Why is international management a critical area that all management students should be aware of?
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.
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.
Want to see more full solutions like this?
Chapter 6 Solutions
Principles of Management
Additional Business Textbook Solutions
Horngren's Accounting (11th Edition)
Financial Accounting (12th Edition) (What's New in Accounting)
Managerial Accounting (5th Edition)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Cost Accounting (15th Edition)
Horngren's Accounting (12th Edition)
- What are the key factors that organizations need to consider when developing strategies for successful expansion into international markets?arrow_forwardWhat are the key considerations for designing and implementing effective structures for international business operations?arrow_forwardDiscuss ..what are the skill requirements of international business ?arrow_forward
- What should be considered when hiring someone for a position as an international business executive?arrow_forwardWhy is the knowledge of culture important in international business? Can you give an example.arrow_forwardWhat role does culture play in establishing business in a foreign country and what steps should management take to ensure cultural integration?arrow_forward
- Please elaborate as much as you can .Subject Principles and Practices of International ManagementIn what way are the parochialism and simplification impact the effectiveness and efficiency of international management. Defend your answer with relevant example.arrow_forwardI. Let’s assume that you are an expatriated manager of a U.S. manufacturing subsidiary in your selected country. What is the most important external or environmental issue in your opinion? Which of international management concepts (at least three) will be useful for you to respond to such an issue? Explain with specific examplesarrow_forwardenumerate the features of international management .arrow_forward
- What cultural issues should a manager consider before doing business in a foreign country?arrow_forwardCulture is probably the most frequent aspect of informal institutions discussed by international business scholars and practitioners. Why and how are cultural factors so important in determining success or failure in international business?arrow_forwardYou have been hired as a consultant by a local advertising company. They are getting into partnership with a similar company that has branches in multiple international locations. Your client company is new to the concept of ‘Cross National Management’. In an essay write to their management team why it is important for them to develop intercultural competence.arrow_forward