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We have entered a new epoch, the digital age, and it has become a global phenomenon. As a result, global trade has caused businesses and organisations to adopt remote working setups and to expand overseas. Finding and doing business with international clients has also become easier. Consequently, the level and mechanism of modernisation have rendered the study of international business important to everyone, more so for business managers.
Without a doubt, the role of business managers is crucial in any company. They are responsible for ensuring the company runs smoothly and achieves its goals. And with the globalisation of businesses, business managers must have a new set of skills in business to help them manage international operations.
International business knowledge helps managers understand the complexities of the global business environment. They must think about conducting business across the world and how to address cross-cultural challenges. It also helps them make informed decisions about cross-border alliances, market entry, and international expansion.
In a digitally-connected world, business is conducted on a global scale. As such, an understanding of international business operations is essential to help organisations stay competitive. That knowledge can be gained by enrolling for an MSc business management online at an accredited institution like Aston University.
The programme teaches strategic leadership, TMQ, logistics, supply chain management, finance, international trade, marketing, global economics, and other global aspects of a business. You can also study the programme flexibly and conveniently on your schedule.
What is international business management?
International business is a term used to describe companies operating in many parts of the world. In this case, the world takes on the role of a single market, and some national borders do not pose any barrier to trade. It is a business that operates across national borders, seeks to influence international market conditions, and adapts products or services to suit different cultures.
International business management aims to help organisations expand into foreign markets and succeed in conducting global operations. For example, Amazon started as an American company with US clients and has expanded worldwide.
International businesses can be large multinational conglomerates not confined to one country, small firms that work in tandem with local companies, or even quasi-government organisations like the United Nations.
Why choose international business?
Because businesses have to compete globally in the twenty-first century, it is increasingly important that organisations can keep up with rapid changes and adapt accordingly.
International business is central to the success of many companies. As digitisation expands, the world becomes more connected than ever; likewise, international investments and trade are not just the preserve of multinationals. To grow, medium-sized and small businesses must know how to operate and trade abroad.
So, international business is all about global business operations. Knowledge of the field will equip you with skills to manage an international company, localise products and services for foreign markets, and direct marketing efforts internationally. What’s more, these skills are highly sought after by employers, and the demand translates into an array of opportunities in various job sectors and settings.
A business manager must be able to think across borders and have the ability to adapt and innovate products in different markets. In line with this, business managers must have a broad knowledge base and concepts required in an international environment. They must be well positioned to deal with issues around:
- Global business operations
- International trade issues
- Foreign markets and related issues
- Managing international projects and operations
- International business strategy and planning
- International law and strategy
- Localisation of business
- Global trade theory and practice
- International business ethics and global leadership
Benefits of understanding international business
International business is a multi-faceted field that encompasses many disciplines. They include economics, marketing, law and finance. However, it is primarily concerned with international trade. Having international business knowledge will help managers oversee a range of tasks, including:
- Planning and executing cross-border operations
- Implementing global strategies and entering foreign markets
- Designing and negotiating international trade agreements
- Recruiting and managing cross-border teams
- Developing international markets
- Operating internationally
- Maintaining global information systems and databases and safeguarding the security
Here are a few key benefits of having international business knowledge:
Diversity in the global market
International business managers need to understand the vast range of cultures and countries across the globe. Understanding global diversity helps business managers meet international customer needs and adapt their products or services accordingly.
Due to various factors that affect the international market, such as environmental conditions and operational structures, it is ever-changing. As the world seemingly becomes smaller and more accessible, the advent of technology has affected customer success service, which has led to economic globalisation as corporations get more foreign transactions and acquisitions. As such, the demand for skilled professionals with the business expertise to handle such dynamic transactions has increased.
As a business manager, you need to be more flexible and adaptable. This skill set will help you operate in other countries with little time or effort in a world increasingly connected with new global markets. Digitalisation in business is becoming more accessible, and many organisations have started operating in offshore markets due to increased customer demand and emerging markets. As global corporations expand overseas, foreign acquisitions are also increasing, leading to a growing demand for skilled employees with cross-border experience.
You will have an edge in global competition
It’s not enough to just stay in business. If a company wants to remain relevant in today’s competitive market, it must seek new ways of putting services and goods into the market. That means business managers must be able to develop strategies that can attract global interest and allow the company to thrive.
Businesses have no choice but to consider global opportunities even if they remain local companies because of economic restrictions in their countries. By having an international outlook, managers can spot opportunities and keep the company operations ahead of competitors.
You will gain a well-rounded knowledge of business operations
The business world has become more globalised, and business managers have to adapt to the change. International business is an opportunity to carry out operations across borders. For a company to thrive in the new business environment, it must take on far-reaching responsibilities.
Success can be achieved by formulating a good business plan, anticipating issues and implementing the right strategies. International business knowledge will allow you to spot opportunities and establish operations in foreign countries.
Increased efficiency in international operations
Understanding international business also includes understanding how different markets operate, their demands, and their capacity for growth. Such operations entail a lot of complicated procedures and legalities, particularly for foreign acquisitions, mergers and joint ventures. Having international business knowledge will help managers understand the ins and outs of this process, making it easier for businesses to take on such ventures.
As a business manager operating a business on a global scale, you must also have the legal knowledge and the ability to anticipate difficulties in dealing with cross-border transactions. You must also understand foreign laws, the legal frameworks relevant to a sector, and the government’s policies towards international business.
A business manager must have a complete understanding of international trade practices to be effective and efficient. They need to be able to identify the relevant information for cross-border operations in different countries, anticipate possible problems and investigate those that occur.
Top careers in international business
International business is one of the most attractive fields for graduates wishing to advance their careers. It builds on economics, law, and related academic disciplines. Traditionally, international trade has been closely associated with economics, but it also requires fluency with numbers and understanding of financial concepts. It is a field in which trade laws constantly evolve during negotiations. The managers responsible for all aspects of international trade, from product marketing to international finance, need to understand the latest trends to succeed.
Many significant careers in international business are highly sought after by young professionals. These careers may include:
International management analyst
A management analyst is responsible for studying the global business environment and creating strategies to cope with various challenges. These professionals must be proactive in identifying the sources of risks and then determine the best strategies that can be implemented to ensure optimal results for international businesses.
They examine current product market trends, strategies, and other factors that affect cross-border trade. They also analyse the challenges and opportunities that global organisations face, interpret the results of economic analyses, and then provide possible solutions to problems. They work with sound solutions that will most likely produce positive results for their clients.
Global marketing manager
The marketing manager is responsible for developing and implementing all aspects of sales, enlarging the revenue base through maximising company performance in a particular industry and improving the organisation’s growth, efficiency and production.
On a global scale, they coordinate cross-border marketing plans, oversee international promotion campaigns and supervise global advertising initiatives and integrated marketing communications. Global marketing managers must be able to interpret data about a client’s target audiences, competitors and business conditions.
International human resources manager
International human resources managers are responsible for overseeing the human resource strategies within their organisation. They provide expert advice to the senior management team on effectively managing their employees in foreign markets. They may also be involved in staff recruitment, training and development.
This type of manager must be knowledgeable about the culture and legislation of different countries in which they operate, about international trade practices and fully understand cross-cultural working styles and benefits across borders.
International financial manager
The role of an international financial manager is to help clients meet their budgetary and financial obligations. They analyse the requirements of a client’s financial strategies and provide a range of solutions to ensure companies operate within the boundaries of these strategies.
Financial managers may also be responsible for forecasting budgets and business plans. They often advise on improving performance to meet their company’s objectives.
International business consultant
This is a highly sought-after career in international business. It involves guiding clients by working on complex problems or offering advice on strategy and policies. International business consultants are experts in the global market who advise clients on their international strategies.
These professionals gain knowledge from their experiences dealing with the global market and various academic sources. Consultants can work for businesses or consulting firms that offer advice to companies on various issues, from planning operations in foreign countries to mergers and acquisitions.
The entrepreneurial spirit and globalisation have made the world closer and more interdependent than ever before; international business is now a global enterprise. Practitioners must understand the needs of expatriates, who can work successfully internationally and build global relationships with business partners, customers, and suppliers.
The nature of international business and the systems in place to manage it are complex. Knowledge of these systems and global trade makes it easier for international business managers to succeed. An MSc in business management will help you to master the skills required to succeed in this career.