In the current volatile, uncertain, complex and ambiguous (VUCA) business environment and business environments, it’s becoming more important to be flexible and adaptable at a pace that is in line with the complexity of business environments. A solid educational foundation in global business can give the knowledge and skills needed to deal with unexpected changes as they occur.
Global business covers both the economic and political aspects of international trade. It focuses on the complexities of trading goods and services across borders, including the laws that govern these transactions, as well as the effects of cultural differences in marketing strategies and organizational structure. It also explores the wider impact that international business has on the development of policy in various countries.
Companies that are globally based can benefit from a wide variety of benefits, such as increased revenue and profitability by tapping into new markets or using lower-cost materials. They could be able to cut costs through economies of scale like a bigger customer base and a more central management system.
Many businesses face challenges when expanding internationally. From a small-scale business owner selling handmade baby carriers on the internet, to the most renowned companies with global reach. These companies must consider a broad array of factors including different cultural customs, holidays, beliefs and expectations, which could affect business practices.
A student in global business must be able to understand the nuances of different cultures, which can influence everything from how associates meet each other to the degree of personal space. This could influence the ability of a company to communicate with its global workforce.