Course Learning Objectives - Business 187- Global Dimensions of Business

Course Description: Overview of economic, sociocultural and political forces influencing crossborder business; introduction to the international dimension of business disciplines; foundation for more specialized courses and further self-directed learning.

Learning Objectives

I. International Business

a. Define international business

b. Describe general patterns/trends in global trade and investment since the Great Depression

c. Describe (broadly) the international trade and investment position of the U.S.

d. Differentiate between alternative ways of engaging in international business and identify criteria for choosing from among them

e. List/discuss several reasons why American companies export

f. Discuss the product-life-cycle theory of trade and investment and assess its implications for business at home and abroad

g. List/discuss several reasons why companies invest abroad

h. Analyze how corporate international business decisions affect key stakeholders (e.g., stockholders, employees, customers, community)

i. Identify/discuss country-specific factors (for a specific country) that are the most and least attractive from the perspective of a foreign investor

j. Assess the significance of international business for your own organization and your own career (e.g., pressures, issues, choices, opportunities, threats)

 

II. Economic Environment

a. Identify three global macro-economic trends and assess their implications for the U.S. economy, your current or prospective employer, and your career

b. Distinguish between capitalist, socialist, mixed and newly-marketizing economies, and give examples of each

c. Describe (broadly) the function of money and the nature of the world monetary system

d. With reference to currencies, define the following: foreign exchange rate, foreign exchange risk, spot market, forward market, foreign exchange hedging, the Euro, Eurodollar)

e. Identify several key determinants of exchange rates

f. Give examples of how currency fluctuations influence issues/problems/decisions in several functional areas of business (e.g., marketing, finance, accounting, human resources, production)

g. Explain why most economists favor freer global trade and investment

h. Explain the concept of "comparative advantage" and apply it to your own country, company and career

i. Distinguish between the main balance-of-payments accounts (e.g., merchandise trade, services trade, current account, capital account) highlighted in the business press, and discuss their significance

j. Describe the role of GATT/WTO (how it works, strengths, shortcomings, achievements, problems) in reducing barriers to global trade and investment

k. Differentiate between forms of regional economic integration (e.g., free trade area, customs union, common market, economic union) and cite examples of each

l. Describe/discuss issues/problems/solutions/setbacks in economic growth and development (in lesser-developed countries) and discuss implications for U.S.-based business

m. Identify and distinguish between the more visible international economic institutions (e.g., GATT/WTO, IMF, World Bank, European Union, NAFTA, ...)

 

III. Sociocultural Environment

a. Define "culture" and apply one or more conceptual schema used by cultural anthropologists to compare and contrast cultures

b. List and discuss distinctive patterns in American (U.S.) culture (values, attitudes, beliefs, behavior)

c. Explain how a better understanding of one's own culture can help to understand other cultures

d. Distinguish between three major cultural groups (e.g., Arab, Latin-American, Nordic, Sinitic, ...) along cultural variables (values, attitudes, beliefs, behavior)

e. Discuss implications of cultural differences for doing business within and across borders

f. Identify/demonstrate social/behavioral knowledge/skills vital for effective intercultural interaction

g. Identify and analyze social/ethical issues and dilemmas (e.g., questionable payments, conflicting values) that can occur in crossnational business

 

IV. Political-Legal Environment

a. Distinguish between broad political systems/ideologies of the world

b. Identify three global political trends and assess their implications for the U.S., your employer (or prospective employer) and your own career

c. Explain how U.S. government policy (e.g., trade policy, foreign investment policy) affects U.S. crossborder business and the U.S. economy

d. Describe/discuss the U.S. and international legal framework affecting U.S.-based international business

e. Discuss the sources and consequences of political risk and ways to minimize its impact on U.S. international business

 

V. Business Functions, the International Dimension

Includes issues/pressures/problems associated with management and business functional disciplines (e.g., human resource administration, marketing, manufacturing, finance, accounting)

International Management

a. Define/describe the management function in domestic and international context

b. Differentiate between the international, comparative and intercultural dimensions of management

c. Identify/discuss core issues in planning, organizing, and control of international operations

 

Human Resource Administration

a. Describe the human resource administration function in domestic and international context

b. Analyze how the international environment can influence human resource planning, performance appraisal, compensation, training and development, termination, ...)

c. Assess factors/issues internal and external to the firm that affect staffing decisions in international organizations, e.g., external environmental factors, internal company factors and factors related to the employee

 

Manufacturing

a. Describe the manufacturing function in domestic and international context

b. Evaluate factors/issues internal and external to the firm that relate to manufacturing themes (e.g., plant location, technology of plant, procurement, production logistics, quality control, maintenance, safety, ...)

 

Marketing

a. Define marketing and its role in domestic and international context

b. Analyze advantages and disadvantages of a standardized approach to marketing versus an adaptive differentiated approach

c. Discuss how international/global factors can influence marketing tasks/functions (product mix/design, pricing, promotion, distribution, market research)

 

Finance

a. Describe the finance function in domestic and international context

b. Identify general differences in financial markets/institutions/practices in different countries

c. Identify issues and problems related to the crossborder sourcing and management of funds

d. Discuss major economic/financial factors (e.g., inflation, foreign exchange risk, tax factors) that affect financial planning and control, including general strategies for dealing with them (e.g., hedging, transfer pricing)

 

Accounting

a. Describe the accounting function in domestic and international context

b. Discuss (broadly) major national and international forces/factors, issues/problems inherent in professional accounting (e.g., translation, inflation accounting, and differences in national accounting systems and practices)

c. Analyze major factors affecting financial reporting and analysis (e.g., the influence of inflation, exchange rate fluctuations, tax environments, government regulation/intervention, ...)

d. Describe efforts to harmonize international accounting standards and practices

 

Taxation

a. Identify major international tax issues

b. Identify main differences between U.S. and non-U.S. tax systems and practices (tax bases, kinds of taxes, tax rates and process of tax collection/enforcement)

c. Identify ways to reduce a company's international tax burden

d. Describe U.S. taxation of foreign earnings of U.S. individuals and corporations