Globalization is a complex issue. A story the Washington Post published said "20 years ago globalization was pitched as a strategy that would raise all boats in poor and rich countries alike. In the U.S. and Europe consumers would have their pick of inexpensive items made by people thousands of miles away whose pay is lower than theirs. And in time trade barriers would drop to support even more multinationals expansion and economic gains while geo political cooperation would flourish". Getting an education, learning about the complications and specificities that surround globalization found in the various emerging markets around the world has never been more important.
There is a growing interest in learning how business is conducted in regions, such as Asia, Latin America, Russia and CIS, and Africa. The career prospects for graduates with international and foreign language experience is anticipated to grow dramatically in the years and decades to come—in the corporate sector, the federal government, among NGO’s and with various academic institutions across the globe.
The most critical challenge CEO’s and top multinational corporations face is when they are given the options of who to do business with. It is all too difficult to make a sound decision without knowing the infrastructure present in the markets under scrutiny. And a major part of the problem is that there is an absence of specialized intermediaries, regulatory systems, and contract-enforcing mechanisms in emerging markets to satisfy this deficiency.
Presented in this way, emerging markets are a big gamble that could have a big return, but are they worth the risk? Companies have difficulty locating skilled market research firms to provide reliable information about customer preferences so they can adapt products to the specific needs and desires of the local population. The gamble has the odds stacked high.
There are so many factors that contribute to this reluctance to embracing the opportunities and potential the emerging markets present. Every country has its share of red tape, from administrative and bureaucratic tasks to opening a bank account, applying for licenses and contracting vendors. Maneuvering these tasks may take days in your native country, but could take weeks, months, or even years in some parts of the world.
Companies in developed countries often take for granted the finite role that soft infrastructure plays in the implementation of their business strategies abroad. Many CEO’s get cold feet and divert their investments into the secure markets in developed countries, which is safe, but does safe deliver dividends?
Is this a good allocation of investments or could it be capitalized more appropriately if more information was available?
The truth is, many countries decided against engaging with emerging markets when they should have fostered better trade and business relations. If companies do their due diligence, they will find market infrastructure varies widely from country to country. Corporations have to employ new strategies different from the ones they employed in their home countries to the emerging market, and it helps to have individuals in place that have experience or an education that focused on the particular market in question.
Somehow, in a globalized world the understanding of the history, politics, economics, culture, and language of various emerging markets would seem to be increasingly vital to national security and economic completeness, yet "area studies" as a discipline is not always addressed effectively, preparing business leaders with the tools and competencies to make well-educated decisions in the emerging markets.
The Master in International Management (MSc) program at GBSB Global Business School is an excellent Master’s program in international business management with a special focus on global aspects of business which has been designed to meet the growing needs of today’s multinational companies and educate graduates who have international management skills, the knowledge of a foreign language and cross-cultural competencies.
The Master in International Management degree provides an in-depth examination of business issues ranging from the global economy to cross-cultural negotiations and leadership. Participants in the MSc International Business Management degree learn how business is conducted within world regions, such as Asia, Latin America, Europe, Russia and CIS, and Africa, and improve their international management competencies.
These courses, taught by professors who have worked and have owned businesses in these markets, give students the invaluable knowledge to navigate emerging markets without facing the same challenges their peers from other schools will face. Earning a Master of Science in International Business from GBSB Global Business School will help graduates launch a successful career Investing in the emerging markets working for multinationals or for themselves.
Written by Emily Dawn Szajda, GBSB Content Manager