What is Global Trade?
You may be thinking about interning in a global trade program, but what exactly is global trade?
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.
Learning some key skills will set you up for success whether you’re working for a business or starting your own.
Global marketing is managing global sales and researching the international market a business wants to target. This includes looking for trends, a solid customer base, and any competition surrounding the company’s product or service.
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.
Global ecommerce involves finding cost-effective ways to market a brand into a foreign market and selecting payment options that are convenient for customers and safe for the business. Knowledge of trade financing will help ensure that transactions run smoothly and often include the involvement of a third party in the transaction process.
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.
Managing the supply chain involves connecting the business, suppliers, distributors and final buyers. It is the process that enables goods and services to get from their source to the consumer. Knowledge of global business management is also critical to success in the global marketplace. This involves understanding cultural and ethical issues that come up when doing business with suppliers and customers around the world.
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.
Student Success Stories
Oxnard College Student Finds Success in Global Trade
Raul Figueroa is pursuing a degree in business management at Oxnard College while working full-time as a Logistics Manager for Mission Produce, a position that allows him to travel the world. It’s a lot to balance, but he wouldn’t have it any other way.
Figueroa’s career with Mission Produce started when he took a position as a forklift driver after graduating from high school. He quickly progressed through the organization because of his proficiency with technology.
LBCC Interns Help MagnetPal Increase Online Visibility
The CITC’s “Vanbassador” Josh Halpern is at Long Beach City College speaking with Associate Professor of Business Nick Cordona.
Learn how LBCC student interns assisted local business, MagnetPal with increasing their brand awareness and online visibility using social media.
The Global Trade Virtual Internship Program
Helping Connect Community College Students to the Global Workforce.
The Global Trade Virtual Internship Program (VIP) is a hybrid virtual and in-class instruction that provides students with supervised experience in conducting client-orientated research and business strategy execution. During the internship, students will work collectively to scope the problem and identify gaps for their client, analyze consumer trends and behaviors, and develop ideas to address the client’s needs. Students will produce interim reports throughout the internship to track progress and receive instructor feedback to develop their skillset throughout the program.
Learning Objectives: This internship requires students to apply technical skills they have acquired in class to analyze consumer trends, evaluate assigned client’s objectives and needs to develop strategic research and ideas for their client. The specific objectives are:
Within their internships, students will gain industry experience through …
Are you an active community college student?
See if you qualify for the vip program
The Global Trade Internship Program (VIP)
Our colleges are perfectly suited to connect talented students to businesses in need. Our Global Trade Internship Program program brings companies a team of virtual interns. Qualified students work in groups under the direction of our eCommerce expert, working on customized solutions to business problems, at low costs with high results.