What is the definition of globalization in the context of international business?

Globalization, in the context of international business, refers to the process by which businesses develop international influence or operate on an international scale. This definition captures the essence of globalization, highlighting how companies expand their operations beyond domestic borders to engage in cross-border transactions, partnerships, and strategic alliances. This may include exporting products, establishing foreign subsidiaries, and navigating international regulations, all of which contribute to a more interconnected global economy.

The other options focus on narrower concepts. Increasing domestic production levels would not address the international aspect of globalization, and marketing predominantly in the home country or focusing solely on local markets reflects a more insular business strategy. These approaches lack the global outreach and influence that characterize true globalization in international business.