What are the 3 Basic Levels of International Business?

Companies and business activities have gone through an immense amount of change since the beginning of the 21st century. Acceleration of financial and commercial processes in the international market has created several opportunities for businesses to extend their operations beyond their origin countries and national borders. The latest corporate studies have distinguished 3 general levels of international activities, namely domestic, international, and multinational.

Before getting in headfirst, remember that every business experiences the effects of foreign markets and competition in the global economy. Because of this, some businesses are taking measures to exploit not only the domestic markets but also the rest of the world. The first step in deciding whether or not to adopt a global perspective and understanding the different levels of business activity.

Here are the 3 basic levels of international business one should know before deciding to expand their horizon.

1. Domestic Business Operations

A domestic business conducts all company operations, from acquiring raw material to selling and marketing products or services, within its country of origin. Many small businesses, such as restaurants, bookstores, and convenience stores are domestic businesses. These companies are free to conduct business in the origin country's market, where they may compete with other small, medium, and large domestic companies, as well as international and multinational companies.

2. International Business Operations & Operations Management Course

International companies operate primarily in a single country buy have some point of exposure to the foreign markets as well. In other words, these companies conduct their primary business operations within its native country, however, imports some products or raw material from other countries, or exports some of its products and services to foreign markets.

3. Multinational & Transnational Business Operations

A multinational business typically has its headquarters in its native country, however, it operates worldwide through several subsidiaries. It buys resources and raw material, manufactures and sells its products, and borrows money from foreign markets and invest in these markets to earn a considerable profit.

Whereas, transnational companies are the largest form of multinational businesses with separate divisions that operate with a significant amount of independence in their respective markets. These companies maintain large independent divisions, employ senior executives from a variety of countries, and often make decisions from a global perspective that is not controlled by its national headquarters. In other words, these subsidiaries or branches are given complete freedom to operate on the basis of individual market study and act accordingly and independently of their headquarters.

Summing Up

As international commerce has grown to be more diversified and complicated, most economists have devised the aforementioned classifications to describe corporations among different levels of international business activities. To get in-depth knowledge on the subject, you might need the guidance of a strategic international business course. These courses help you understand the complexities to operate outside national borders and whether it is suitable for your type of business. If you have a strategic international business certification, you can face the challenges of the vulnerable and dynamic environment of international business. So, it advised that you take up a strategic international business course or do a deep study and research on the topic before you decide to move your business across borders.

Organizational Strategy’s relation with Performance Management

The Performance Management system of an organization is measured for its efficiency through the organization's capacity and capability to adapt to changes and keep the individual goals of employees in alignment with the organizational goals. Performance Management and Organizational Strategy are two different but equally important concepts for the efficient management of an organization or business. The two are interlinked in the process of management in order to achieve the desired goals of the organization. The successful execution of an effective organizational strategy of an organization is critically influenced by an efficient performance management system. Is it possible to have a successful business when the employees are unhappy or have stagnant growth? The answer to this question will explain the relationship between organizational strategy and performance management in simple words.

To understand this relation between the two mentioned concepts it is necessary, to first understand each of them individually. So, what is Performance Management? How and why is it important for a business? How is the efficiency of a performance management system measured? And many more questions like these about organizational strategy as well would aid in understanding their relation. Specializations and certification courses are offered worldwide to understand these concepts in detail and in India, there are numerous Performance management certifications and strategic performance management courses.

Performance Management

Performance Management has several meanings depending on the various factors in the business world. It can generally be defined as the process of establishing, creating and maintaining a work environment that enables employees to perform to the best of their abilities. It includes the following actions:

●     Writing job descriptions that clearly define the role using a recruitment plan, with the help of a proper selection committee

●     Shortlist most suitable employees from the list of applicants for the job

●     Conduct Interviews 

●     Using tests and assignments to analyze the employee's profile thoroughly before the appointment

●     Provide a job offer to the most desirable candidate and negotiate terms

●     Job orientation and welcoming of the new employee

●     Define career paths and ensure the right opportunities are provided

●     Appraisal and benefits must be awarded

●     Mentorship and coaching must be provided

●     Exit interviews assistance

Acquire Analytics Skills with Marketing Analytics and Automation

The market is becoming increasingly competitive and flooded with copycat products and all the brands and businesses are bringing their A-game for marketing. This has resulted in customers being flooded with over 11,000 ads on an average per month and thousands of promotional emails that often go straight to the spam folder. In other words, there is a great deal of clutter and noise in the market and even personalized ads and marketing campaigns will not yield the desired results if they are not strategized properly and driven by data and deep insights.

It is strongly believed that businesses must leverage large volumes of customer and business data to engage in data-driven marketing and decision-making. By doing so, they can break the clutter and make their brand voice heard, craft micro-moments or AHA moments for customers and accordingly, increase their sales, revenues, and profits.

Marketing analytics is a specialized application of data analytics that enables businesses to achieve all of the above. So, businesses today are looking for marketers who are not just creative and have a business sense but also those with analytics skills. Accordingly, those marketers and professionals taking up online marketing analytics classes to equip themselves with these skills and improving their earning capacity.

What are the must-have marketing analytics skills?

Analytical thinking: To be able to understand what the core problem is, what kind of data will help in answering the questions, analyzing and identifying possible routes to problem-solving, etc. are important for marketing analysts.

Data preparation, pre-processing and munging: Data comes in all forms and types and is not always structured. Some of the data may even be useless to the business. So, before engaging in analysis, the analyst must be able to choose appropriate types of data, clean it up and transform it into a form that is useful for analysis.

Story-telling and visualization skills: The findings of data analysis must be conveyed effectively to key stakeholders who may not understand technical terms. So, the marketing analyst must be able to visualize and coherently convey the findings to even non-technical persons.

Internet marketing analytics skills: There are different digital platforms on which marketing happens email, social media, etc. It is crucial, then, that the analyst is equipped with internet marketing analytics skills and tools to effectively leverage the different platforms and key metrics from them.

AI, ML, deep learning, predictive analytics, etc.: These are current tech trends that affect analytics and marketing in a big way. The marketing analyst must understand the relevance of these trends and technologies and the right place and time to employ these.

Best way to acquire these skills

Executive Program in Marketing Analytics from IIM Lucknow is the best marketing analytics class and course that equips participants with analytics and automation skills. It enables participants to unearth hidden insights by leveraging the large volumes of business and customer data available at their disposal through the application of analytics tools and techniques. Through hands-on exposure to tools, they are taught to use actionable insights in making data-driven marketing and sales decisions and strategies that will push the business towards long-term profitability, sustainability, and growth.

This 6-month online certificate course from one of the top and elite institutes in India is best suited for marketers, product managers, analysts, CMOs, business unit heads and future leaders with over 3 years of work experience.

Sign up for this marketing analytics class today!