Global Challenges in Business

Starting in the late 1990s, “globalization” became a buzzword to describe the apparent integration of markets in the world economy. Many authors and pundits claimed that the world was converging towards a market-friendly democratic place, while gurus and consulting firms were rapidly producing formulae and advice on how to make profits out of the global economy. Decades later, new realities show that globalization does not necessarily mean political, cultural, and economic convergence and that, in fact, forces against it are strong. This course seeks to help you understand the forces of globalization and how cross-cultural management and the relationship of a multinational organization to various host countries is becoming more and more critical in today’s global economy. This course begins with the discussion of these issues and global relationships and delves into a deeper understanding of business strategy in today’s global business marketplace. You will be able to: • Understand how we got to the present moment of globalization and why it matters • Understand the complexities of the current globalization, recognizing not all countries are the same • Evaluate the effects of international trade regulations on international business • Evaluate when and why companies operate as multinationals This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

This course explores the ways firms overcome challenges when operating globally – a process characterized for its complexity and uncertainty. Corporations trying to succeed in the global economy need to develop different types of strategies depending on where they are conducting business or industry they are in. You will be able to: • -Determine the best strategy to follow when expanding globally • -Analyze the advantages and disadvantages of those strategies • -Develop appropriate responses to external pressures. This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

The capstone for the Global Challenges in Business specialization will provide a learning experience that integrates across all the courses within that specialization. It will involve analysis of a situation concerning an actual business with a view to work toward a global stakeholder engagement business plan for introduction of a new product. Students will analyze a situation taking the vantage point of a global company and develop a global stakeholder engagement plan for a specific geography (chosen by students’ region or country of residence, or other consideration).

This course reviews the dramatic changes that Globalization has brought to businesses. Markets are growing culturally diverse and companies face the challenge of managing an increasing culturally diverse workforce. It is then increasingly important for managers to incorporate cultural variables into their decision making models. This course enables students to understand how globalization changes consumers and employees at a psychological level. The focus is on understanding that culture exists in people’s minds, as values, beliefs, and ideals, as well as around us in objects, brands, and institutions. The course introduces popular cultural frameworks used by human resource managers and marketing managers. These cultural frameworks will allow students to better understand cross-cultural consumer behavior and suggest ways to more effectively manage organizations across cultural boundaries.

Global Marketing: Iconic Brands uses the cultural frameworks introduced in Global marketing: Cultural Frameworks to guide the process of crafting a culturally focused marketing plan for a global expansion. The course introduces the key steps for developing a global marketing plan, starting with an environmental analysis of the new markets to be developed, which provides insights into the cultural preferences of target consumers in these new markets.

With globalization, multiculturalism is on the rise. Managers need to lead a workforce composed of individuals from diverse cultural backgrounds. Managers need to negotiate and cooperate with organizations from diverse cultures; they need to know about the effects that diverse cultures can have on business practices. This course introduces the fundamentals of multicultural management by describing the impact of culture on interpersonal processes in organizations, discussing how culture shapes communication, leadership, negotiation, and teamwork. Upon successful completion of this course, you will be able to: - understand how national cultures affect managerial activities such as communication, teamwork, negotiation, and leadership, - detect cultural differences and how to prevent & solve misunderstandings, - compare the culture of two countries using an instrument labeled “The Culture Map”, - improve your cross-cultural sensitivity, and - develop skills to diagnose cross-cultural issues and to come to a compromise.