theory of international trade, the business head of an organization is required to identify the buying pattern and changing buying capacity of the targeted consumers of a nation along with its economic situation as it plays an integral part in driving the performance of an international business (Tregaskis. & Brewster, 2016). With the deployment of simulation kind of research methodology in the research article titled “Corruption in international business: A review and research agenda”, it has been found that for performing an international business, it is required to understand how efficiently required kind of financial resourced might be sourced effectively. Apart from it, the research methodology has supported in developing a simulated environment including all possible kinds of constraints which are usually faced while executing an international business and this has eventually played an integral part in getting that it is required to identify as well as curb irrelevant factors to succeed. It means that with the help of simulation kind of research methodology, it has been possible to meet the fundamental of the classical theory of international business and economies through carrying out a business in a simulated environment.
On the other hand, the experimental kind of research methodology which has been implemented in the journal article written by Witt, (2019) has supported in getting exposure of conducting an international business in the real international market by involving all possible kinds of customers and environment constraints. As per modern trade theory, an organization is required to understand the economic situation of an international market so that it might be finalized whether a particular kind of product might be sold in the targeted foreign market or not and this eventually assists in making a competitive business decision (Verhoef, et al., 2021). With the support of experiment-based research methodology, it has been successful in getting how the factors like inflation, the number of suppliers, and the threat of rivalry play an integral part in deciding the success rate of an international business expansion and this has eventually assisted in meeting relevant theory.
Gaps and Opportunity
From the evaluation of research methodology titled “Observation Research Methodology” adopted in the journal article named “Managing uncertainty during a global pandemic: An international business perspective”, it has been found that only a few international markets-related business environments have been evaluated. With the help of the observation-based research methodology, the potential kind of environmental factors located in a different part of the world has not been evaluated due to which the possibility of generalizing the derived concept of international business & economics can not be generalized from a global perspective. In other words, there is a gap in deciding the area of data collection while implementing observation kind of research methodology and this gap might be exploited as an available opportunity by implementing a wider observation-based data collection methodology (Dobrosavljević & Urošević, 2019).
On the other hand, in the case of simulation kind of research methodology which has been implemented by Bahoo, Alon, & Paltrinieri, (2020) in the respective journal article, it has been found that the real kind of scenario like goods returns and bad debt, etc has not been included in the process. The outcome of exclusion of those environmental scenarios which are substantially found within an international business environment from simulated research methodology has reduced its efficiency in terms of generalizing its outcome in a global range and this gap might be used as an opportunity for future research work. Apart of it, from the interpretation of experimental research methodology, it has been noticed that Witt who has used it in the journal article named “De-globalization: Theories, predictions, and opportunities for international business research” has performed an international business-related practical activity in a certain territory only. The result of the conduction of a practical kind of data collection method for having an insight about the research “International Business and Economics” is that it has not been possible to have an insight about other foreign markets and this has eventually increased its gap in terms of result generalization. The identified research gap available within experimental research methodology might be used as an opportunity to conduct a practical international business activity for collecting relevant data effectively so that its outcome might be generalized efficiently.
Pros and Cons of the Research methods
The primary advantage of the Observation kind of research methodology is that it has supported the researcher in collecting data related to international business and economics in both qualitative and quantitative manner without any quality variance (Tregaskis. & Brewster, 2016). On the other hand, the disadvantage of the research methodology is that it has not empowered in gathering the opinion of corporate located in a different part of the world regarding entry and the operational issue of firms looking for executing international business. The advantage of the simulated kind of research methodology is that it has played an integral part for researchers in creating a simulated international business environment as per real market-related operational constraints and this has eventually assisted in understanding the working mode of international business and economics. The limitation of simulated research methodology is that it has not included real-life-based constraints like product return and consumer complaint in its simulated international business activity and this has eventually reduced efficiency in getting how the business module works from a global perspective.
Section 2: Instrument and Conclusion
Research Instrument and Reflection
The research instrument I have used in the paper to identify the different traits of international business and economics is the secondary data collection from authentic articles. I have selected the articles by reviewing the relevance of these with the research topic. Moreover, I have selected recent articles that have helped to ensure the reliability and validity of the literary sources.
The two methods I have selected in the research instrument are the observational and simulated methods. I have selected the observational method in this research to identify and analyse different aspects in the macro-environment of international businesses like the political, technological or economic aspects. Moreover, the observation-based research method has helped in this particular research to identify how the business functions of the international business firms make an impact on the economy (Dobrosavljević & Urošević, 2019). I have found it relevant to follow this research strategy to attain in-depth insight into the role of the leadership of different international businesses. The observational method has helped me to identify the ways successful leaders analyse the business environment in foreign countries before setting the business, which ensures the success of the business on a global scale. I have also been supported by the selection of the research instrument as the relevant articles have helped me to observe the leadership role in identifying the ratio of demand and supply of a product before positioning any specific product or service in the respective market. Furthermore, I have been supported by the observation study to identify the significance of the assessment of customers’ buying patterns in different countries before placing any product or services. Moreover, I have found this method useful as it helps me to identify how this managerial decision helps international business firms to gain profitability.
I have also found the selection of the simulative research method in the research instrument as effective as it has helped me to recognise the roles and characteristics of global business firms in a simulative environment. I have been helped by selecting this method as it helps to identify the detailed way of the international business firms to achieve their business objectives in a simulative environment just like the international business firms. The real-world like environment has helped in making an assumption of real market-related operational constraints related to global business firms. Moreover, the simulative study has helped me to identify the possible impact of each business function and decision making in the international business companies on the different levels of the economy. Hence, I have found the research instrument very much effective to attain in-depth insight on the research topic.
From the evaluation of adopted research methodologies, the observation kind of research methodology adopted in one of the research articles has helped an integral part in understanding how the internal and external factors like politics, economy, and technology assist in deciding the success of an international business. Apart from it, the simulated kind of research methodology has assisted in having an in-depth insight about the mode of action and internal operational process of international business by creating a simulated environment and this has eventually helped in getting the exposure of international trade without acting it in reality. The comparative usage of observational, experimental, and simulated kinds of research methodologies might be utilized on a wide international territory to understand the concept as well as the functionality of international business from a global perspective.
Section 3: Research Dissemination
Relevance and Audience
From the evaluation of the research work, it has been found that the relevant kind of journal articles related to international business is depicting the importance of international business and economics from the perspective of global corporate only so that they might increase their reach effectively (Chi, et al., 2019). Hence, the findings of the research work titled “International Business and Economics” might be implemented for the corporate audience living in the urban and semi-urban cities of the world as it will help in empowering them the factors influencing their foreign trade and associated outcome.
Communication of Research
The first and foremost kind of media which will be required to disseminate the outcome of the research work titled “International Business and Economics” is portals and websites associated with the relevant industry in such a manner that different perspectives of international trade might be depicted in cause-and-effect format. Apart from the design of the research report should be in the form of a visually alarming format so that the targeted audience might get the concept of international business and economy effectively by understanding its mode of action in a visual format. For communicating the report, the editing, marketing, and business head of NGOs and companies dealing in international business will be partnered directly or indirectly.
It has been concluded on the interpretation of the research study that the management of an organization is required to understand the cause and effect of potential kinds of external as well as internal factors which might affect international business effectively so that corrective strategy might be developed effectively. Apart from it, it has been summarized that the economy of a targeted country or international market is required to be comparatively analyzed against the competitiveness of an organizational product so that an effective kind of business strategy might be developed effectively.
Bahoo, S., Alon, I. & Paltrinieri, A., 2020. Corruption in international business: A review and research agenda. International Business Review, 29(4), pp. 101-660; DOI : 10.1016/j.ibusrev.2019.101660.
Carr, C., ., R.-N. & Smith, S., 2020. Cross-cultural leadership adjustment: A strategic analysis of expatriate leadership at a British multinational enterprise. Thunderbird International Business Review, 12(1), pp. 22-29; DOI : 10.1002/tie.22176.
Chi, T., Li, J., Trigeorgis, L. G. & Tsekrekos, A. E., 2019. Real options theory in international business. Journal of International Business Studies, 50(4), pp. 525-553; DOI : 10.1057/s41267-019-00222-y.
Dobrosavljević, A. & Urošević, S., 2019. Analysis of business process management defining and structuring activities in micro, small and medium–sized enterprises. Operational Research in Engineering Sciences: Theory and Applications, 2(3), pp. 40-54; DOI : 10.31181/oresta1903040d.
Dougherty, M. R., Slevc, L. R. & Grand, J. A., 2019. Making research evaluation more transparent: Aligning research philosophy, institutional values, and reporting. Perspectives on Psychological Science, 4(3), pp. 361-375; DOI : 10.1177/1745691618810693.
Nambisan, S., Zahra, S. A. & Luo, Y., 2019. Global platforms and ecosystems: Implications for international business theories. Journal of International Business Studies, 50(9), pp. 1464-1484; DOI : 10.1057/s41267-019-00262-4.
Oliva, R., 2019. Intervention as a research strategy. Journal of Operations Management, 65(7), pp. 710-724; DOI : 10.1002/joom.1065.
Sharma, P. et al., 2020. Managing uncertainty during a global pandemic: An international business perspective. Journal of business research, 11(6), pp. 188-192; DOI : 10.1016/j.jbusres.2020.05.026.
Sinkovics, N. & Sinkovics, R. R., 2019. International business and global value chains. Handbook on global value chains. Edward Elgar Publishing, 12(1), pp. 22-29; DOI : 10.4337/9781788113779.00035.
Sousa, M. J. & Rocha, Á., 2019. Leadership styles and skills developed through game-based learning. Journal of Business Research, 9(4), pp. 360-366; DOI : 10.1016/j.jbusres.2018.01.057.
Tregaskis., O. & Brewster, C., 2016. Converging or Diverging? A Comparative Analysis of Trends in Contingent Employment. Journal of International Business Studies,, 13(2), pp. 101-126; doi: 10. I 057/palgrave.jibs.8400 174.
Verhoef, P. C. et al., 2021. Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 12(1), pp. 889-901; DOI : 10.1016/j.jbusres.2019.09.022.
Witt, M. A., 2019. De-globalization: Theories, predictions, and opportunities for international business research. Journal of International Business Studies, 50(7), pp. 1053-1077; DOI : 10.1057/s41267-019-00219-7.
The scope of the review of performed kind of literature titled “Business Research Methods” has been presented as follows in the context of international business and economy with the support of mind map-
For having an understanding of the concept of international business and economics, two types of research instruments are substantially used by researchers to meet research objectives and these are named as interview and survey. In the case of an interview, the managers and business heads of an organization dealing in or looking for international business expansion might be interviewed by asking the question regarding the research topic. On the other hand, a digital or manual survey might be conducted with the targeted participants like a business head of international business firms with the strategic usage of a questionnaire. The questionnaire which will be used to collect primary data related to international business might be either in an open-ended or closed-ended question format and the entire question of the research instrument should be designed in such a manner that the reply or further question might be dependent on an earlier question.