In today’s volatile, uncertain, complex and uncertain (VUCA) business environments and business environments, it’s becoming more important to be flexible and able to adapt at a pace that is in line with the complexity of business contexts. A solid foundation in global business can give the skills and knowledge to deal with unexpected changes when they arise.
The study of global business covers both the economic and political aspects of international commerce. It examines the ways to trade goods and services across national borders, including the laws that govern these transactions, as well as their effect on marketing strategies and organizational structures. It also examines the broader implications of international business on the development of policies in countries.
Companies that are internationally based are able to reap many advantages, including higher revenue and profitability. This is achieved by accessing new markets and having access to lower-cost products. They may be able reduce costs by leveraging economies of scale, including a larger customer base and a more central management system.
However there are a lot of challenges businesses face when expanding internationally, from a small local entrepreneur that sells hand-made baby carriers online to most renowned corporations with an international presence. They must be aware of a variety of factors such as traditions, holidays and beliefs, all of which can affect the way they conduct business.
A student studying global business should be prepared to be aware of the subtleties of diverse cultures, which may influence everything from how associates greet one another to the comfort level of personal space. This could have a major influence on how the company communicates with its global workforce and customers.
