(Progress Report Submitted in 2006)
International Business [PID 109]
The international business major uses an interdisciplinary approach to study the intricacies of the international marketplace. This major focuses on the complexities and interconnections between the world’s markets and cultures. The goal is to prepare students to be managers in the twenty-first century.
There is also a foreign language emphasis and a general business emphasis within the international business major.
The goal of the International Business degree program is to help students develop the necessary skills to gain an entry position with an international firm. Using an interdisciplinary approach, we provide each student with a comprehensive knowledge of international business by integrating the functional areas of business into an international framework and promoting an understanding, awareness and appreciation for the global marketplace, including cultural business customs.
Understand and be conversant on the nature of international business
Understand major trends in international trade and investment patterns between and among major groups of nations, and be able to use extant theories to explain these patterns
Use their understanding of the functions of international organizations, e.g. United Nations, World Bank, International Monetary Fund, World Trade Organization, Organization for Economic Cooperation and Development to advise businesses on their effects
Use their knowledge of major financial, legal, labor, economic/socioeconomic, physical, environmental, socio-cultural, political, competitive and distributive forces affecting international business to work through real-world international business problems
Understand export and import practices, terminology and documentation enough to advise businesses on the process
Apply their knowledge of international economics, marketing, human resources, financial, accounting and control in international business planning
Brief statement of Methods
– Theories of International Trade (assessed with exam problems)
– Effects of trade barriers (assessed with exam problems)
– Free trade (assessed with exam problems)
– Balance of Payment (BOP) & causes of imbalances (assessed with exam problems)
– Relationship between exchange, inflation & interest rates (assessed with exam problems)
– Differentiate between exchange rate systems (assessed with exam problems)
– Tools & analytical conventions used in Intl corporate finance (assessed with exams)
– BOP & exchange rates (assessed with exams)
– Foreign investment analysis (assessed with exams)
– Financing foreign operations (assessed with exams) Management
– Nature of IB (assessed with exams)
– Major trends & investment patterns between & among major groups of nations & theories explaining patterns (assessed with exams)
– Nature of intl organizations (assessed with exams)
– Major forces affecting IB & how they differ from similar forces affecting international trade (assessed with exams)
– Export & import practices, terminology & documentation (assessed with exams)
– Basic mgt of business & HR (assessed with exams)Accounting
– Principles and Standards of International Financial Reporting (IFRS) (assessed with exams)
– Comparison of IFRS and US GAAP (assessed with exams and research project)
– Procedures applicable to intl transactions & reporting, currency translation, inflation adjustments & transfer pricing (assessed with exams and marketing plan/presentation)
– Business communication skills (assessed with research project presentation)Marketing
– Ethical decision-making (assessed with case study)
– Global institutions (assessed with exams)
– Geography, history & demographics, & Multinational Market Alliances (assessed with exams and marketing plan/presentation)
– Political & legal issues, inc. IP(assessed with exams and marketing plan/presentation)
– Marketing research (assessed with exam)
– Market entry strategies (assessed with exams)
– Industrial & consumer goods (assessed with exams and marketing plan/presentation)
– Distribution, inc. retailing (assessed with exams and marketing plan/presentation)
– Exporting & importing (assessed with exams and marketing plan/presentation)
– Culture & business customs (assessed with case study and marketing plan/presentation)
– Economic development & emerging markets(assessed with marketing plan/presentation)
– IMC, promotions & advertising (assessed with marketing plan/presentation)
– Sales mgt & negotiation (assessed with exam)Faculty and Stakeholder Involvement
All five IB faculty members were directly involved in creating and will continue to be involved in the International Business Program assessment. In addition, each member assesses the program material for which he/she is responsible.
StudentStudents’ input was used to reduce the topic redundancy. We will develop a student questionnaire to gather their input into how the program is their needs and how we are meeting program objectives. The students will be explicitly informed at the beginning of each IB course what program objectives will be met in the course.
Business We will develop a survey instrument and gather information from businesses in central Arkansas that conduct international business. We will encourage guest lectures from local international businesses.
Appropriate government agencies (e.g. Department of Commerce) will be invited to lecture and have input into IB classes.
Follow-up AssessmentFour stakeholder groups will provide on-going guidance to improve the IB program and ensure that our program meets the needs of the IB marketplace:
Our International Business Advisory Committee, which consists of (1) area international business leaders and (2) governmental agency members, (3) the international component of Management’s Advisory Committee, and (4) IB graduates.
Use for Program ImprovementInternational Business Faculty will analyze the assessment data. Results will be discussed and used to plan and implement curriculum changes.
Program changes will be posted on the IB website and in the Undergraduate Catalog.