In the literal meaning, Business refers to an organized approach to providing customers with the goods and services they want. Business Administration has over the years taken the form of a formal field of knowledge, besides engineering medical and even closely-related Economics. In the 20th century, with the development and growth of business schools in America and Europe, the dynamics of business administration changed. With more research conducted in a professional way, Business Administration has also given birth to its branches. Among these, International Business is one such off-shoot or part of business administration, which has seen tremendous growth in this age of internet. This particular article refers to discussing various aspects of Business Administration and International Business. Business Administration can be simply described as all the activities and strategies which are part of running any business, vis-à-vis “providing customers with the goods and services they want”. In the more formal way, these activities can range from, but not limited to managing financial activities, marketing, human resource management and general management. Even in the contemporary field of business management which is a formal body of knowledge, these activities are the primary focus of business administration. International Business on the other hand, is a more focused branch of business administration. International Business (or International Business Administration) is focused primarily on the aspects of business dealing with the international trade, foreign markets, gaining competitive advantages, trade with foreign countries etc. Since the core focus is on foreign markets, so the activities are also bit different than conventional business administration.
AN UNORTHODOX YET IMPORTANT COMPARISON
The comparison between International Business and Business Administration is unorthodox because it is comparison of a tree to its branch! As mentioned before, that in its real sense, international business is nothing but a more specialized field of business administration. Yet, this analytical comparison is important as it brings forth the importance of International business and International trade. International business has many features which require specialized knowledge. Like Business Administration, as a whole requires knowledge of other fields like Economics, International Business also requires specialized knowledge. It is these factors which not only make these two areas comparable but also point out the important areas requiring focus in International Business. Era of Business Administration may be regarded as the time period in which Business Administration developed as a separate body of knowledge and this era is arguably that of twentieth century. With the advancement in technology and communications, Business Administration has now gone into specialties which are becoming complete fields of knowledge in themselves. Era of International Business has again no specific boundaries, but the modern day international business is far more dependent on the inventions in communication. In this way, it can be said that the era of International Business is the era of Internet and present-day communications. With the internet experiencing more growth, International Business is also expanding its frontiers. Besides computers and internet, international business has also been advanced from the treaties and agreements in the last few decades. Among these, World Trade Organization (WTO), General Agreement on Tariff and Trade (GATT) are some of the examples.
While studying the comparison of Business Administration and International Business, it is imperative that the peculiar areas of focus for both should be studied. Business Administration concentrates on certain aspects which are not necessarily covered by International Business.
Focus Areas of Business...