GLOBAL BUSINESS MANAGEMENT DISCUSSION QUESTIONS 1- - Essay Example

Discussion Indeed, study of international business would greatly help if one is working in some multinational firm but it would be wrong to say that the degree would be irrelevant for people working in small business. In the contemporary times, the world is fast moving towards a multicultural environment that has shrunk the world into a small global village. The advancing technology, especially the advent of computers and internet services has greatly opened a huge galore of opportunities for the small businesses across the world.

So the degree in international business would always be an asset for people working in small or big business enterprises. Another very important aspect of international business is that the compulsions of the present times require versatility in the work ideology and functioning, thus making it imperative that new skills and strategies are evolved to meet the emerging challenges with efficiency and unmatched proficiency. Goldberg correctly interprets higher education and says, ‘academic thinking is powerful and usable over long time frames’ (1996).

The study would provide the professionals with wider perspectives of the changing paradigms of the business environment and help facilitate better options to address the emerging challenges in the dynamics of new business equations. One can therefore, conclude that the study in international business would always serve as value addition to any work environment. Response to the postCharles Hill’s assertion that ‘Countries have different political, economic, and legal systems… All these differences can and do have major implications for the practice of international business’ (Hill, 2004) is absolutely correct.

In the rapidly changing environment of globalization, the businesses have become more competitive thereby making it obligatory for them, as well as for the working force to become more flexible and swiftly adapt to the changing technologies and work environments. Another aspect that has emerged as a result of globalization is that of increased mobility that requires the ever increasing need for flexibility of time and place especially when the business is spread across the different countries.

The non market factors have direct and indirect impact on the overall performance and operation of the firm. ‘These are characterised by 4Is: issues, institutions, interests and information’ (Baron, p2, 1995). Broadly they are the socio-political environment within which the firm has to operate. The role of government regulations and political dynamics combined with the media, public opinion and stakeholders are few other institutions that make up non market factors. The socio-religious culture of the community has strong impact on the attitude and consumer behaviour of the public, which has direct affect on economic transactions of the company.

It is therefore vital that needs and concerns of the community, within which the firm intends to operate, be studied in detail so that sensitive public issues are not violated. McDonald is the scintillating example of global business that has around 16,000 branches spread across the countries which are doing roaring because they have adopted universal values that incorporates the changing socio-economic business environment of their host countries.ReferenceBaron, David E. Integrated Strategy: Market and Non Market components.

California Management Review. Vol.37 N. 2, 1995.Goldberg, Michael A. (1996). ‘The case against “Practicality” and “Relevance” as Gauges of Business Schools’. University of British Columbia. Hill, Charles. (2004). International Business: Competing in the Global Marketplace. 7th ed. Irwin/McGraw-Hill.