Globalization
Business in a Global Economy provides students with an understanding of how and why businesses choose to expand their operations into other countries. This course exposes students to the unique challenges facing firms doing business internationally—and to the potential opportunities and markets that are lost to firms that choose not to do business in the global marketplace. Building on concepts that were introduced in Principles of Finance, Business in a Global Economy broadens student understanding of how businesses operate and how they grow and thrive in our ever-changing world.
The course begins with an overview of globalization, including global factors compelling companies to expand into other markets in order to remain competitive. Students explore cultural, economic, and political differences that affect business operations and decision making. They then learn the fundamentals of international trade, investment, and finance, including the role of international financial institutions such as the World Trade Organization, the International Monetary Fund, and the World Bank. Students apply what they have learned over the course to the culminating project, making a market entry strategy recommendation for an automobile company looking to expand to the global marketplace. Working in strategy teams, students assess a specific country for the potential risks and benefits of doing business there. They then identify an appropriate target market in the country before recommending an appropriate marketing mix. Teams also identify potential ethical dilemmas the firm may encounter and recommend ways to address them. They present their market entry strategy recommendations, along with a list of questions that must be answered before the expansion can proceed, in a PowerPoint presentation to a group of interested adults. Finally, students explore international business as a potential career.
