Expertise in global business management is essential for driving growth and securing competitive advantages in emerging and expanding markets. The pandemic has only emphasized the role global management plays in international relations. Managing multinational workforces while also understanding global economics, finance, supply chains, and marketing are all very important.
The University of Wisconsin-Parkside (UW-Parkside) offers an online Master of Business Administration (MBA) with a concentration in Global Management. This comprehensive degree program prepares students to navigate the complexities of managing all aspects of multinational corporations in the dynamic, globalized business environment.
Business leaders need advanced knowledge of contemporary global management practices to guide recovery efforts and handle constant disruption in the post-COVID economy. UW-Parkside’s MBA in global management provides students with this knowledge, preparing them for success in the forever-changed international business landscape.
Understanding Global Economics and Finance
The pandemic led to volatility and extreme uncertainty in the global economy. Businesses had to cope with the effects of drastic economic downturns nationally and abroad. Aspects of certain economies have rebounded relatively quickly while others have remained stagnant or continued their decline. Markets have surged and plummeted constantly, making financial forecasting and planning exceedingly difficult.
The global recession and ongoing volatility have illuminated the interconnected nature of global economies and financial markets. Business leaders have pivoted strategy, risk mitigation, operations and financial plans with unprecedented agility to adapt.
UW-Parkside’s global management MBA helps leaders develop a mastery of international finance, strategic decision-making, problem-solving and multinational industry trends. This advanced understanding of international business matters is essential for effective, agile management in the transforming globalized economy.
Navigating Global Supply Chains
The widespread demand, and lack of supply, for items such as personal protective equipment (PPE), toilet paper and hand sanitizer during the pandemic proves just how crucial supply chain management is to global relations. Businesses with single-channel materials, labor, production or manufacturing sourcing were paralyzed as countries went into lockdown and logistics transportation all but halted. However, many manufacturers also quickly pooled resources and shifted operations to provide vital medical and safety products for those on the frontlines.
Students in global management programs examine the complexities of international supply chains and learn to navigate dynamic disruption. For instance, agility in diversified sourcing and distribution channels can offer businesses supply chain and logistics alternatives as certain channels are interrupted. Mitigating risk through strategic, emergency stock and inventory can also help maintain continuity through periods of shortage.
Yet diversifying and warehousing emergency inventory can be challenging for financial control and cost management. Decision-makers must excel in building international relationships and partnerships as well as strategic negotiation to secure backup channels while balancing financial investment and risk.
Managing Multinational Workforces
Students in UW-Parkside’s MBA in global management also study the nuances of managing diverse workforces across borders. Logically, different cultures and countries have vastly different cultural norms, laws and regulations that concern working conditions, employer-employee relations, management styles, social issues, environmental concerns, data security and more. To effectively manage multinational teams, business leaders must understand regional differences and modify management practices accordingly.
This includes being responsive to and respectful of differences in norms and adjusting policy and practice according to varying regulations. In terms of the pandemic, leadership must obviously alter safety procedures and work models to accommodate employee needs, show empathy for workers’ concerns and adapt to regional mandates.
Global management should also strive to foster local leadership talent and community relationships. This helps develop the regional partnerships that ensure management practices and policy are appropriate in cultural and regulatory contexts.
Differentiating International Marketing Strategies
International marketing strategy must also be adapted to align with cultural norms and situational context in target markets. Pandemic recovery will be a determining factor in this, considering the type of product or service being marketed, the economic state of the country, people’s health, etc.
UW-Parkside’s course on global marketing management helps students explore the nuanced differences in marketing variables across borders, from regulation to cultural norms and preferences. These can range from differences in privacy laws to digital media regulation, social and environmental movements, to media consumption habits. Again, partnering with local resources and talent can be essential for understanding, responding to and capitalizing on differing conditions in international locales.
Clearly, international business can be extremely complex, especially considering pandemic-induced transformations in international economic, financial, social and market conditions. Earning an MBA in global management can help business leaders of today and tomorrow adapt to current and future changes, driving their success in a post-COVID global economy.
Learn more about UW-Parkside’s online MBA with a concentration in Global Management program.
Sources:
B of A Securities: 5 Trends That Could Define Our Post-Coronavirus Lives
Harvard Business Review: Will COVID-19 Have a Lasting Impact on Globalization?