300-120: International (Global) Business
International or global business relates to any situation where the production or distribution of goods or services crosses country borders. Globalization, the shift toward a more interdependent and integrated global economy, creates greater opportunities for international business. Such globalization can take place in terms of markets, where trade barriers are falling and buyer preferences are changing. It can also be seen in terms of production, where a company can source goods and services easily from other countries. Some managers consider the definition of international business to relate purely to “business”. However, a broader definition of international business may serve better both in a world that has moved beyond simple industrial production. International business encompasses a full range of cross-border exchanges of goods, services, or resources between two or more nations. These exchanges can go beyond the exchange of money for physical goods to include international transfers of other resources, such as people, intellectual property (e.g., patents, copyrights, brand trademarks, and data), and contractual assets or liabilities (e.g., the right to use some foreign asset, provide some future service to foreign customers, or execute a complex financial instrument). The entities involved in international business range from large multinational firms with thousands of employees doing business in many countries around the world to a small one-person company acting as an importer or exporter. This broader definition of international business also encompasses for-profit border-crossing transactions as well as transactions motivated by nonfinancial gains (e.g., triple bottom line, corporate social responsibility, and political favor) that affect a business’s future. Topics covered in this course include: Globalization, Trade Theory, Political and Economics Systems, Cultural Systems, Political Challenges, Regional Integration, Foreign Exchange, International Monetary System, Foreign Direct investment, Global Organizations, Global Strategies and Market Entry, Logistics and Global Marketing.