Challenges in the global business environment

Challenges in the Global Business Environment
Student’s Name
Institutional Affiliation
Challenges in the Global Business Environment
Introduction
The growth of international business has led to the expansion of the domestic markets. Most of the businesses in the world today can trade freely due to the globalization process that has brought closer interaction of people across the world. Firms have maximized their profit and explored alternative market ensuring that their goods and services are well suited to trade in the international markets. However, despite the success associated with the global business it has faced limitations that have curtailed its progress and major objective of creating a free global market. Additionally, these challenges have arisen due to the diversity in culture, preferences among consumers as well as the various business environments. This paper, therefore, aims to examine the some of the factors that have affected the global business environment. The main challenges that will be examined include unethical business practices, failure to embrace technology and stiff competition.
Among the challenges facing the global business environment is unethical business practices. In any business environment, ethics plays a vital role in ensuring appropriate business behavior and professionalism (Cavanagh, 2004). However, unethical business practices have impacted negatively to not only the domestic firms operations but also global operations. First…