GLOBAL TRADE RESOURCES FOR
Teaching Global Trade In The Classroom
Children today are exposed to international relationships more than any other generation. Thanks to social media platforms, web-based video games, and the myriad other opportunities to connect digitally, the next generation is poised to capitalize on these opportunities.
As such, it is imperative to introduce children and young adults to the concepts, fundamentals, and landscape of the global business climate. By integrating global business coursework and modules into their existing classes, they will begin to have a firm understanding of the inter-connectivity of global commerce and its implications in their daily lives.
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Global marketing is, in its simplest form, the management of sales on a global scale and the research that goes into the marketing strategies being used. This process is what has helped even the smallest businesses sell their products on a global scale when only a few
generations ago the idea of easy international selling was a dream.
The development of a global marketing plan includes conducting market research to identify potential markets, along with the associated marketing opportunities and threats.Marketing specialists also consider any environmental factors that may inhibit a seamless sale, so both the company and its customers benefit in the long run.
Marketing specialists manage and evaluate key indicators so prices and products can be adjusted according to competition and economic changes within the foreign market, making the business as profitable as possible.
Trade finance encompasses the tools and procedures used by a company to keep a business financially sound while managing financial transactions in global trade. Professionals working in this space know how to develop a financial plan, assess risks and utilize optimal methods for payment and pricing.
One aspect of trade finance is introducing a third party to the transaction process to help mitigate the risk involved with both payment and supplying the product. Trade financing addresses conversion rate changes, political instability that may inhibit the consumer from receiving their purchase, and the legitimacy of the parties involved.
Trade finance impacts a company’s overall efficiency and profitability. Employers need professionals who are able to assess and evaluate the financial, economic, and political risks involved with international trade and can determine the best methods for mitigation.
The process of planning, implementing, and controlling procedures for the efficient and effective transportation and storage of goods, from the point of product manufacturing to the point of customer purchase.
Simply put, logistics is the process that enables goods and services to get from its source to the consumer. Every business – from entrepreneurs to Fortune 500 companies – need logistics to operate smoothly.
Take, for example, the scenario of a teenager who wants to start a babysitting service. Think about everything that is involved in operating that business. He or she will need to get the necessary training and certification, market the business, which may involve buying business cards, and then manage transportation to and from babysitting gigs. Combined, this is the babysitter’s supply chain – the system that moves services from a supplier (the babysitter) to the customer (parents of children) – and logistics ensures that system moves forward efficiently.
Global Business Management
The skill sets required for a borderless career include core business skills such as project management as well as business communications but also includes international concepts such as international marketing, cultural awareness, international negotiations and related topics.
Simply put, the world’s economy is increasingly global. Studying international business will provide you with the ability to navigate the global marketplace with an understanding of doing business in other countries and knowledge of the global economy.
Demand continues to grow for individuals who understand the global context of business; from the logistics of international trade and cross-border investments to the cultural and ethical issues that are part of the competencies of doing business around the world. Employers are looking for skills in global business management as more businesses face the challenge of opening offices in foreign countries and working with a diverse staff and customer base overseas.
Global ecommerce is the online sales and marketing of goods to consumers in non-native markets. This business strategy has become widely popular in the past few years and has the potential to be an amazing opportunity to grow a company.
Developing a marketing and product distribution strategy is critical in order to enter international markets. Businesses need to identify which products will be viable in the global markets they are targeting and how they will market their brand. A business must also know the laws and regulations involved in shipping internationally. Setting shipping fees, return policies, and evaluating fulfillment companies and carriers are all important aspects of the planning process.
Businesses also need to understand the payment options their customers prefer and how to minimize payment risk. Taking the time to identify points of friction, learn how to manage multiple currencies and evaluate setup options for global order processing will contribute to a company’s success in the global marketplace.