International Business International business: What is international business? International business refers to business activities that involve cross-border transactions of goods or services between two or more countries. Unemployment rate: 8.5% What is the average income after college? International Business Career Average Median Salary International Financial Management $115,320 Management Analyst $80,880 International Marketing Manager $123,450 Translator or Interpreter $43,590 Some key terms include… International- Across countries Brand equity- The added value that draws from customer perception of the brand name not from the product or service itself. Business plan – A written document that outlines a business’s outlook, objectives, and strategies for obtaining them. Agent- A representative of a person or company to negotiates, make business decisions and agreements, purchases, or sells. Current liabilities – Amounts expected to be paid to mortgagers within twelve months. Focus group – Demographically diverse mall groups of people between 9 to 12 gathered to participate in a controlled discussion about particular goods before it is launched. continued… Fixed cost – “A fixed cost is a cost that does not change over the short-term, even if a business experiences changes in its sales volume or other activity levels.” First mover advantage – A certain benefit that business obtained by being the first to bring a particular product or service to market. Experience curve – it is a term used to estimate the costs’ decrease based on cumulative production. The more experience in producing a specific product, the lower its costs. Ideas vs Opportunities – Ideas are the foundation of possible business opportunities. Great ideas do not fundamentally represent excellent opportunities. Innovator- a person who proposes innovative techniques, method, ideas, or goods. Intrapreneurship – Entrepreneurial-based activities within an organization that is supported by the organization itself in the hope of profit or new innovative business experience. Famous individuals who studied International Business Bill Gates (CEO of Microsoft) Jeffrey Bezos (CEO of Amazon) Mark Zuckerberg (CEO of Facebook) Key ideas – Philosophy and Economy Philosophy- (institution-based) which argues that the industry and resource-based views need to be supplemented by accounting for relevant societal differences. How has international business helped the economy? International business opened a door for the industry in a way that has improved our communication and operation between the countries. Major Events January 1590 Japan establish Foreign Trade Licenses to prevent piracy and smuggling. January 2000 World War One and World War Two resulted the decline percentage of international trade and the increasing amount of protectionism policies. 1947 23 countries agreed to the General Agreement on Tariffs and Trade to rationalize trade among nations. Western Europe for world trade shares declined from 60%(year 1880) to 35(year 1948) Countries like US, Argentina, and Australia have established a trade barrier with average tariff barriers to Russia, France and Germany. What are the key costs? Cost of College 4 year (Dominican) Tuition and fees $32,160 Books Varies Housing $9,942 Other Varies Student Loans Varies Total N/A Return on Investment/Should we continue? – ● ● ● ● ● ● ● ● – Yes, an international business degree can open up job opportunities in different sectors locally and internationally in exciting countries, such as Canada, Germany, Australia, China, etc. Following some job opportunities: business adviser business analyst corporate investment banker human resources officer management consultant marketing executive product manager purchasing or supply chain manager The job growth for the field are very fast: Example, Management analyst—14 percent, faster than average. References: ● ● https://www.google.com/search?q=international+business&source=lnms&sa=X&ved=0ahUKEwjE_p_lyv_WAhUk7Y MKHe5tDfEQ_AUICSgA&biw=1366&bih=651&dpr=1 https://www.allbusinessschools.com/international-business/salary/ http://articles.bplans.com/business-term-glossary/ https://www.internationalbusinessguide.org/10-infamous-ceos-international-business/ https://www.cbsnews.com/news/25-college-majors-with-the-highest-unemployment-rates/ https://www.prospects.ac.uk/jobs-and-work-experience/job-sectors/business-consulting-and-management/why-studyinternational-business https://www.allbusinessschools.com/internation