This benefits the company because the company gets a cost advantage over competitors. Access to capital, material, low labour costs and new technologies. After reading your post I got lots of information about international business companies which I have no idea before. This is the reason why many international businesses operate in Africa and South Asia where the humungous deposits of minerals and metals are attractive for the profits that these multinationals can make. Well know examples of international business like McDonald’s, Coca Cola, Toyota and LG. Many great businesses fail to succeed due to poor … This trend is set to continue, with Indonesia, Brazil, Russia and Mexico expected to join the top ten by 2050 (The World in 2050, PwC). 'In an ever-changing global business and economic environment, studying business from an international perspective is vital for graduates who are ambitious to work across international boundaries and cultures,' explains Dr Robert Webb, associate dean global engagement and recruitment and director of MSc programmes at Stirling Management School. Your email address will not be published. This concerns not only senior managers, but employees at all levels that have to interact with international customers and suppliers, partners, or international colleagues,' says Angelika Zimmermann, senior lecturer in international business and strategy at Loughborough University. One reason for large companies to look towards international business is to utilize the excess production capacity of their manufacturing plants. Search for postgraduate courses in international business and learn more about funding postgraduate study. Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, Importance of International Business – Benefits of International Business, What is Sales Growth? All students have the opportunity to work on a real-life consultancy project within a business. This video discusses how international business differs from domestic business. For semester two, you have the choice of studying for further core and optional modules or taking a study abroad placement. In a … International business is important to individual companies and the US economy generally. A Competitive Edge in the Job Market. A major advantage the company can have is that the product it produces is not available in the international market which the company is targeting. Reasons to Major in International Business 1. International business relates to any situation where the production or distribution of goods or services crosses country borders. Even if the external business environment is not down, there are other worse things that can happen to the company which increases the importance of International business. Example businesses targeting china as it is a market where labour cots are low and better productivity. This will revive the company in a big way and give fresh revenue to the company which can help it fight in the local market as well. The international business targets low cost operation and value of factors of productions. As a result, many companies take the benefits of International business by utilizing their manufacturing potential and starting the sale of their brand in International markets. More Career Options. With local markets being saturated, many companies think of expansion via international business. Globalization—the shift toward a more interdependent and integrated global economy—creates greater opportunities for international business. Availability of Low Cost Labor. Bad communication practices can cause loss of business and even international tension among countries. 'The MSc is designed to equip students with the essential knowledge and skills required for working effectively across different national contexts, in a range of business and management roles,' explains Angelika. Accounting and budgeting: Don’t fall short. That is, to suggest that every nation will usually be exceptionally excellent at producing some sort of goods or services or both. What jobs can I do with an international business degree? ADVERTISEMENTS: The following points highlight the three importance of International business. An international business company has many advantages and benefits for the business owner. For Thailand, there are many reasons why international business is important as follow: First of all, it increases employment rates. 'Taught by world class scholars and informed by cutting-edge research, students develop sought-after intercultural skills and a global mind-set, and are prepared to work confidently and effectively with global partners.'. Why choose international business? If you opt to study the one-year International Business MSc at the University of Stirling you’ll cover core areas such as accounting, people management and strategy, as well as ethical and environmental sustainability issues. Let’s suppose there are two countries – Country A and Country B. Studying for a Masters in international business is becoming increasingly popular and courses are available at a vast number of universities across the UK. What's more, the skills that you develop on a course of this nature are highly sought after by employers. They choose that option because it is cheaper… Good international business communication practices help maintain these intricate business dealings. 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