Globalisation is the norm and world economies are increasingly becoming interdependent. Companies are setting up operations away from their home countries to reap the benefit of not only low cost quality labour and raw material, but also in terms of market for finished products, thereby reaping revenues from economy of scale. Conversely there is a downside as well to this globalization, which is that events at a regional level can also have diverse impact on Global business. So China-Taiwan standoff, Russia-Ukrain war and Brexit vote etc., even though were region specific incidents but the world economies are experiencing the economic slowdown.
Therefore, to manage and overcome these evolving economic situations and have a global perspective so as to recognise threats and use them as opportunities to enhance the revenues, an understanding of the International Business is imperative.
But what is International Business?
International business is a professional field that involves transactions of fiscal resources like people skills, goods, ideas, services, capital, technology as well as other resources at a global level. Besides this, it also is concerned with maintaining relationship with governments, interacting with Multinational Enterprises (MNEs) and Multinational corporations (MNCs), handling their strategies, governance & management besides global logistics and local economic activity.
Following are the formats for International business:
- Import, Exports & trade entails movement of goods between different countries
- Licensing, Franchisee model entails contractual agreements, which will permit foreign companies to employ processes and products & services from other countries
- Conducting manufacturing, research and development, distribution and sales operations etc. in foreign markets
International Business course Career Prospects:
Completion of International Business course will open numerous doors in terms of career opportunities. Few of them are being listed as under:
International Marketing Manager: He is responsible for developing strategies for marketing the products and or services in the international markets. He needs to have an understanding about people, their preferences, various markets, market trends, economic scenario and socio cultural factors etc. so as to come up with pricing, distribution, sales etc. strategy, thereby penetrate the market and help establish the brand.
Global Logistics Manager: He is accountable for overseeing purchasing, warehousing, storing as well as distributing products. He also is responsible to find the most cost-effective & efficient way to safely transport products. Logistics managers must maintain workplace safety while providing assistance to customers facing any issues or complaints on a daily basis.
International Product Manager: He is responsible for maintaining the standards for quality of products and services as per the stringent norms required by the various markets in the global arena. This even includes strict packaging of the product and any other quality requirements. In order to be successful, they must have a deep knowledge of international laws as well as standards that are to be followed.
International Management Analyst or Consultant: He is responsible for understanding the business requirements of the international markets as well as details about the business operations of a company and utilizes this knowledge to develop strategy and/or potential solutions to help the company not only enter the market but also enhance its profit.
International Financial Analyst: Each market has its own peculiarities and behaves differently. It is the responsibility of the international financial analyst to understand this complex structure of diverse markets, analyze it and accordingly come up with predictive models and strategies for their organizations so as to ensure profitable investments. He must have good observational skills and must be comfortable in use of numbers.
Business Development Manager:
He is responsible for identifying any new business opportunity and strategies so as to enhance business operations, help position the product, generate revenue, enhance profitability and assist in growth of the business. He is often involved with all areas of the business.
Register now and travel the world on business.