00:02
So let's go over these questions.
00:06
So we're going to define domestic and international business.
00:09
So domestic business is confined to one country.
00:14
It's ethnocentric, so it's only concerned with the culture of the country that it's confined in.
00:26
For international business, this is business that's conducted across national boundaries.
00:33
Different countries conduct business with one another.
00:42
It can be polycentric.
00:44
With multiple centers of operation, regional -centric, or geocentric, which views the world as one market.
00:52
Designing price is more complex in this kind of business due to international transactions because we have to take new account tariff and tax burdens.
01:10
In a domestic business, it is simpler to design prices, maximize profit, or maximize sales...