Effective globalization requires strategic planning into unique market differences. Here's why a Global Executive MBA is ideal preparation.
To grow their businesses to their maximum potential, many entrepreneurs set their sights on expanding into international markets sooner or later. In many ways globalization is easier than ever now that movement of goods and people between countries has become increasingly simplified and the internet has erased barriers of communication. At the same time, there are countless stories of companies that fail to appropriately plan for important regional differences, or grow at a prudent pace that aligns with long-term strategy.
To acquire the internationally-focused insights into management and leadership practice in both developed and emerging markets, ambitious managers throughout the world choose to pursue a Global Executive MBA. The part-time program structure at WU Executive Academy is an ideal path to developing the necessary professional and personal qualities to thrive in international business careers while balancing ongoing commitments.
Here are some fundamental globalization strategies that MBA students apply as they work with world-class faculty and international peers, participate in globe-spanning residencies, and visit inspiring multinational companies.
Most organizations begin operations by building and maintaining a local customer base before considering expansion into new markets. Any decision to go global should start with a thorough understanding of your company's mission, values, and competitive environment. When assessing complex international market conditions, a traditional SWOT analysis (strengths, weaknesses, opportunities, threats) becomes more complicated, as both domestic and foreign variables must be identified.
There are many ways to expand business internationally—exporting, franchising or licensing, joint ventures, branch offices—and it's essential that the selected strategy aligns with your company's long-term vision. Sufficient resources and staff will be necessary to expand operations while sustaining profitability locally, including financial and structural stability.
After identifying a foreign market with promising growth potential, it's important to consider the unique attributes of the relevant target audience and operating conditions. Beginning with a similar market that's compatible with conditions you're already familiar with can encourage a smoother transition, but EMBA students know to meticulously challenge their assumptions with significant market research into factors such as trade barriers, culture, currency, and competition.
A PEST analysis considers relevant political, environmental, social, and technological trends, respecting the different ways that people communicate, conduct business, and interact with marketing in potential markets. Working with multilingual partners who have a more intimate knowledge of a country's cultural practices and competitive challenges can reduce certain expansion risks and assist with production, distribution, and marketing strategy development.
For managers seeking to effectively manage globalization, there's no substitute for experiencing foreign business environments and general life first-hand. Global executive MBA courses extend well beyond the classroom with 3 international residencies in 5 countries (Chile, Brazil, India, China, and the U.S.A.), numerous company visits providing unique insights from multinational business leaders, and a virtual team project involving collaboration with students located across the planet.
Throughout the program, managers develop strategies for analyzing growth opportunities and global financial markets, developing strategic alliances and networks, and improving negotiation and conflict management skills. Armed with this advanced knowledge and a vast international alumni network, EMBA students will have a truly 360 degree global vision.
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