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International business is trade between boarders. Based on research on international business, the main source of income for most countries is trade. During this semester, we covered the topic on international business strategies. The time allocated for the whole unit was six weeks. The whole class was prepared for the unit. I used to hear about international business but was not quite sure what it entails. I was personally waiting for the commencement of the lecturers. I was a notorious backbencher. However, I changed my position so as to gain as much knowledge as possible (Buckley and Ghauri, 2015). Despite the discouragements from senior students, I was sure that I would succeed at the end of the day. The entire semester was smooth. We only faced a few challenges during the last few days. Indeed, it was a success on our side. The concept was home.
Week one and two were based on introduction to international business. The lecture was full of fun. Most students were ready for the course. As for me, I expected a very complex adventure. However, things turned out to be opposite. The introduction of the topic was very easy. On the first day, the lecture entered the class and introduced himself as Mr. Tom Cleverly. He was a tall, good-looking man; probably, he in his late 20’s. I was keen to listen to the voice of the new lecture. Also, I had the desire to study the new topic.
During the first two weeks, our focus was on outside the firm. In week one, most of the content we covered was on the definition of terms related to international business. International business refers to the trade between borders. Managers are faced with the challenge of deciding on modern international business strategies. In most cases, the concepts of local responsiveness and global integration are confused by many people. Global integration is the ability of a company to use the same strategy in different countries. However, local responsiveness is the ability of an organization to customize its products so as to meet the requirement of a country.
The second week was about the major business strategies. There are four main international business strategies. These include standardization, transnational, export, and multidomestic strategies. Export strategies is associated with companies that focus on their domestic operations. Such companies do not have the intention of expanding their business to a global level. Also, they don’t customize their products to meet international standards. Finally, these companies are not interested in responding to unique conditions of global markets. These companies focus on domestic trade.
Also, standardization strategy is another business strategy. In this case, the organization treats the whole market as one world. Also, the company assumes that a product can meet the standards of all customers globally. Multi domestic strategy is an international strategy where a company customizes its products to meet the demands of a specific country. Finally, transnational strategy is a combination of two strategies; standardization and multidomestic (Ferreira et al., 2011). During the first two weeks, it was clear that most students understood the basic concepts. This is evident with the large numbers of hands which were up every time a question was asked. I also enjoyed the opening lecturers.
In week 3 and 4, the main focus was on competitive advantage, distinctive capability, and core competencies. Also, students were expected to examine the differences between resource-based view and integration strategies. Managers are expected to utilize the available resources of the organization so as to achieve maximum product. In most cases, successful organizations are associated with defined core competencies. Core competencies are the secrets of a business. Most managers are inspired by this approach. In the same vein, it also encourages innovation. Organizations that adopt this strategy are assured of success in the global market. We also learnt about the competitive nature of the international market.
Also, we learnt that resource-based view is associated with various concepts. These include distinctive and reproducible capabilities. The lecturer explained the concept of competitive advantage as the ability to deliver better goods and services compared to those of competitors. He also added that competitive advantage is associated with resource management and consumer preferences. Consumers are after quality and not quantity. To satisfy the demands of the consumers, you must first identify their tastes and preferences. Porters Value Chain Approach was used as a tool to study the Resource-Based View. Resource management practices are critical for modern organizations.
Our emphasis was laid on the petroleum industry. Currently, oil and petroleum is the source of wealth for most Arabic countries. The value chain can be managed through position fit. During the last few lessons of weeks 3 and 4, we learnt about core competencies and disadvantages of international business. According to Frynas and Mellahi (2015), core competencies are just resources that are associated with strategic business management. The modern world of business is very competitive. New organizations are entering the global market each day. Therefore, organizations are advised to exploit and cultivate their key competencies so as to compete favorably in the international market.
During the last lessons of week 4, we learnt about the limitations of international business. The lecture was keen to identify various challenges associated with international business. Most of these limitations were self explanatory. Nevertheless, some of the challenges include; shipping duties and customs, language barriers, cultural differences, and intellectual property theft. After the third and fourth week, my understanding on international business strategies had moved ahead by two levels. I could explain many concepts related to international business strategies. Initially, I expected things to be tougher as we progressed from week three to week four. However, this was not the case.
Week 5 and 6 lectures were more complex. In week 5, our focus was mainly on innovation. Based on research on international business, innovation is the secret of most successful businesses. Creativity is the father of innovation. The success of a business is based on the strength of employees. This is the main reason why workplace diversity is encouraged by most international business experts. They argue that workplace diversity exposes the organization to diverse skills. These skills can be utilized by the organization to achieve its goals and objectives. Employees should be aware of the company goals and work towards achieving them.
Innovation cannot be achieved easily. The organization should come up with various strategies so as to utilize the innovative minds. During week six, our focuses was on what we had learnt from week one to week 5. It was a summary of all the concepts we had learnt during the entire semester (Gilligan and Hird, 2019). However, a few concepts were added to enhance our understanding on international business. We redefined the concepts of competitive advantage and capabilities. Finally, we examined the three innovation models: central, local and transactional. The concepts which were covered from the beginning of the semester were reviewed, with the intention of enhancing understanding.
The last weeks were full of fun. I had grasped all the concepts in international business strategies. However, some students were still lagging behind. The lecture insisted that we had to visit the library and borrow books. During my personal studies, I downloaded articles and books on international business. I always go through the documents to enhance my understanding. It was my opportunity to explore everything that I had covered. During the last lesson, the lecture gave us a chance to ask all questions.
Initially, I was of the opinion that international business strategies is a very tough topic. Some of the old students used to give us false information. They told us that this was of the most complex units. In fact, one of them told us that most of them had failed terribly. However, I came to realize that these were just mere threats. The topic was very easy. I was understanding literally everything without the support from teachers and fellow students. I think that determination and commitment was the secret. I was once among the latecomers, however, I changed for the better. I am expecting good results from the end term exams.
In conclusion, International business is trade between boarders. Based on research on international business, the main source of income for most countries is trade. During this semester, we covered the topic on international business strategies. Week one and two were based on introduction to international business. The lecture was full of fun. Most students were ready for the course. As for me, I expected a very complex adventure. However, things turned out to be opposite. In week 3 and 4, the main focus was on competitive advantage, distinctive capability, and core competencies. Also, students were expected to examine the differences between resource-based view and integration strategies. Week 5 and 6 lectures were more complex. In week 5, our focus was mainly on innovation. Based on research on international business, innovation is the secret of most successful businesses. Creativity is the father of innovation. The success of a business is based on the strength of employees.
References
Buckley, P.J. and Ghauri, P. eds., 2015. International business strategy: theory and practice. Routledge.
Ferreira, M.P., Pinto, C., Serra, F. and Filipe, L., 2011. John Dunning’s influence in international business/strategy research: a bibliometric study in the strategic management journal. Journal of Strategic Management Education, 7(2), pp.1-24.
Gilligan, C. and Hird, M., 2019. International Marketing (RLE International Business) Strategy and Management. Routledge.
Twarowska, K. and Kąkol, M., 2013. International business strategy-reasons and forms of expansion into foreign markets. In Manage. Know. Learn. Int. Conf (pp. 1005-1011).
Verbeke, A., 2013. International business strategy. Cambridge University Press.
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