You have recently been appointed as Director of International Business in a local company and your Board of Directors have requested you to conduct a research on how to expand the company’s presence in a selected foreign country (Nigeria). You are to identify the background and current events in the selected foreign country. You should also perform the necessary analysis on the macro environment in the selected foreign country in order to identity and explore business opportunities. You are encouraged to apply the international business theories and concepts, you have to bear in mind that while the global marketplace has become more interconnected and accessible, the challenges and risks of doing business abroad cannot be taken lightly. Expanding business overseas means reaching new clients or customers and potentially boosting profits.

In detail, covering the following aspects below:

Discuss the below Challenges faced in International Business Management with references to opening a convenience store like 7 eleven in Nigeria.

1) International production, outsourcing, and logistics (e.g.) global shipment method)

2) Financial management in international business (e.g., startup costs/capital investment required/international cost calculation/universal payment methods/foreign exchange and currency rates challenges)

3) International human resource management (e.g. communication difficulties and cultural differences)

4) International marketing (e.g. sales forecasts, customer acquisitions, international pricing issues and pricing strategy)