International Business

Online schooling options are available to students looking to obtain a degree in international business. There are numerous schools and colleges that offer online degree training in the field of business. Students can prepare for the career of their dreams by enrolling in a number of programs. Online schools and colleges allow students to train for careers working in international finance, management, marketing, sales, importing and exporting, and more. Student may study coursework such as foreign culture, economics, imports and exports, tax, and much more depending on the chosen level of degree and specialization. Online degrees in international business can include an associate’s, bachelors, masters, and doctorate degree.

Associates degree programs are available from numerous online schools and colleges. Students can obtain an associates degree in international business in as little as two years depending on the specific area of concentration they choose. Coursework may consist of studying international trade, macroeconomics, global markets, international marketing, and other related courses. Students who wish to enroll in an accredited online program can train for careers with banks, multinational manufacturers, import/export corporations, consulting firms, and other international organizations. With an accredited associates degree students will have the skills and knowledge to pursue a bachelor’s degree in the field.

There are a number of accredited online educational programs that allow students to train for numerous careers in international business. An online bachelor’s degree program will take students approximately four years to complete. Course curriculum will vary depending on the specialization chosen by the students but may include the study of economics, principals of marketing, foreign language, international business finance, cross cultural studies, and much more. Students who wish to pursue international careers such as management analyst, sales representative, auditor, and accountant, should consider a bachelors degree. Those who wish to further their education can consider online degree training for a master’s degree in international business.

Online schools and colleges allow students to enroll in masters degree programs in the area of international business. Online degrees at this level typically take students two additional years to obtain. Students can choose to specialize in a specific area including international trade, tax, management, and much more. Areas of study may include international business policy, trade controls, international finance, foreign operations, and more depending on the chosen specialty. With an accredited masters degree students can pursue careers as international marketing directors, multinational managers, international trade managers, financial controllers, and international foreign policy advisors. A degree at this level of education will allow student to enter the workforce or enroll in a doctorate program.

A doctorate degree in international business will allow students to earn their degree with an additional two years of study. Online educational programs train students in a number of subjects to ensure they receive the knowledge and skills to pursue the career they desire. Coursework may include theory of international business, research design, marketing, communications, multi-national enterprise, and much more. With an accredited online education students will obtain the necessary training to find employment as economic researchers, university professors, business development managers, chief executive officers, and other professionals. A doctorate degree is the highest level of degree obtainable in the field of international business.

Students looking to train for the career of their dreams with an accredited online school or college can obtain the degree they desire from just about anywhere. Online international business educational programs allow students to train in a number of specialty areas to ensure they receive the career they desire. By researching programs and requesting information students can be on their way to an exciting new career.

International business involves combining sales and marketing on a global level, rather than centralizing business locally. Individuals who pursue this career are typically prepared to immerse themselves in this position, as they will be most likely be required to travel and put in long hours. However, there are many other areas open to those who hold this degree that may require less travel time. Exploring all available options is important when considering a career in this field.

While an associate’s degree can be earned, the majority of employers are seeking candidates with at least a bachelor’s degree in international business. Master’s degrees and doctorate degrees may also be earned. Degrees are offered at colleges, universities, and accredited business schools. For students who wish to apply to top ranked companies after graduation, choosing a program that is highly respected is essential.

One position available to those with this degree is an interpreter. In international business, exchanges are made daily between individuals or groups that may not speak a common language. The role of an interpreter is to bridge this communication gap so that both parties are able to do business. Interpreters must be well-versed in their area of business; medical interpreters may not understand vocabulary about the market or economy, and vice versa. These individuals must also be able to understand style and tone, as inflection also plays a large role in language and communication.

Management analysts are also very prevalent in international business. Usually working through a contract basis, management analysts are experts on ways to improve a company’s efficiency. They are usually hired to be consultants on a particular issue or project. These individuals may work with financial records, current procedures, company staff, and any other relevant documents. While some projects can be completed independently by the management analyst, others may require putting together a special team to pinpoint a particular problem and develop solution strategies. The average salary for this position is approximately $78,000 per year, although the actual number may vary depending on education and expertise.

Those with an international business degree may wish to pursue a career as an international sales representative. These professionals work either through a manufacturing company, or an independent agency, and demonstrate products to a certain area or territory. Selling the products will produce a commission payment for the representative. Those in this career should be especially goal oriented, persuasive, outgoing, and have great communication and people skills.

U.S. exports continue to grow, but many American companies lack the international business know-how to capitalize on this potential source of increased sales and profits. Proliferating trade agreements and a weakened U.S. dollar have resulted in one of the most favorable export markets in decades. Foreign importers of U.S. goods report an increasing demand for U.S. products–from popcorn to pet food. The U.S. has enjoyed 11 straight quarters of increasing exports–yet with 95 percent of the world’s population residing outside of U.S. borders and an increasingly promising international sales outlook, experts are questioning why only 5 percent of U.S. companies are currently exporting. But how do we initiate and sustain growth in unfamiliar markets?

1. DEFINE STRATEGIC NEEDS

Tapping into new markets provides the opportunity for increased revenue and profits. However, this initiative needs to be consistent with the company’s overall strategy. Inconsistent, sporadic, or unfocused deployment of resources directed toward international growth can result in an underperforming initiative that soaks up limited resources with little return. Barriers to entry (duties, regulatory, and trademark restrictions) need to be identified and addressed. A SWOT analysis detailing the company’s strengths, weaknesses, opportunities, and threats will identify and help maximize the company’s strengths, minimize its weaknesses, and give focus to the international opportunity.

An international growth plan consistent with the corporate strategy will enhance the odds of success. Tactical aspects of international development such as sales, distribution, and marketing need to be addressed. International growth factors can be sufficiently different from the U.S. models that a lack of familiarity can dramatically reduce the chances of success. Above all, there must be clear direction, full management support, and dedicated resources.

2. SECURE APPROPRIATE ASSISTANCE

Small or medium firms initiating or expanding into international business will find the U.S. Government’s Department of Commerce (DOC) an enthusiastic partner in helping American companies succeed globally. This organization coordinates resources from across 19 Federal agencies to help American businesses plan their international strategies in an increasingly globalized environment. In an unfamiliar foreign market with confusing regulations, uncertainty, and risk, the DOC can help U.S. businesses navigate the overseas sales process and avoid hazards such as payment defaults and misappropriation of trademark and intellectual property.
The DOC’s commercial service provides a surprisingly actionable array of quality services including in-country market research, trade events and missions, trade leads, and introductions to prospective business partners. The Export-Import Bank and the Small Business Administration unite to help in the financing of U.S. goods and services exports to the international market, enabling companies to turn international leads into solid sales.

Firms specializing in international business development can help jump-start foreign expansion. These firms are groups of highly skilled, experienced professionals offering practical, cost-effective assistance to companies committed to maximizing revenue and profit potential through accelerated international growth. The range of services offered varies by firm, but overall they help companies conceptualize, implement, and manage large or small international business development projects. These services can range from determining the overseas market potential for a product to managing a firm’s export sales to identifying and qualifying foreign strategic alliances.
A company wanting to penetrate the international market needs to assign a fully dedicated resource to this initiative. This individual should be the linchpin connecting the organization’s resources, know-how, and culture to the international initiative. As the business develops, additional resources should be assigned to maximize the opportunity. These should be considered investments rather than costs.

3. DETERMINE MARKET ENTRY STRATEGY

A firm’s appropriate market entry strategy will largely depend on its level of international development. For a company just commencing its international development, market penetration via in-country distributor sales may be the fastest and most cost-effective way to enter a foreign market. Selling through in-country distributors is relatively low-risk and will provide valuable learning opportunities. Once the target country or region has been identified, a process that will naturally derive from the SWOT analysis, the selection process can begin. Various U.S. government agencies and trade associations can provide a wealth of data to begin narrowing the selection.

Trade publications and events are also an excellent source. Factors to consider when selecting a market may include such criteria as regulatory environment, market size and potential, cost of entry, and competitive environment. To further narrow the possibilities, an in-country visit is required. Once there, the use of trade leads, competitive evaluations, local government assistance, and potential candidate interviews will provide additional information and insights. Major considerations in selecting a distributor are: willingness to assign a dedicated resource, market leadership or track record, marketing savvy, complementary and not competitive products or services, site inspection, and financial stability.

Penetrating a new international market is often perceived as an extension of the existing domestic business. Consequently, many American companies bypass standard business guidelines requiring rigorous market analysis. Only after performing thorough due diligence can one elaborate a service or product offering and accompanying marketing programs.

A company’s preferred mode of entry–in-country distribution, joint venture, merger, or acquisition–will depend on that firm’s primary objectives from opportunistic sales to positioning for long-term market-driven growth.

Economic globalization will increasingly lead to the creation of strategic alliances. U.S. firms must make sure that potential partners share short- and long-term objectives in order to reduce the divergence of ideas and efforts. Common values and shared business/ethical standards will enhance communications, transparency, and effectiveness. The partners should have complementary strengths and weaknesses to build a stronger and more effective alliance. Principles and processes for conflict resolution and the relationship must be drafted and agreed to by all parties concerned for the partnership to run smoothly.

4. DESIGN EFFECTIVE MARKETING

All markets have commonalities. However, effective international marketing begins with the awareness that markets are also different in ways that are not immediately apparent. The key is understanding consumers and identifying their needs through culturally specific market research. Focus groups can be especially effective in identifying the international consumer’s wants and needs. The advertising agency used in developing the offering should be local or have local representation. Employees with a thorough knowledge of market characteristics and idiosyncrasies will be particularly effective in communicating the desired message and creating and enhancing the brand image. Language skills and an affinity for different cultures are critical assets when marketing internationally.

The major factor involved in the importance of English in international business is the acceptance of English as the international language of the business community for the purpose of uniformity in communication. Accepting English eliminates the need to explore an alternative language. If not English, then what language works better for the international business community?

English as an International Language

Perspective of English as Global Communication

If English as a global language “means that English has the widest distribution on the most continents, it is true. If it means that English is the language most utilized for international communication between and among language communities, it is true. But if it implies that English is the language of all the peoples of the globe, it is manifestly false” (Harris, 2001, 685). What may be good for the functionality of business may not be accepted as being good for the non-business community. With any new project or venture, research and development of the product or service should be done so that words used to communicate with the new market are not received with offense. Be sensitive and respectful concerning the decisions made in regard to the ways communication is used and worded.

Perspective of English as Learned Communication

“It is crucial that students are equipped with-and be aware of-both the linguistic and strategic repertoire that they can draw from in situations where they use English to communicate with those who do not share their first language and culture. In addition to the development of strategic competence, students also need to be reminded that communication is a two-way road. That is, making one’s own message clear and trying to understand others is not the sole responsibility of non-native speakers or speakers of ‘less standard’ English varieties (however that is defined). Everyone is responsible for overall successful communication, whether it is international or not” (Matsuda and Friedrich, 2011, 340). Be mindful that words can have different meanings in different parts of the same country. Therefore, having words that have different meaning in different parts of the world is a reasonable possibility. There can also be different versions of English in different locations. Business English could also be different from the native English of an English-speaking country. Do not assume; technology has been made available to know for sure what is involved in any given business project or transaction.

English in International Business Communication

“In thinking about the impact of English on international business, there will be two effects: the intra-language effect and the inter-language effect. The intra-language effect would relate to the impact that English has in stimulating international business activity between English-speaking countries” (Hejazi and Ma, 2011, 153). If the native English of each of the two countries is slightly different, it still could have the feel of dealing with a non-English speaking country if time is not spent coming to an agreement defining business English. Business professionals new to a market will benefit by finding out how things work and use the same language the other market stakeholders are using.

“The inter-language, commonly referred to as “lingua franca”, effect refers to the impact English would have on stimulating FDI activities between countries which have different official languages. The inter-language effect would have two dimensions: the first involves the use of English by a non-English-speaking country when carrying out international business with English-speaking countries; the second involves the situation in which English is used as a vehicle language between two non-English-speaking countries that use different official languages” (Hejazi and Ma, 2011, 153). Even though cooperation in using English in both cases may result in positive benefits for the countries involved, sensitivity in communication should be exercised to avoid miscommunication that may offend members of the markets involved. Good judgment with word choice is very important.

Conclusion

The importance of English in international business will depend on the purpose of the communication for which English is involved. Since the importance of English will vary depending on whether its use helps to complete business transactions, the deciding factor will depend of the opinion of the users concerning that fact. The success of communication in business will involve other factors. The more English works in communication for international business, the more it will be used. It will then be used because it is used by the people for whom businesses want to communicate.

It’s not easy being a student, much less one about to graduate into a workforce still reeling from the impact of the recent global economic crisis. It’s important (perhaps more now than ever) to consider ways to be proactive about your future career prospects. In this day and age, you’ll need a lot more than a high GPA and a few weeks of volunteer experience to get the job of your dreams. If you have your heart set on getting an international business internship, here’s a handful of tips and advice for finding the right international internship for business students.

In preparation for your application to an international business internship, take some time to research all of the large multinational corporation with offices in your area. There’s a good chance that you know somebody with connections on the inside, and in many cases these individuals would be only too happy to help you get your foot in the door. Naturally, you’ll want to approach businesses that are best suited to your education and/or work experience.

Government agencies offer excellent opportunities for young people to gain international business experience. The US State Department is one such example. Sometimes, the best international internships can be found with a government agency. If you intend to apply for an internship with the Consulate Offices abroad, it would be a good idea to explore their website for information regarding international internships. Business associations provide another great opportunity to research and learn more about international business internships. The chamber of commerce, for instance, can help you identify local businesses with an international presence.

Expatriate networks and student alumni groups provide another opportunity to gain meaningful, actionable feedback regarding international internships. Hopefully, you haven’t lost touch with all of the connections you made while in college. They are the people who can likely help you the most. Facebook, Twitter, and LinkedIn are wonderful tools for staying connected with former classmates and colleagues.

If you have the resources available to you, why not consider traveling to the country of your choice and try to line up an internship in person. Most employers will appreciate your commitment their cause, when they learn that you traveled half-way around the world to pursue an international business internship with their company. Give it a try, why don’t you? What have you got to lose?