What can you do with an International Business degree?
Our economy has grown into an amazingly globalized and international marketplace. To keep up, businesses need professionals who can coordinate business operations and identify new business opportunities abroad. This doesn’t just affect multinational corporations. The Internet has increased consumer awareness, with more purchases happening online every day. Now, even small and local businesses are looking for employees with an international mind-set.
National boundaries are becoming less and less of a dividing point. Given the internet’s expansive ability to help the cultures of the world communicate on a massive scale, it’s safe to assume that consumers are well-aware of what other markets have. In some cases, cultural demand can even be dictated by what’s popular in other countries.
New potential markets, products, and partnerships around the globe are discovered by experts in international business. No matter their focus, international business professionals leave an indelible mark on the state of the current economy.
What does “International Business” mean?
The literal definition of “international business” is simply, “transactions that take place across national borders”. The practice, however, is far more nuanced than that. International business experts can serve in a number of different environments. Some stay in their home country and coordinate overseas through technology. Others travel to foreign locations, or work as an expatriate in a satellite office. Those with the skills necessary to comprehend the interactions between markets, cultures, and various trade agreements serve a variety of functions. Some of these include:
Business professionals that can drive transactions across national boundaries can add a great deal to their organization. Sales representatives need a sharp sense for the cultural mores that guide each lead they follow. This leads to greater success in negotiations and pitches.
Taking a product that’s successful in one country and bringing it to a new market can be a daunting task. Experts in international business are well-suited to this challenge. Other countries may have a completely different set of successful advertising practices. They might even have a unique set of delivery systems for a brand’s messaging. That said, the fundamental principles of marketing remain largely the same across international boundaries. The application of these ideas demands a flexible, curious mind ready to learn about new cultures.
Things like the cost of travel, transport, tariffs, and component pricing are all significant concerns. A financial analyst must keep these things in mind when serving a company with global aspirations. Finding cost-saving opportunities around the globe, whether in shipping, manufacturing, or elsewhere, can make a monumental difference in a company’s success.
In a similar vein, operations on the international scale involves the coordination of a number of different factors. For franchises with a multi-national presence, licensing and compliance issues are of constant consideration. Ensuring that any overseas subsidiaries operate according to brand standards and national law is fundamental to globalized business. For those who import or export materials, operational efficiency in trade and shipping is of the utmost importance.
In the global economy, businesses in every niche can have a share of the global market. This makes an international sensibility a useful trait to nearly every function within an organization. The broader challenge for all organizations is applying creative thinking and cultural savvy to growth opportunities on the world stage. That’s what you can do with an international business degree.