Unit 938: International Business Fundamentals

1. Introduction to International Business

• Definition and scope of international business
• Importance of international business in the modern economy
• Reasons for companies to engage in international trade and investment
• Challenges and opportunities in international business

2. Globalization and its Impact on International Business

• Definition and drivers of globalization
• Historical evolution of globalization
• Effects of globalization on business activities and strategies
• Implications for multinational corporations and SMEs

3. Cultural Considerations in International Business

• Understanding culture: definitions and dimensions (e.g., Hofstede’s cultural dimensions)
• Impact of culture on communication styles and business etiquette
• Negotiation strategies across cultures
• Managing cultural diversity in international teams

4. International Trade Theories

• Classical theories:
  • Absolute advantage
  • Comparative advantage
• Modern theories:
  • Product life cycle theory
  • Heckscher-Ohlin theory
  • New trade theory
• Application of trade theories in real-world scenarios

5. Entry Modes in International Business

• Overview of market entry strategies
• Exporting: direct and indirect
• Licensing and franchising
• Joint ventures and strategic alliances
• Foreign direct investment (FDI)
• Factors influencing choice of entry mode

6. Global Marketing Strategies

• Market segmentation and targeting in international markets
• Adapting marketing mix (product, price, place, promotion) for global markets
• Branding and positioning across cultures
• Challenges in global advertising and promotion

7. Legal and Ethical Issues in International Business

• Overview of international legal frameworks
• Intellectual property rights protection
• Anti-corruption laws and practices
• Labor standards and human rights considerations
• Environmental regulations and corporate social responsibility

8. International Financial Management

• Foreign exchange markets and currency systems
• Exchange rate risk and its management
• International investment decisions and capital budgeting
• Financial reporting and accounting standards in international business

9. Managing Global Supply Chains

• Components and complexity of global supply chains
• Sourcing and procurement strategies
• Logistics and transportation management
• Inventory management across borders
• Coordination and collaboration with international suppliers and partners

10. Emerging Trends in International Business

• Digitalization and e-commerce in global trade
• Sustainability and green business practices
• Geopolitical shifts and their impact on international business
• Effects of global crises (e.g., COVID-19 pandemic) on international operations
• Future outlook and innovation in international business