Globalisation has essentially made the whole world a marketplace – making it easier than ever to trade, buy, and sell.
Navigating this marketplace has become increasingly complex and requires a whole set of new skills that cover a vast range of knowledge areas such as strategy, management, marketing, and even linguistics.
To gain a better understanding of what is expected in this modern-day global market, read on to learn more about international business and management.
What is international business?
As globalisation changes the way we conduct business, it’s inevitable that business practices and operations have changed. To this end, international business is a look into managing cross-border financial practices and transactions as trade barriers are demolished.
International business also considers the ever-changing buyer preferences, and how to get the right resources, goods, and services to ensure companies can keep up with it. This topic involves recognition of the diversity of different marketplaces across the world and being able to identify and deal with the uncertainties and risks of business in these marketplaces.
Learn more about the international business topics you could learn in our MA in International business and management:
What is international management?
Simply put, international management is all about managing operations in a corporation that serves and operates in multiple countries. When compared to international business, international management has more to do with business strategy. It concentrates on the execution of business and marketing plans, following key trends, and brand management.
Keeping an eye of today’s dynamic business landscape, international management also focuses on management decision making. It considers the various psychological, political, cultural, and economic landscapes that the business operates in, and involves the cross-cultural and globalisation aspects of a business.
There are multiple approaches to international management, but in each, the assessment of the global environment takes precedence, followed by an in-depth analysis of the dynamics of the specific country the organisation has reach in.
Are they very different?
International business depends on a base of economics and operations, while international management has a heavy focus on marketing and strategy. Both international business and international management have their own pros and cons, as they cover different areas with a slight overlap as discussed above.
However, combining international business and management gives us an in-depth idea of what it takes to create, maintain, and grow a business on a global scale, which is why both international business and international management are important to any global organisation.
How will an MSc in International Business and Management help me?
As an increasing number of companies are moving towards having international offices – where they can work with different people from different cultures across the world – this in turn is leading to a high demand for people who are prepared to deal with challenges across such organisations.
Thus, there is a preference for people well versed in both the business and management aspects of corporate structure. To this end, an MSc in International Business and Management will help you stand out amongst your peers and improve the trajectory of your career.
An MSc in International Business and Management is perfect for those interested in working with global businesses. It combines the foundation of operations and strategy with marketing, economics, and even psychology to give you an all-rounded idea of how to expand the business.
The University of Central Lancashire (UCLan) offers a part-time, online MSc in International Business and Management course that you can access from wherever you are. This flexible course helps you understand the themes of sustainable business and management practices, while also exploring market practices, and focusing on the issues faced by international businesses.
If you are interested in solving the challenges of a modern business scenario, learn more about UCLan’s MSc in International Business and Management: