What is International business?
International business encompasses all commercial activities that take place to promote the transfer of goods, services, resources, people, ideas, and technologies across national boundaries. It entails more than merely commodity exchange, and encompasses cultural shifts and the corresponding adjustments an economy has to make. Those who choose to make a career in the field stand the chance to gain exposure to macro as well as micro aspects of international markets.
“International business” is also defined as the study of ‘internationalization of MNEs’. A multinational enterprise (MNE) is a company that has a worldwide approach to markets, production and/or operations in several countries. Well-known MNEs include fast-food companies such as McDonald’s (MCD), YUM (YUM), Starbucks Coffee Company (SBUX), Microsoft (MSFT), etc. Globalization has enabled leading lights like these to explore new markets and localize their operations to suit regional palettes, thereby expanding their scope – geographically and in terms of product depth.
International business, an ever-evolving paradigm, has undergone a sea change, especially during the last part of the twentieth century. Liberalisation of trade and investment and the development of technology are the key contributing factors. Industry leaders and pioneering companies have managed to stay ahead of the headwinds and cash in waves, while ‘me-too’ brands continue to emulate them in the hope of making a mark in the crowding market spaces.
At the broader level, some epoch-making events have led to the gradual evolution of international business.
Some of the key moments:
- The formation of the World Trade Organization (WTO) in 1995
The inception of WTO resulted in strengthening of geopolitical relationships at the global level and also eased trading between allies
- The inception of electronic funds transfers
With electronic funds transfer, an entirely new facet of global finance took shape. As a result of this, transactions became easier, quicker and safer
- The introduction of the euro to the European Union
By establishing sound common ground, a gradual consolidation of assets occurred, easing up blocks in the prevalent system
- Technological innovation that facilitates global communication and transportation
The world has shrunk thanks to new advancements, resulting in the vanishing of logistical barriers
- The dissolution of a number of communist markets, thus opening up many economies to private business
Privatisation has opened up new vistas of growth. Many global giants who traditionally found it difficult to connect with hitherto unexplored markets, were able to make definitive inroads thanks to dissolution of communist markets
International business occurs in many different formats:
- The movement of goods from country to another (exporting, importing, trade)
- Contractual agreements that allow foreign firms to use products, services, and processes from other nations (licensing, franchising)
- The formation and operations of sales, manufacturing, research and development, and distribution facilities in foreign markets
Today, global competition affects nearly every company— big or small. As a result, many local businesses have to face stiff competition from global entities and struggle to keep themselves afloat in a competitive market scape. International business remains a broad concept that encompasses the smallest companies that may only export or import with one other country, as well as the largest global firms with integrated operations and strategic alliances around the globe. All in all, it’s a broad spectrum which impacts every business.
The international edge of BSE
In a nutshell, if you pursuing a degree in international business, the world is your oyster. An international degree in your chosen domain is certain to give you an edge in a saturated economic scenario. BSE Institutes offers international degrees in four of the most-sought after global markets in the world – Germany, New Zealand, Australia, and Canada.
Most of the programs are conducted over two legs – a typically short stint at BSE India, in Mumbai, and a longer overseas stint. This invaluable exposure to new markets gives students an in-depth, hands-on feel of the high stakes one usually encounters at the macro level. The other benefits, such as cultural sensitization, exposure to a world full of possibilities and elevation in the quality of life, are an intrinsic part of the experience.
BSE INDIA: Advantages
- A complete and excellent exposure to Asian financial markets
- Training by our experienced faculty members who are renowned market practitioners and experts in their field
- Support in preparation for a wide range of careers both inside and outside the financial markets industry
- Experience the feel of live exchange environment
- Benefits of exposure to two different market functions
- An opportunity to look at cross border investments and trades
With options as diverse as Master of Business Administration,/ Master of Applied Finance, Master of Finance, Master of Marketing, Master of International Business, you can chart a relentless journey of success. There are no limits, and you can only raise the bar you set for yourself!
For more, visit international.bsebti.com.