Global Business Management / Benefits of Global Business Management Course
Three Main Concepts
Global business management denotes the manner in which a corporation handles its operations in the international business scenario, including its hiring, marketing, sales, and financial systems (Learn.org, 2015). The course includes all those proficiencies required of an organization’s manager, namely leadership, analytic ability, problem-solving, strategic planning skills, communication skills, creativity and numeracy. It enables managers to acquire requisite abilities, knowledge, and experience for managing both domestic and international businesses’ financial, human, and material resources, in addition to complex practical and strategic management issues (Humber, 2015).
Examples
This program clarifies numerous doubts, and facilitates a better understanding of global business management. I, for instance, was not well versed with the concepts of global economy, emerging markets and foreign market. The course, in an entrepreneurial context, delivers insight to the manner in which multinational companies successfully conduct their operations in today’s global economy. By the time of course completion, I was able to acquire an understanding of critical elements that influence the workings of international businesses; cultivate necessary skills for assessing potential of foreign markets (particularly market entry); look into business opportunities in emerging markets like China, Brazil and Russia, along with their economic, legal, brand, organizational and environmental effects; and learn factors to be borne in mind with regard to complex decision making in the global business scenario (e.g., intercultural factors, social, environmental and economic capital maximization) (IDP, 2015).
Moreover, I did not envision that this course would deal with management’s wider areas. However, the sphere of global business management is multidisciplinary, and enables one to study global management practice and develop a global attitude. It primarily revolves around management practice in an international business scenario, or a global company’s management. Global functions and management coursework is integrated with activities for experiencing global management first-hand. The course also ensures a broader understanding of global management through a vast selection of programs in liberal arts and international business. Minimum second language competency, though not mandatory, enhances this course’s credibility (Babson College, 2015).
Three Main Concepts
The three key elements taught by this course are as follows (in order of importance): foreign market, emerging markets, and . Foreign market takes precedence over the other two elements as one has to amass necessary information by performing market research, for the purpose of analysis of any foreign market (Jarne & Tunbjer, 2006). In addition, estimating product/service demand in foreign markets is central to financial and strategic planning. Research allows organizations to realistically evaluate product/service strengths and competition present in any prospective market. It is, therefore, employed for monitoring consumer satisfaction, driving operations and testing novel ideas. Lastly, to ascertain profitability of potential markets (Alimonte, 2015).
The second element in order of importance is emerging markets, because these markets contribute significantly to stimulating global economic progress. The sector of financial services shows much swifter growth, allowing emerging market organizations to provide better returns to shareholders. Additionally, there are undeveloped areas in emerging economies’ financial systems, whose development is crucial to accomplishing economic progress and prosperity for these zones (Saudjana et al., 2012). Also, it helps to determine components playing a part in the strong growth of emerging markets (Cubeddu et al., 2014).
The third key aspect is cross-border decision-making, taken up from a multicultural standpoint in an international setting, wherein control processes must be agreed on by different international players. It addresses cultural integration or cultural dimensions, with its key emphasis being organizational heritage (or different nationally-based organizational heritages) (Robert & Rocha, 2008).
References
Alimonte, D.D. (2015). 9 Reasons Why You Should Spend More Time Doing International Trade Research. Forum for International Trade Training. Retrieved on 8th September, 2015 from http://googleweblight.com/?lite_url=http://www.tradeready.ca/2014/fittskills-refresher/9-reasons-spend-time-international-trade-research/&ei=iPm0VHGX&lc=en-IN&s=1&m=101&ts=1441749758&sig=APONPFkHCCu1_K_7BHp4ENwYvMP0wWDFPg
Babson College. (2015). Global Business Management. Massachusetts: Babson College. Retrieved on 8th September, 2015 from http://www.babson.edu/Academics/undergraduate/concentrations/Pages/global-business-management-.aspx
Cubeddu, L.,Culiuc, A.,F.,Gao, Y.,Kochhar, K.,Kyobe, A.,Oner, C.,Perrelli, R.,Sanya, S.,Tsounta, E. and Zhang, Z.(2014). Emerging Markets in Transition: Growth Prospects and Challenges. International Monetary Fund.
Humber. (2015). Global Business Management (2015/16 Program).Humber Campus. Canada. Retrieved on 8th September, 2015 from https://www.humber.ca/program/global-business-management
IDP (International Diploma Programs). (2015). Global Business Management Sample Course Outlines. Berkeley, CA: UC Berkeley Extension.
Jarne, M and Tunbjer, M (2006). Foreign Market Analysis Should Oriflameenter France? Master thesis within International Marketing. Jonkoping International Business School and Jonkoping University.
Learn.org. (2015). What Is Global Management? Articles. Retrieved on 8th September, 2015 from http://learn.org/articles/What_is_Global_Management.html
Robert, S. & Rocha, S. (2008). The Impact of Cross-Border Mergers on Co-Decision Making: A Case Study of a Danish Multinational. International Center for Business and Politics. Frederiksberg. Available on www.cbs.dk/cbp
Saudjana, E., Bilodeau, J., Fatal, R and Glass, T. (2012).Redefining the Emerging Market Opportunity Driving Growth through Financial Services Innovation. World Economic Forum. USA. Available on www.weforum.org
