Global Business Schooling Opportunities

Conducting business in a foreign country differs from how professionals perform work related duties in America. Many factors contribute to this difference and students can learn to perform business functions overseas by completing an educational program in global business. Colleges provide many opportunities for students to understand the global economy inside a business setting.

Educational study encompasses the entire global environment as is relates to business strategies, operations, and problem solving techniques. Students walk away from a program with a global mindset that is utilized to conduct business with foreign professionals and customers. Training covers everything from global trade to how different cultures affect the way countries carry out business. To fully grasp all the needed knowledge to work in the field students are required to have at least a bachelor’s degree. The two most common completed programs by students are at the bachelor’s degree and master’s degree level. Each program focuses on business practices as they relate to working with and managing a global business.

The education gained inside a bachelor’s degree program focuses on teaching students about:

  • Business Law
  • Accounting
  • Marketing
  • Global Trade
  • International Cultures

Coursework focuses on these areas and more to train students to help a business thrive in the global marketplace. Undergraduate study focuses on completely incorporating business practices with understanding the global economy. Many students complete a global management degree because of the skill set earned within a typical program. The combination of global business relations and management skills prepares students to work with a business on all areas including trade, investment procedure, finance, human resource management, and accounting. A prominent course inside a bachelor’s degree is a business strategies course. Work related to international payments and trades is emphasized. The goal is to teach students to create an effective multinational enterprise by identifying appropriate global operations.

A global business master’s degree centers on providing students with general and specialized knowledge in areas that include:

  • Foreign Politics
  • Customs
  • Global Institutions

Education follows not only the business aspect but also the cultural aspect of the global economy. Schooling focuses on the importance of cultural awareness and economical control of working with a global economy. Courses in political science, diplomatic strategy, global ecology, international law, and finance are worked through. These industry areas provide students with the understanding of how different countries conduct business with each other. Continuing education can be pursued in a related doctoral degree or a postgraduate certificate program.

Accredited Schooling opportunities are available to teach students to use the global economy to expand business. Accreditation is provided by agencies like the Association to Advance Collegiate Schools of Business (http://www.aacsb.edu) to schools that can provide a quality education. Other key components that students are able to use inside a career include advising companies on international matters and markets to meet the consumer demands for a particular product. Students that earn a degree will be able to work in management and top-executive positions inside a business. Enter the global economy industry by taking advantage of the many schooling opportunities available.

DISCLAIMER: Above is a GENERIC OUTLINE and may or may not depict precise methods, courses and/or focuses related to ANY ONE specific school(s) that may or may not be advertised at PETAP.org.

Copyright 2010 – All rights reserved by PETAP.org.

Global Business World – Three Strategies You Should Consider

This article introduced three strategies of globalization business and analyzed the relations among them; then offers some essential decisive-related questions for strategy scheme and decision making; and at last summarizes some issues for executives to think about.

The globalization directly affects the competitive situation of the world, it is necessary to make good use of strategies and reduce risks in order to establish and lift the power of business competition.

Because competition is emerging in very much different markets, today’s businesses are forced to be globalized in non-traditional ways. Before enterprises make a presence in markets just so that they know what competitors in that market are doing and use it as a window to look into new trends and new competitive strategies. These are just some of the reasons that require businesses today to have a global mindset-it is an essential factor for survival.

Followed are three strategies for globalization business.

The first is to adjust measures according to local conditions of target area, and it’s the essence of all global business strategies. There are differences in terms of costs for different raw materials, labor power, working skills, and institutional infrastructures. The decision makers with a global perspective, have to recognize the differences across countries and account for them in the strategic decisions. Those decisions may have to do with customers, raw materials, manufacturing, capital funds, market capacity or any of the dimensions on which strategic plans are made. Thus, a company in a labor-intensive business that fails to account for labor cost differentials across countries.

On the contrast, the second strategy is to fully use the similarities across countries. Because there are significant similarities, it means that products, skills and investments that are made or developed for one market have the potential to be leveraged in multiple geographic markets. The similarities imply that a product  created or developed in some market can be sold in another market without having to be reinvented. What that enables a business to do, for example, is to use its research and development dollars by selling a proven product from one market, usually the company’s home market, to different countries. This advantage is particularly significant in businesses like pharmaceuticals that are research and development intensive.

The above two strategies of similarities and differences across markets are not opposite ends of one scale. Rather, they are complementary dimensions and should both be leveraged. An executive needs to ask what the similarities and differences are across markets. It then becomes a matter of strategic choice whether to exploit similarities first or differences first or both simultaneously, in order to take advantages of the global potential that lies inherent in each business.

The third of globalization business strategy is about the fundamental choices. Typically, these decisions involve four considerations: operations and costs; customers and markets; competition; government policies. Does the product have a committed champion? Can a product sold in multiple markets increase competitive advantage in home market? Are the competitors in that particular market already global and therefore, does the company needs to have a presence in multiple markets to be able to defend against the competitors? Sometimes, answering these questions in the context of a company’s organization is as much an administrative as an economic and strategic process.

 
Ultimately, an executive must make sure that the company has a presence in multiple markets and view it like a global game of chess. He must coordinate competitive moves across countries; consciously decide in which country to launch a product, where the global competitors are strongest, where the cost structure is lowest, and where the business is likely to get the quickest market feedback. Then he must decide how to launch the product in other markets and how to manage pricing in multiple markets. It is the global chess game rather than individual market share games being played in local area. Unless all elements fit together, it is difficult to develop the competitive global business.

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Website Translation and Global Business!

Developments in global communication and the advantages of the internet have resulted in language being one of the only real barriers remaining in international business possibilities. Website translation services are at the forefront of breaking through this barrier and creating a business world with no borders. Since 2004, nearly 50% of all online business transactions were completed in a different language to English. Automatic translation tools are almost useless for this purpose as the accuracy cannot be guaranteed or monitored. This is why a reliable and professional translation service is pivotal to ensuring the upkeep of your company’s reputation and the positive outcome of your business ventures.

Despite the current unstable financial climate in many countries, some economies around the world are continuing to thrive and grow. Particularly, parts of South America, the Middle East and Russia are seeing a burst in business activity that is bringing international investment into these countries. China has also long been a major player in global business and is the second largest economy in the world behind the United States. Over the past 30 years, China has increasingly invited trade from overseas businesses and this is an opportunity that many in the west have taken keen advantage of. Translation professionals operating in China had a 46.09% increase in their income in 2012, a figure that is sure to continue growing.

When the decision is made to enter a foreign market there are many things to consider. Making your company’s website understandable to the country in which you intend to expand is of the utmost importance. In a survey conducted by commonsenseadvisory.com, 72.4% of consumers stated that they would be more likely to buy a product if the accompanying information was in their own language. Additionally, 56.2% of consumers went on to say that being able to obtain information in their native language was more important than the price of the product. Faced with these statistics it is shocking to observe that out of the top 1,000 global websites, 433 are presented in just one language, making no attempt at all to provide translation for potential global visitors.

Approximately 33% of internet users don’t speak English as a first language, so the importance of having your site translated into the many alternatives is immediately evident. It is predicted that employment levels for translators and interpreters will increase by 42% between the years 2010 and 2012, demonstrating the rapidly growing necessity of such acute skills.

The localization of website content has to be approached in a wholly pragmatic way in order to guarantee the best results and highest returns for your company. Not only does the content have to be translated to precisely depict the original material, but the cultural differences have to be taken into account. A professional translator will be sensitive to these differences and maintain such accuracy that it will appear as though the translation version is the original written text. Being completely aware of the culture within the target country is essential to providing a perfect translation.

The semantics of languages are subject to constant evolution, therefore when it comes to achieving perfect website translation, a culturally aware linguistic professional is the only viable choice of person to be entrusted with this task. Translation technology is rapidly developing and the capabilities of such programmes are more impressive than ever. But when it comes to your business, it goes without saying that you want a highly qualified and extremely experienced professional to be responsible for your website translation. There are some aspects of language that a machine can’t always be guaranteed to comprehend so a human translator is necessitated to ensure the meaning of content is not confused.

With the many global economies that are expanding at a an exciting rate, it is foolish to presume that marketing your company solely in English will be enough to sustain your companies presence and growth. Website translation services readily exist with uncapped capabilities of promoting businesses around the world, creating and encouraging the possibilities that a truly global market has to offer.