Welcome to LOS325 – Leadership and Management in a Global World!

No longer just an option, having a global vision has become a business imperative. Having a global vision means recognizing and reacting to international business opportunities, being aware of threats from foreign competitors in all markets, and effectively using international distribution networks to obtain raw materials and move finished products to the customer.

U.S. managers must develop a global vision if they are to recognize and react to international business opportunities, as well as remain competitive at home. Often a U.S. firm’s toughest domestic competition comes from foreign companies. Moreover, a global vision enables a manager to understand that customer and distribution networks operate worldwide, blurring geographic and political barriers and making them increasingly irrelevant to business decisions.

Global business is not a one-way street, where only U.S. companies sell their wares and services throughout the world. Foreign competition in the domestic market used to be relatively rare but now occurs in almost every industry. In fact, U.S. makers of electronic goods, cameras, automobiles, fine china, tractors, leather goods, and a host of other consumer and industrial products have struggled to maintain their domestic market shares against foreign competitors. The global market has created vast new business opportunities for many U.S. firms.

International trade improves relationships with friends and allies; helps ease tensions among nations; and—economically speaking—bolsters economies, raises people’s standard of living, provides jobs, and improves the quality of life. The value of international trade is over $16 trillion a year and growing. This section takes a look at some key measures of international trade: exports and imports, the balance of trade, the balance of payments, and exchange rates.

Course Competencies:

Upon completion of this course, students will be able to:

1. Explain the importance of analyzing external and internal environmental factors ( Culture, Finance and Economy, Political and Legal and Marketing factors) .
2. Analyze various outcomes that will present challenges to a variety of countries and the impact of interdependence of those countries.
3. Analyze the impact management decisions/strategies have on the global world.
4. Evaluate and identify appropriate remedies based on business strategy.
5. Demonstrate teamwork by employing personal strengths, knowledge, and talents to complement those of other to achieve common goals.

Sources:

Authors: Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. HyattPublisher/website: OpenStax

Book title: Introduction to Business

Publication date: Sep 19, 2018

Location: Houston, Texas

Book URL: https://openstax.org/books/introduction-business/pages/1-introduction

Section URL: https://openstax.org/books/introduction-business/pages/3-2-why-nations-trade

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