What term describes the process of conducting business on a global scale?

The term that describes the process of conducting business on a global scale is globalization. Globalization refers to the increasing interconnectedness of economies, cultures, and populations due to international trade, investment, and technology. It encompasses a broad spectrum of activities, including the movement of goods, services, capital, and labor across international boundaries. Through globalization, businesses can tap into new markets, access a wider pool of resources, and increase their customer base beyond domestic confines.

Other concepts related to international business, such as internationalization, focus on the specific strategies that companies use to enter foreign markets, but they do not fully encapsulate the overarching process of global business operations. Expansionism may imply growth into new markets but doesn't imply the interconnected global framework that globalization does. Localization involves adapting products or services to meet the specific needs of different local markets but is a tactic used within the broader context of globalization rather than a description of the global business process itself. Thus, globalization accurately captures the comprehensive nature of conducting business on a global scale.