Chapter 6, Problem 1CRQ

Why is international management a critical area that all management students should be aware of?

Summary Introduction

To think critically about: International Management and it's importance.

Introduction: International Management is a growing concept in today's world, it is considered as the strategic 'next' step for companies to take, and the concept also is a key strategy discussed under management.

Explanation of Solution

In the current day and age, countries take a more democratic approach in nurturing relationships with other countries, in order to support one another, fair business/trade opportunities open up where foreign businesses are welcomed.

These opportunities can broaden the market scope severely, thereby developing how the product/service is judged upon in various countries and the fulfilment the customer gets by obtaining the said organization's services or products.

Management students and businesses should give into the idea of a 'globalization' strategy, this approach reduces the risk an organization has when they are operating in one organization, in one country. If in case they fail in one market they always have the chance of succeeding in another, this provides endless opportunities for businesses.

Globalization/Internationalization can provide a good competitive edge for organizations, the exposure to markets can adapt shorter/cheaper/efficient strategies for the organization's to adapt and help revolutionize with the times.

Conclusion

Internationalization is the critical point of discussion/strategy which should be studied and utilized by any management student as it provides an endless array of opportunities for the organization.