Economies are intertwined as never before, and in most industrial sectors competition is increasingly global.Simultaneously, there are a number of new and dynamic events and processes that influence the world economic, cultural, and political arenas. It is essential that managers understand the implications of these changes. They affect managers in at least three ways. First, firms that see themselves as primarily domestic companies are facing increased competition by foreign firms in their domestic market. Secondly, foreign markets and resources are becoming increasingly important in terms of incremental revenue, profitability, sources of technology, and capital. And third, U.S. world-wide economic influence has diminished in a relative sense, and it has become more important than ever for executives to be aware of international influences.
This area of emphasis addresses these issues and introduces students to the challenges and basic skills required for effective international business management.