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International Business Major/Minor
Due to great strides in communications and transportation, the world is becoming a much smaller place and more homogeneous. This has led to a global business environment where even the smallest companies must pursue opportunities beyond their country's borders to survive. Established markets like North America or Western Europe have become more efficient and emerging markets like the BRICS nations (Brazil, Russia, India, China and South Africa) have been able to prosper. In many instances, competition on the battle field is being replaced by trade leading to more stable international relations.
The International Business Major prepares students for positions as managers and entrepreneurs in the global economy. Program graduates may work as directors in an international subsidiary of a major multinational corporation or as overseas sales representatives or product managers. Those with backgrounds in finance may find work as loans officers for the Export Development Corporation (EDC) or as financial analysts with the global investing unit of a major financial institution.
International business professionals must develop a life-long commitment to learning about the world, its peoples, and their cultures. Not only does this knowledge help them do a better job, it also shows their respect for the many different participants in the new economy. Respect leads to friendship, which in turn leads to prosperous, long-term business relationships.
After graduation, it is expected that a significant number of students will pursue the Certified International Trade Professional (CITP) designation indicating their commitment to the new profession of international trade. After gaining valuable work experience, students will also be well prepared to enter one of the many graduate programs in international business and possibly go on to a career in teaching and research at the college or university level.
For those students wanting only an exposure to international business, an International Business Minor is also available.
Learning objectives
- Demonstrate professional selling practices that maximize company profitability through strong customer service and retention.
- Develop a market research plan to analyze the business environment and consumer and business-to-business behaviour using appropriate primary and secondary data sources.
- Adapt financial principles to international business operations including import/export and multinational activities.
- Explain the macroeconomic aspects of globalization including gains from trade, protectionism, capital movements, exchanges rates, international monetary system and economic development.
- Design marketing plans for developed and emerging markets that reflect their unique cultures, management styles, business practices and operating environments.
- Administer people effectively in an international environment realizing how differences in culture, interpersonal behaviour and management practices influence the actions taken.
- Construct a comprehensive business plan for a new international venture or product.
- Manage the different aspects of an international firm from a strategic perspective recognizing the environmental, cross-cultural and managerial differences between countries and regions.
- Apply international business principles in a professional capacity.
Major requirements
The requirements for this program have been revised and are effective beginning in September 2016. Students admitted prior to September 2016 have the option of remaining in their original program or completing the revised program outlined below. Students should contact an academic advisor if they are uncertain of their course selection.
IBUS 3530 International Trade Finance (3,0,0) IBUS 3530 International Trade Finance (3,0,0)Credits: 3 credits Students develop an understanding of the finance principles required to conduct business in a global environment, including import and export, and multinational operations. Topics include globalization; trade risk and risk assessment; methods of payment; use of bonds, guarantees, and letters of credit; currency risk management; export credit insurance; trade finance; structure trade finance; terms of payment; international trade theory; the international monetary market; the global capital market; and foreign direct investment.
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MKTG 4470 International Marketing (3,0,0) MKTG 4470 International Marketing (3,0,0)Credits: 3 credits Students explore all aspects of marketing from a global perspective to better respond to international opportunities and competitive situations. Topics include an overview of international marketing; history and geography and its effect on culture; cultural dynamics in assessing global markets; culture, management style and business systems; the political environment; assessing global market opportunities in the Americas, Europe, Africa, Middle East, and Asia Pacific Region; planning for global market entry; products and services for international consumers; products and services for international businesses; and international marketing channels.
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IBUS 4510 Cross-cultural Management (3,0,0) IBUS 4510 Cross-cultural Management (3,0,0)Credits: 3 credits Students explore the significance of culture in strategic decisions encompassing elements of risk management, ethics, and the management of diversity, in a range of international management contexts across Asia, Europe, Africa and the Americas. Topics include cultural dimensions of international management; comparing cultures; movement in the culture; organizational culture; culture and management communication; needs and incentives from an international perspective; dispute resolution and negotiation; and the cross-cultural dimensions of global staffing.
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IBUS 4540 Global Entrepreneurship (3,0,0) IBUS 4540 Global Entrepreneurship (3,0,0)Credits: 3 credits Students explore entrepreneurship in a global setting. The course provides an introduction to the opportunities and challenges of entrepreneurship from an international perspective. The course focuses on the need for every entrepreneur and innovator to understand the global market in today's hypercompetitive world. Topics will include globalization and the international environment; definition and importance of international entrepreneurship; culture and international entrepreneurship; developing a global business plan; selecting international business opportunities; international legal concerns; alternative entry strategies; global monetary system; global marketing and research and development; global human resource management; and implementing and managing a global entrepreneurial strategy.
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IBUS 4560 Doing Business in Emerging Markets (3,0,0) IBUS 4560 Doing Business in Emerging Markets (3,0,0)Credits: 3 credits Students examine the position of emerging markets in the new global economy and the business opportunities available in these countries. It highlights challenges and opportunities associated with organizational management and business strategy in emerging economies. Topics include understanding emerging economies; markets and institutions; operating in emerging markets; emerging markets' innovations; managing risk in emerging markets; targeting emerging market clients; and business ethics in emerging markets.
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IBUS 4570 Global Management (3,0,0) IBUS 4570 Global Management (3,0,0)Credits: 3 credits Students conduct an integrative and comprehensive overview of the fundamental issues and challenges that confront the international firm. Topics include globalization and international linkages; public, legal and technological environments; meaning and dimensions of culture; organizational culture and diversity; cross-culture communication and negotiation; strategy formulation and implementation; entry strategies and organizational structures; managing political risk, government relations, and alliances; management decision and control.
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ECON 3550 International Economics (3,0,0) ECON 3550 International Economics (3,0,0)Credits: 3 credits Students analyze the movement of capital, goods, and services across international boundaries and assess their financial impact. With advances in transportation and communication, greater outsourcing, and increased globalization, trade, and foreign direct investment, the corresponding capital movements are becoming much more important to the global economy. Topics include the theories of absolute and comparative advantage; modern theories of trade, including factor-proportions; tariff and non-tariff barriers; current and capital accounts; exchange rate determination; balance of payments and exchange rate policy; evolution of the international monetary system; and trade and economic development.
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MKTG 3450 Professional Selling (3,0,0) MKTG 3450 Professional Selling (3,0,0)Credits: 3 credits Students will gain an overall view of the professional selling function. They will come to understand the role of personal selling in marketing and society and its application within organizations. Topics include relationship selling opportunities; creating value with a relationship strategy; developing a relationship strategy; communication styles; creating production solutions; buying process and buyer behavior; approaching the customer; developing and qualifying a prospect base; determining customer needs; sales demonstration; negotiating buyer concerns; and closing and confirming the sale.
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MKTG 3480 Marketing Research (3,0,0) MKTG 3480 Marketing Research (3,0,0)Credits: 3 credits Students develop an understanding of marketing research and its values in analyzing consumers, markets, and the environment. Topics include an introduction to market research, the marketing research industry and research ethics, the marketing research process, secondary data and databases, qualitative research, traditional survey research, primary data collection, measurement, questionnaire design, basic sampling issues, sample size determination, and statistical testing.
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IBUS 4590 International Business Field Study (3,0,0)see note below IBUS 4590 International Business Field Study (3,0,0)Credits: 3 credits Students gain a first-hand understanding of international businesses through a focused overseas study tour during which the business, management and cultural practices of a selected country are experienced. The field study includes tours to local chambers of commerce, industrial zones and factories and enables students to meet executives in key industries. Topics include business etiquette and business customs; interpersonal and communication skills; economic, political and business environment; international trade relations; decision-making styles; and business opportunities, challenges and strategies between Canada and the foreign country.
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Students who complete a Study Abroad semester may substitute another business elective for IBUS 4590.
Minor requirements
The requirements for this program have been revised and are effective beginning in September 2016. Students admitted prior to September 2016 have the option of remaining in their original program or completing the revised program outlined below. Students should contact an academic advisor if they are uncertain of their course selection.
IBUS 3530 International Trade Finance (3,0,0) IBUS 3530 International Trade Finance (3,0,0)Credits: 3 credits Students develop an understanding of the finance principles required to conduct business in a global environment, including import and export, and multinational operations. Topics include globalization; trade risk and risk assessment; methods of payment; use of bonds, guarantees, and letters of credit; currency risk management; export credit insurance; trade finance; structure trade finance; terms of payment; international trade theory; the international monetary market; the global capital market; and foreign direct investment.
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IBUS 4510 Cross-cultural Management (3,0,0) IBUS 4510 Cross-cultural Management (3,0,0)Credits: 3 credits Students explore the significance of culture in strategic decisions encompassing elements of risk management, ethics, and the management of diversity, in a range of international management contexts across Asia, Europe, Africa and the Americas. Topics include cultural dimensions of international management; comparing cultures; movement in the culture; organizational culture; culture and management communication; needs and incentives from an international perspective; dispute resolution and negotiation; and the cross-cultural dimensions of global staffing.
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IBUS 4570 Global Management (3,0,0) IBUS 4570 Global Management (3,0,0)Credits: 3 credits Students conduct an integrative and comprehensive overview of the fundamental issues and challenges that confront the international firm. Topics include globalization and international linkages; public, legal and technological environments; meaning and dimensions of culture; organizational culture and diversity; cross-culture communication and negotiation; strategy formulation and implementation; entry strategies and organizational structures; managing political risk, government relations, and alliances; management decision and control.
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| At least one of: |
MKTG 4470 International Marketing (3,0,0) MKTG 4470 International Marketing (3,0,0)Credits: 3 credits Students explore all aspects of marketing from a global perspective to better respond to international opportunities and competitive situations. Topics include an overview of international marketing; history and geography and its effect on culture; cultural dynamics in assessing global markets; culture, management style and business systems; the political environment; assessing global market opportunities in the Americas, Europe, Africa, Middle East, and Asia Pacific Region; planning for global market entry; products and services for international consumers; products and services for international businesses; and international marketing channels.
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IBUS 4540 Global Entrepreneurship (3,0,0) IBUS 4540 Global Entrepreneurship (3,0,0)Credits: 3 credits Students explore entrepreneurship in a global setting. The course provides an introduction to the opportunities and challenges of entrepreneurship from an international perspective. The course focuses on the need for every entrepreneur and innovator to understand the global market in today's hypercompetitive world. Topics will include globalization and the international environment; definition and importance of international entrepreneurship; culture and international entrepreneurship; developing a global business plan; selecting international business opportunities; international legal concerns; alternative entry strategies; global monetary system; global marketing and research and development; global human resource management; and implementing and managing a global entrepreneurial strategy.
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IBUS 4560 Doing Business in Emerging Markets (3,0,0) IBUS 4560 Doing Business in Emerging Markets (3,0,0)Credits: 3 credits Students examine the position of emerging markets in the new global economy and the business opportunities available in these countries. It highlights challenges and opportunities associated with organizational management and business strategy in emerging economies. Topics include understanding emerging economies; markets and institutions; operating in emerging markets; emerging markets' innovations; managing risk in emerging markets; targeting emerging market clients; and business ethics in emerging markets.
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