This opening class sets the scene for the rest of the course. It discusses the following topics:
The impact of globalization on a company's international strategy and in particular how the nature of international business is changing in response to the more tightly integrated and interdependent global economy;
The differences between globalization and regionalization;
Product and service standardization versus localization;
The various forms of regional arrangements and their business implications;
ASEAN (briefly since there is a specific course covering it in details), the EU and NAFTA.
The proposed Trans-Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP);
The WTO nondiscriminatory trade policy, in particular anti-dumping and countervailing duties imposed as temporary remedies for unfair trade practices.
While some of the characteristics and managerial implications of globalization may have been discussed in the context of earlier courses in the MBA program, it is important to reconsider and expand on them as they extend and enhance your understanding of international business management and provide you with the skills to operate in local, regional, national, and international business environments.
In your Online Discussion, you consider the EU's Generalized Scheme of Preference (GSP) and how it impacts a company's international strategy.
In your Learning Reflection, you explore the concept of standardization versus localization with regard to products and services.
Learning Objectives
Students will:
Understand the impact of globalization on international business
Explain the differences between globalization & regionalization
Recognize the reasons for product and service localization as opposed to standardization [Learning Reflection]
Describe the various forms of regional economic integration and their business implications
Profile the main regional trading groups (ASEAN, EU & NAFTA) [Online Discussion]
Grasp the significance of the proposed Trans-Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP).
Be familiar with the WTO remedies for unfair trade practices (most notably, dumping and subsidies).