1)The Articles of Association are concerned with the internal management of the company and aims at carrying out the objectives as mentioned in the Memorandum. These define the company’s purpose and lay out the guidelines of how the task is to be carried out within the organization. The articles of association cover the information related to the board of directors, general meetings, voting rights, board proceedings, etc.The Articles of Association can be considered as the user manual for the organization that comprises of the methodology that can be used to accomplish the company’s day to day operations. This document is a binding on the shareholders and the organization and has nothing to do with the outsiders. Thus, the company is not accountable for any claims made by any external party.2)Itinerant means traveling from place to place. Itinerant retailers have no fixed place of business. They move from place to place for selling their GOODS to the consumers. Itinerant sell in small quantities. They invest a very small amount of capital. They deal in varieties of goods. Types of Itinerant RetailersItinerant retailers may be of four types. They are Hawkers and peddlers, cheap jacks, market traders; and street traders.1. Peddlers and Hawkers:Peddlers are those retailers who carry goods in hand cart to sell them at the doors of consumers. To HAWK means to sell goods in the streets or by knocking on people’s doors. A hawker means someone who hawks goods. Generally, hawkers carry goods on their heads. They persuade people to accept goods which may be of low quality. So, the price charged by hawkers is lower than the market price. They move from place to place with limited stock.2. Cheap JacksCheap jacks are different from hawkers and peddlers. They have an independent shop. But, the shop is not a permanent one. If business at one place is not profitable, cheap jacks will choose some other location. So, they frequently change their place of business in search of ‘greener pastures‘. Cheap jacks know the art of selling and are well versed with all tricks of the TRADE.3. Market tradersMarket traders, as the name itself implies, open their shops on market days. Market days vary from place to place, being conducted on weekly or monthly basis. Market traders perform business only when the market is open. They open their shops at different places, on different days whenever the market is open.For example, ‘Sunday Market’ in Pondicherry is very POPULAR among shoppers.4. Street tradersAs the name itself suggests street traders carry on their business in busy streets. Aiming at the floating population, they choose bus stops, railway stations, government and commercial offices and educational institutions to do business. They deal in one kind of goods at a time that are in high demand.3)The scope of International BusinessInternational business is much broader than international trade. It includes not only international trade (i.e., export and import of goods and services) but also a wide variety of other ways in which the firms operate internationally. International Management professionals are familiar with the language, culture, economic and political environment, and business practices of countries in which multinational firms actively trade and invest.Major forms of business operations that constitute international business are as follows.Merchandise exports and importsMerchandise means goods that are tangible, i.e., those that can be seen and touched. When viewed from this perceptive, it is clear that while merchandise exports mean sending tangible goods abroad, merchandise imports means bringing tangible goods from a foreign country to one’s own country.Service exports and importsService exports and imports involve trade in intangibles. It is because of the intangible aspect of services that trade in services is also known as invisible trade.Licensing and franchisingPermitting another party in a foreign country to produce and sell goods under your trademarks, patents or copyrights in lieu of some fee is another way of entering into international business. It is under the licensing system that Pepsi and CocaCola are produced and sold all over the world by LOCAL bottlers in foreign countries.Foreign investmentsForeign investment is another important form of international business. Foreign investment involves investments of funds abroad in exchange for financial return. Foreign investment can be of two types: direct and portfolio investments.Monopoly PowerIt might arrive from patent rights, technological advantages, product segregation etc. Another reason for internationalization is limited market information.Benefiting from currency exchangeThose who add an international business to their assortment may also advantage from currency fluctuations. For example, when the U.S. dollar is down, you might be able to export more as foreign customers benefit from the favorable currency exchange rate.