International business strategy involves the plans companies use to guide commercial transactions across different countries, with the primary goal of increasing profit. As most sizable companies interact with international partners and face global competition, understanding diverse cultural, linguistic, political, and legal systems is crucial for success. The emergence of developing countries as new markets and sources of goods makes a viable international strategy increasingly vital, often facilitated by international management consulting firms such such as Oliver Wyman or Roland Berger. This strategic field is typically approached through three main philosophies: industry-based (focusing on industry conditions), resource-based (emphasizing firm-specific differences), and institution-based (integrating societal factors with the other two views).