Before the internet, small and large businesses throughout the world were often limited to buying, selling and producing in local markets. For example, a small, independently owned clothing company likely bought its fabric from a nearby store and used a local workforce to help with production.
Today, advances in technology allow businesses to go global. That same clothing company may now buy fabric from India, have its shirts and blouses made in Mexico, and sell its finished products both locally and throughout Europe. Companies no longer need to be physically present in a country to do business there. Thanks to technology, international companies can often be run from the comfort of a home office.
Those who find themselves wondering why global business is important should know that globalization comes with several key advantages. Regardless of whether business owners want to hire an overseas virtual assistant, broaden their customer base by selling in new markets or use offshore manufacturing plants to decrease production costs, the benefits of globalization are numerous.
Professionals interested in conducting business in the global marketplace need to develop advanced cross-cultural awareness that can help them initiate and sustain relationships with organizations abroad. Earning an advanced degree, such as the online Master of Business Administration from Rider University, can be an important step on the path toward that goal.
Job Opportunities in Global Business
Job applicants with an MBA degree can pursue a number of career opportunities in global business, including in business development management, financial management, product management and corporate development analysis.
Business Development Manager
Business development managers are tasked with finding solutions, such as sourcing vendors or distributors in emerging markets, and managing expectations for the solutions they plan to implement. They’re also responsible for building long-term relationships with prospects and clients, managing client accounts and ensuring that sales objectives are met. All of this is done with the goal of increasing company revenue. For example, if a business based in the United States is interested in working with a distributor in France, the business development manager needs to figure out how to make that happen, including ensuring that products ship on time.
Data from PayScale indicates that at the time of writing, the average salary for business development managers was $71,883. Earners in the top 10th percentile reported annual compensation in excess of $121,000.
Financial managers oversee the financial health of their company. To accomplish this, they analyze market trends and make suggestions concerning how the company can achieve its financial objectives. Financial managers help company leaders make financial decisions, such as choosing the best cost reduction strategies to increase profitability. They also prepare business activity reports and company forecasts.
Data from PaySale indicates that at the time of writing, the average salary for financial managers was $73,380. However, earners in the top 10th percentile reported annual compensation of more than $117,000.
Product managers guide all aspects and activities associated with bringing a product to the market. They manage a product’s concept, design and production. They also project costs and possible sales revenue. For example, if a company wants to launch a new type of electric toothbrush, the product manager creates a concept, evaluates design components of the handle and bristles and oversees the production of a test product. He or she also sets the product development timeline and determines the schedule for the toothbrush’s introduction to the market. The product manager then analyzes market conditions and the competition to determine how the product will be received by consumers.
Data from PayScale indicates that at the time of writing, the average salary for product managers was $82,868. Earners in the top 10th percentile reported salaries in excess of $121,000.
Corporate Development Analyst
Anyone interested in why global business is important would do well to look to the work of corporate development analysts. They help companies explore new markets and determine new avenues for growth, around the country and around the world. They may also help an organization restructure how it does business and look for ways it can establish strategic partnerships that can drive profitability.
In some cases, this may involve evaluating new product offerings or client segments, while in others it may include analyzing opportunities for corporate mergers and acquisitions. Development analysts may also prepare documents for investors and design pipelines for revenue enhancement opportunities.
Data from PayScale indicates that at the time of writing, the average salary for corporate development analysts was $77,465, although earners in the top 10th percentile reported annual salaries of more than $102,000.
A Career in Global Business Starts with an MBA from Rider University
The career outlook is bright for professionals interested in working in global business. Thanks to advances in technology, the need for people with the ability to build relationships with foreign business partners and develop international selling opportunities will remain strong.
Professionals who pursue an advanced degree, such as an online Master of Business Administration with a Global Business concentration from Rider University, will have the opportunity to develop the skills they’ll need to succeed in an international business career.
Coursework in Rider’s program aims to help students advance their appreciation of how culture, politics and history influence organizational transactions. It is designed to help students develop enhanced international communication and negotiation skills. Discover how the online Master of Business Administration with a Global Business concentration from Rider University can help you advance on the path toward the international business career you want.