Reflection Journal in International Business

Topics: International trade, Globalization, International economics Pages: 5 (1701 words) Published: March 2, 2013
1. When I was given the slides by Mr Dasilva, my heart pounded. Oh no…. International Business. It sounded so global and dry. I was hoping that it will be somewhat similar like Marketing. However, we were told that International Business is defined as Globalisation of Business where countries are more integrated and are interdependent on world economy. Which is similar like Marketing but in a wider view. Approaching to the learning of International Business, students were told on the Problem Based Learning. We learn base on the concept of applying the knowledge learnt and obtain answers through the process of thinking skills. There were no right or wrong answers as different individual will look at each problem in a different perspective. Here we learnt how to work in groups and brainstorming ideas to achieve the desired goals. On the first lesson, Mr Dasilva explained a brief summary of International Business. What, Why, Who, Where and How, you approach International Business. What is International Business? Who are involved in International Business? Why do countries choose to do Foreign Investment? Where can you make foreign market entrants? How can we decide on strategies and functions to customise product features and operation practices to best match the condition and political system in the country chosen for market entrance. Most importantly cost involvement as most business source for the lowest cost of production. Progressively over the weeks during lectures and tutorials, students learn more on International Business based on real business issues. Mr Dasilva emphasized the importance that we must know what we are learning and apply to the Group Project. He reiterated many a times to research on the Company which was given for the project. We must look into Lorenzo’s products, competitors and country of investment. Lectures cited examples when they explain a concept in the Chapters such as Dr Denise gave real life example when she explained the theory on tools of intervention, where Dr Denise explicitly explained in detail the example each tools of intervention. Mr Dasilva’s humour jokes when he cited example on the topic of Culture where he shared his personal experiences on how Japanese use their body language when they express their opinion. It is humorous but must not be taken lightly. However, my understanding is still not much clearer as I do not religiously read news outside our home countries. Mr Dasilva highlighted the importance of knowing information of other countries and gain knowledge through the different facet of globalisation and the world which is facing uncertainty. The valuable thing which I learnt from these lessons is it is really important to apply what was learnt in terms of understanding strategies of market entrance and understand the internal condition well before we invest our business. My group had started a research on the PEST of Thailand as to understand more on the political, economic and legal factor. One of my group members had also started to research on Lorenzo and see which products best suited for our market segmentation in Thailand. 2) International Business Concepts 3

2.1) Globalisation is creating an opportunities and challenges where business looked into a foreign market entrance to achieve a competitive advantage through their product, cost and global norm. Recently, I just bought a personal computer desktop Dell. The salesperson told me that Dell is a product made in USA however the desktop which I bought was manufactured and assemble in China. When I got home I realised that the package does not come with speakers. I called the Dell’s customer service and was diverted to a call centre overseas whilst their accents were very strong. I was told to purchase the additional accessories product online. This process avoids the hassle for me to revisit the retail shop. This is the advantage of internet in global businesses. Significant percentage of products we buy...
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