BMG705 International Business

BMG705 International Business

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BMG705 International Business

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BMG705 International Business

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Course Code: BMG705
University: Ulster University

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Country: United Kingdom

Question:
How has the module deepened personal understanding of International Business? Good on the specific things in which you have deepened your understanding.
 
What were the module highlights, and why? Interesting on the module highlights, and good at linking these highlights with how you will use them in future.
Answer:
Introduction:

The general conducting of international business has numerous demerits but can be depended upon to solve a lot of issues (Shenkar, Luo & Chi 2014, p. 1). International business, as I have learned, has several reasons which make it valuable and offers a great working area as compared to limited businesses, which brings potential to make a difference. The reasons include worldwide solutions enhancement, the introduction of different products, fostering of international community relations and market expansion. I have learned that the entire world’s area and all market frequencies which are different are subsections of a larger market. In addition, the module has imparted knowledge in me that markets expand when people get more interested, and as interest grows solutions and money increase due to a different and larger economic scale. The module has also deepened my understanding of the existence of a diverse range of products in the conduct of international business, with the availability of laws which have been passed so as to simplify the conduction of commerce.
The highlights I learned from the module were about global markets and international cultural dimensions. I learned about different approaches and models accredited by scholars on various trends and issues of global markets hence developing business skills and knowledge which is a way of preparing for my future managerial positions. Furthermore, I learned about various cultural elements, characteristics, and their influence on business and economy. According to Baylis, Smith & Owens (2017, p.4) the knowledge about the global markets is important as it will assist entrepreneurs to see how globalization has impacted in increased ‘connectedness’ of the markets, business, people and information across different countries. Additionally, am capable of identifying the motives and ways of providing services to foreign markets, formulating my own international and strategic business plans, addressing international controversial issues and appreciating the driving performance factors in the global economy. The knowledge learned about cultural aspects has boosted my professional and personal capabilities of appreciating and identifying cultural ethnicities from different countries hence preparing my future career development. Furthermore, the knowledge and skills learned will assist me to develop positive social-cultural interaction when I will be working with people or companies from various countries.
According to Forsgren, Mats and Johanson (2014, p.1) the larger market access provided by international business attracts the interest of many business people. Therefore, the ability of international business creating a pool of large markets interest men. Next time, I would make sure that my entire business objectives and the efforts which I am willing to invest, physically and financially, have been met. I would ensure that the markets for my business have been expanded since I have learned from the international business module that consistently growing markets can be met by the addition of a new product line which comes into the market. According to Killing (2013, p.1) the international business would provide a myriad of solutions and gains for many businessmen, as government organizations provide international businesses with growth and regulation.
References
Baylis, J., Smith, S. and Owens, P. eds., 2017. The globalization of world politics: an introduction to international relations. Oxford University Press.
Forsgren, Mats, and Jan Johanson. Managing networks in international business. Routledge, 2014.
Killing, P., 2013. Strategies for joint venture success (RLE international business). Routledge.
Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.

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