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Political factors are concerned with government policies, laws and administrative orientations of
different countries and regional economic blocks. The political factors form the basis for
regulating international trade with respect to tariffs, quotas and technical standards. The
economic environment has been classified in three different categories which are the economy of
at a global level, the economy in the host country and the economy in the home country. The
home country economy includes the various policies found in it and how liberal they are is key
for successful international activities to be carried out. These policies include, economic policies,
promotional and regulatory measures and trade and commercial policies. The host country
economy is also important and affects how international business is carried within a country. The
Gross Domestic Product (G.D.P), size of the market, the purchasing power of the people in the
hosting country, banking system, the country’s industrialization level, economic diversity,
income levels and foreign exchange systems in the host county dictate how business will be
carried out. The global economy affects how business is run throughout the world and thus
deemed as an important factor.
Social and cultural factors are important to consider while carrying out international business.
Basically, socio-cultural factors are customs, lifestyles and values that characterize a society.
More specifically, cultural aspects include aesthetics, education, language, law and politics,
religion, social organizations, technology and material culture, values and attitudes. Social
factors include reference groups, family, role and status in the society.
The availability of technological infrastructure and technical capacities determine the prosperity
of a multinational corporation in host countries. Factors such as broadband connectivity and
technical training have become essential ingredients of successful operations in the modern
business world. Moreover, the levels of technological developments in a given country define the scope of technical understanding among its population. While it may be easier to establish
and maintain technical operations in high-technology countries, the same cannot be said of low technology countries.
Mukamimuriuki answered the question on November 18, 2018 at 11:26
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