The International Business Facing Variations Due to Global Economic Changes

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ESSAY ON INTERNATIONAL BUSINESS

Introduction

With the passage of time, things are been changing drastically. The International business is facing variations due to global economic changes. The employment rate, job cut ratio, inflation and economic crises do change with the passage of time. The articles that are mentioned are describing the economic situation of the region and describing about the financial facts and figures of the country. The articles are discussing the job cut of the employees and the employment laws. The implications of these activities if in order applied by the government would result as discussed below:

Implication on:

  • The Australian government

It was reported from an unknown source that Qantas is going to fire 3000 job in the coming week that made a huge chaos in the country. Presently Qantas is denying this report as there is no proof to that. The Australian government faced a huge pressure as it would create a large gap in the financial status of ample of people losing their jobs. As it is a fact that overall, global situation is compressing and people are getting less salaries and taking this Qantas situation into consideration would create a big hole in the financial and economic situation of the country. The government came into pressure so as the Qantas Company because it is big news and if it happened, it would ruin people lives. The ministry of internal affairs has to take legal notice of this news and must come up with a proper solution so that jobs of the people could be protected and this huge and fragile news could be evaded.

  • Australian businesses (meaning domestic firms)

The overall economic situation of the region is somehow stable until unless the companies do not fire people. Looking into the consideration of the Qantas factor and the legislation laws that are briefed by the state would create chaos among the working class. Australia is one of the countries that have a huge number of domestic firms earning great numbers of revenue and profits. These companies are doing a great job in regulating the businesses in the region. With respect to the Qantas job cut down, it would highly increase the risk for the people to get adjusted in other established firms. Some of the highly reputable firms of Australia are:

  • Allens
  • Gadens
  • Norton Rose
  • DLA Piper
  • Blake Dawson
  • Freehills
  • Clayton Utz
  • Minter Ellison

The above mentioned companies are considered as one of the best domestic firms for the year 2012. The cyclic of good businesses has to be moved on so that people could live a soothing life and the economic situation should become stable.

  • Multinational corporations (meaning international firms)

The legislation of Australian government has a diverse culture regarding the implementation of their rules and regulations. They focus on their keen motives and attributes to ensure that they are fulfilling their utmost obligation. The motive of Australian government includes “creating and making believing the people that their rights and necessities are protected and creating chances and opportunities to the youth of the nation so that they can utilize their talents and bring positive results in the economy of the nation”. They operate their management purely on the basis of terms and policies so that each department could carry out its operations without any kind of tribulations. Strict guidelines of the management brings the activities operating smoother and calmly. The state of Australia has a great influence on the rest of the state departments as their activities are like a role model for the rest of the state organizations. They have their own significance in the governmental sectors as they are protecting the people rights and giving them essential security, this is what they are capable of and full of potential.

Employment law keeps the relationship between workers, employers, trade unions and the government. Collective employment law relates to the relationship between employee, employer and union. Second, individual employment law concerns employees' rights at work and through the contract for work. This law has a huge significance in the human resource management as it removes all the confusion regarding the recruitment and the job policies. Human resource provides a platform for performing all legal activities in the organization so that all the employers and their clients could be benefitted. It is a common fact that when an organization is running its business then there are certain criteria that are supposed to be fulfilled. There is a consistent need of business flow so that the company could establish its value and role in the business community. Every company needs youth so that the company could be able to make them learn well and get the tasks done in the most professional way. Each year company inducts candidates from the professional colleges and universities and do train them as future leaders for their organization. There is a proper way of organizing workshops and classes for the governmental employees. As in today’s time, Australian government has been advanced to much extent and the services are growing a lot. The growth of the services is directly proportional to the employment, the logic is quite simple and as the commerce is growing there will be need of professional people to carry on the routine activities. A competitive advantage where human resource is the means by which an organization can gain competitive advantage, a view best captured by the truism of our people are our greatest asset.

The state has implemented two of the major labor laws that swept away a sense of confinement and satisfaction in the public. The Commonwealth Programs Policy Act and Family and Medical Leave Inclusion Act are two of the significant labor laws that were implemented by the Australian government. The basic agenda of Commonwealth Authorities and Companies Act 1997 were to give security, protection, relaxation and mental satisfaction to all irrespective of cast, color, race, religion and culture. Commonwealth Authorities and Companies Act 1997 Act gives the security and sense of protection to the common people of the state. This law ensures that no one should be discriminated or given favored on the basis of color, language, tradition or religion. It is truly against the rules and regulations of the state. The Family and Medical Leave Inclusion Act are one of the laws that ensure an employee should be given benefits along with annual vacations so that he or she could spend quality time. The purpose of this act is to protect the human rights as they have a unique and delicate nature and needs gaps at proper time.

  • Relevant international business concepts or theories

Australia is one of the countries that are doing business with the companies globally. As mentioned in the article that said the cut in job ratio, it could be minimized and decreased if more trade is done, simply means more creation of jobs for the citizens.

There are some of the theories that represent the concepts regarding the international business and trade.

Heckscher-Ohlin Theory

This theory states that states can trade in land, capital and labor. The states can exchange good amount of technology, talent and resources so that people could be served well.

The Product Life-Cycle Theory

It is one of the business theories that state that global business platform is one of the place from which communities could get connected with it. Countries could import products and use in their regions so that the countries should export their products and great amount of revenue for their state. It is a two way chain process and states have to get benefit from each other.

New Trade Theory

This theory states that more is the number of goods; more is the probability of lessening down the value of the products. It seems that it is kind of a big advantage of doing trade with the foreign countries.

The product Life-Cycle theory is valid to the fact that more jobs could be created for the people. If there is a job cut then this chain would be disturbed, if not then the life cycle could be continued in the most favorable way. The state has to follow a proper business strategy for a proper initiation. Before going to plan any further for the trade there is a great demand of the strategy development before it is implemented.

Feasible promoting begins with a recognized, overall educated promoting method. An outstanding promoting methodology causes the customer characterize the visualization assignment and business objectives, and scheme the steps we need to take to attain our goals and objectives. The method influences the way state run the whole commerce. The best of the method that is applied to validate and improve the business strategy should depict the following point.

  • It identifies the business tactics we will use as plan action.
  • It allows us to put up a business plan and compute its efficiency.
  • It should depict our commerce and its items and management.
  • It should illustrate the position and part of our substance and reimbursement in the business division.

There are some of the considerations to be made for better business with the outside community; the Australian government has to come up with these techniques so that the risks could be minimized to the maximum.

  • rate products and services
  • ask for quotations from suppliers
  • give and receive answers for products they are interested in
  • compare products/services in their functionality and specifications
  • compare prices of products and fast access to different retailers and e-shops
  • access to the best offer with discount from the specific product and service
  • follow interesting users (leader of opinion) of the website
  • collect user points (accumulating for each written review) and exchanging those points for real products and services from the special section of the web portal
  • news section with latest trends

When the business is performed with the international market, state has to take following considerations for the best of the consequences.

  • Display advertisements (including all formats banners, rich media banners, floating, expandable, with sounds, etc.)
  • billboards
  • Lifestyle magazines.
  • Google Ad words
  • social media advertising and blogs

The execution of the international business includes some of the steps to be practically implemented.

Organizing – includes organizational structures that manage implementation.

Executing- each state must execute its assigned tasks in an effective and efficient manner to make the marketing plan to work. Executing activities will have the following characteristics:

  • Must be goal and objective directed
  • Assigning resources to facilitate performance
  • Effective and efficient coordination of activities--who's doing what and by when
  • Attention to detail.
  • Accountability for the assigned and done tasks.

Conclusion

In a nutshell it is concluded with the fact that the employees have to be given relaxation and basic rights so that they could spend quality time and able to perform the best of their services. The Australian government has to take constructive steps for the betterment of people and changing the state of restless lives. This is what common people requires from their government and expects them to take care of them in providing security, shelter, jobs and fortification.

References

The articles have been taken from one of the Australian newspapers:

http://www.news.com.au/finance/business/qantas-denies-reports-of-job-cuts/story-fnkgde2y-1226833981885

http://www.abc.net.au/news/2014-02-21/government-to-introduce-changes-to-workplace-laws-flexibility/5274270?section=business

https://www.nla.gov.au/research-guides/newspaper-indexes

http://catalogue.nla.gov.au/Record/1994946

http://www.lexisnexis.com.au/en-AU/Products/halsburys-laws-of-australia-online.page

Financial Management and Accountability Act 1997 (FMA Act) which encompasses Department and Agencies.

Commonwealth Authorities and Companies Act 1997 (CAC Act) which encompasses Authorities and Companies.

Outcome Statements Policy and Approval Process - reporting and management of the framework.

Commonwealth Programs Policy and Approval Process - requirements to be followed when new programs, or changes to existing programs are required.

Governance Arrangements - the structure and governance arrangements for Australian Government bodies

Joint Committee of Public Accounts and Audit - Finance's role in relation to reports.

Taxation of Government Entities - how GST applies to Agencies.

The List of Australian Government Bodies and Governance Relationships - provides a broad overview of the administrative, legal and financial structures that the Australian Government uses to develop and administer policies, deliver services and to enforce laws.

http://australia.gov.au/life-events/managing-your-finances

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