Answer:
Difference between Domestic Business and International Business
1. Domestic Business :
Domestic business refers to the business where economic transactions are conducted within the geographical boundaries of the one country. The buyer and seller in domestic business belong to same country. It is is limited to territory. In domestic business it is very easy to conduct business research. The nature of customers in domestic business is homogeneous. In this currency of parent/home country is used for doing business.
2. International Business :
International business refers to the business where economic transactions are conducted across border with several countries in the world. The buyer and seller in international business belong to different country. It is is quite wide. In international business, business research is very expensive and hard to conduct. The nature of customers in international business is heterogeneous. In this different types of currencies of different countries are used for doing business.
Difference between Domestic Business and International Business :
S.No. DOMESTIC BUSINESS INTERNATIONAL BUSINESS
01. Domestic business refers to the business where economic transactions are conducted within the geographical boundaries of the one country. International business refers to the business where economic transactions are conducted across border with several countries in the world.
02. In Domestic business buyer and seller belong to same country. In International business buyer and seller belong to different countries.
03. Domestic business is limited to territory. International business is quite wide.
04. In Domestic business selling procedure remain unaltered. In International business selling procedure changes.
05. Quality of product or standards may be lower. Quality of product or standards are expected and enforced.
06. In domestic business it is very easy to conduct business research. In international business, business research is very expensive and hard to conduct.
07. It deals with single currency. It deals with multiple currencies.
08. In domestic business capital investment is less. In international business capital investment is huge.
09. There are few restrictions on domestic business. There are a lot restrictions on international business.
10. The nature of customers in domestic business is homogeneous. The nature of customers in international business is heterogeneous.
11. In domestic business the degree of risks are low. In international business the degree of risks are high.
Explanation:
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