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Gavin Walton
- July 22, 2024
Hey there, future international business moguls! If you are willing to start to dive into study.com Business 120: International Business, the learning will take you through an understanding of the international trade field, understanding the economics of the process, and managing cross-culturally. This course is a map and toolkit rolled into one that will give you all that you need to know about conducting business on the international level.
In this class, you will learn the details about globalization as well as the effects it has on companies and the entire world economy. Beginning with the introduction to exchange rates to the analysis of the various marketing techniques used cross-nationally, this course covers it all. And the best part? It’s designed with impressive flows and even the most complicated ideas are explained effortlessly. From trade careers to general business knowledge, this course is your ticket to getting to know the international business environment.
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What to Expect from Business 120 Class📖
Okay, so here’s what you would be getting in the “study. com Business 113: Business Communication” course. This is not just another class where you learn dozens of terms and forget about them, until the next class. Not at all, this course is geared towards activities that you’ll frequently encounter in your day-to-day working environment, from writing an email to presenting before an audience.
Let us begin with the communication concept in the workplace. It will help you understand why communication is important and how it helps in increasing collaboration and efficiency. It means that communication concepts such as nonverbal, group and intercultural communication, and conflict resolution will be included significantly. Thus, get ready to investigate these areas because it does not only state that they are relevant but vital as well.
Then, let’s examine communicational processes – which types can be distinguished. In the business world, it is essential to understand how to write messages for the organization’s and external audience with the help of the Internal Memo Writing Service. This section is important for the exam, so it is worthwhile to give special attention to the lessons on internal and external communication and ways to address positive and negative messages in the organization.
Last, you will discuss the details of writing and presentation to the business operations. This ranges from preparing standard documents such as resumes and cover letters and other documents such as business reports and proposals. You also get to know how to prepare, create, and close messages and how to use the right illustrations in communication. I assure you Mark, the ability to showcase data well is in a special league in the business world.
In a nutshell, this course can be described as an all-in-one guide to business communication. They are intended to make you a better communicator or, in other words, to develop your speaking skills that won’t be useless when the exam is over. So, brush up on your detailing, note-taking, and discussion skills as well as those of new strategies that were learned.
Week-by-Week Study Plan to Ace Business 120 Exam 📝
Ready to conquer study.com Business 120: International Business? Below is a suggested schedule for the 10 weeks to the final proctored exam so that you can be sure to cover all materials well. If you proceed with this plan, there should be no question that overwhelms you, and you are ready for it.
Week 1: Introduction to International Business & Globalization
- Lessons Covered: Globalization, Four Forms of Capital, Benefits of Globalization, Costs of Doing Business Abroad, Global Strategy.
- Activities: Watch all video lessons for Chapter 1 and take notes. Focus on understanding the concept of globalization and its various impacts.
- Resources: YouTube: Globalization Explained
- Quizzes: Complete the quizzes for each lesson and review your answers.
Week 2: Communication, Decision-Making, and Economic Development
- Lessons Covered: Communication in Global Business, How Teams Differ in a Global Setting, Decision-Making in Global Business, Cultural Differences in Negotiations, Settling International Conflicts, Economic Globalization, Impact on Developing and Developed Countries, Developed vs. Developing Countries, Obstacles for Less Developed Countries.
- Activities: Watch all video lessons for Chapters 2 and 3. Focus on communication strategies and economic disparities.
- Resources: YouTube: Cross-Cultural Communication
- Quizzes: Complete the quizzes and review them thoroughly.
Week 3: Key Factors in International Trade & Trade Management
- Lessons Covered: Economic Growth, Forces Affecting Trade, Economics & Politics of International Trade, Comparative Advantage, Absolute Advantage, Free Trade, Economic Integration, Trade Balance, Trade Barriers, Trade Restrictions, Tariffs and Quotas, Trade Protectionism.
- Activities: Watch all video lessons for Chapters 4 and 5. Understand trade concepts and regulations.
- Resources: YouTube: Tariffs and Trade Barriers
- Quizzes: Take the quizzes and revisit any incorrect answers.
Week 4: Exchange Rates, Currency Changes & International Finance
- Lessons Covered: Exchange Rate Factors, Fiscal and Monetary Policies, Impact on International Trade, Exchange Rate Risk, Purchasing Power, Big Mac Index, GAAP Overview, International Accounting Standards, International Transfer Pricing, Interest Rate Parity, IFRS, International Banking, Political Risk.
- Activities: Watch all video lessons for Chapters 6 and 7. Focus on understanding exchange rates and financial principles.
- Resources: YouTube: Exchange Rates Explained
- Quizzes: Complete the quizzes and study any incorrect responses.
Week 5: International Market Entry Strategies
- Lessons Covered: International Marketing Strategies, Exporting, Foreign Licensing, Franchises, Contract Manufacturing, Joint Ventures, Foreign Direct Investment, Outsourcing, Offshoring.
- Activities: Watch all video lessons for Chapter 8. Focus on different market entry strategies and their pros and cons.
- Resources: YouTube: International Market Entry Strategies
- Quizzes: Complete the quizzes and study the results.
Week 6: Global Marketing and R&D Strategies
- Lessons Covered: Global Marketing Strategy, International Marketing Mix, SWOT Analysis, PESTLE Analysis, External Marketing Factors, Global Standardization, Internet Marketing, Social Media, R&D.
- Activities: Watch all video lessons for Chapter 9. Pay attention to SWOT and PESTLE analysis tools.
- Resources: Quizlet: Global Marketing Flashcards
- Quizzes: Take the quizzes and review any mistakes.
Week 7: Cultural Impact on International Business
- Lessons Covered: Global Mindset, Hofstede’s Cultural Dimensions, Developing Cultural Intelligence, Impact of Cultural Norms, and Effects on Society.
- Activities: Watch all video lessons for Chapter 10. Understand Hofstede’s Cultural Dimensions thoroughly.
- Resources: YouTube: Hofstede’s Cultural Dimensions
- Quizzes: Complete the quizzes and revisit any incorrect answers.
Week 8: International Operations Management
- Lessons Covered: Operating Environments, Logistics Activities, International Logistics, Distribution Methods, Globalization’s Impact, and Supply Chain Challenges.
- Activities: Watch all video lessons for Chapter 11. Focus on logistics and supply chain management.
- Resources: YouTube: International Logistics
- Quizzes: Take the quizzes and review your performance.
Week 9: Management & Human Resources in International Business
- Lessons Covered: Managerial Functions, Managing International Companies, Characteristics of International Managers, Human Resource Interactions, Staffing Approaches, HR Issues, Global Perspective, Crisis Management.
- Activities: Watch all video lessons for Chapter 12. Understand the various HR management strategies in a global context.
- Resources: Quizlet: International HR Flashcards
- Quizzes: Complete the quizzes and study the results.
Week 10: Globalization’s Impact on Organizations and Countries & Ethics in International Business
- Lessons Covered: Global Environment, Organizational Culture, Organizational Structure, Organizational Behavior, Small Business in the Global Market, Economic Inequality, Labor Conditions, Local Culture & Society, Environmental Impact, Environmental Law & Treaties, Ethical Issues, Causes of Unethical Behavior, Ethics & Social Responsibility, Global Responsibilities, Ethical Decision Making.
- Activities: Watch all video lessons for Chapters 13, 14, and 15. Focus on the broad impacts of globalization and ethical considerations.
- Resources: YouTube: Business Ethics
- Quizzes: Take the quizzes and review any mistakes.
By sticking to this 10-week plan, you’ll be well-prepared for the study.com Business 120: International Business final proctored exam. Happy studying!
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Free External Resources to Study📂
You’ve already got access to all the study.com materials, but sometimes an extra perspective or different format can make all the difference. Here are some excellent free resources that can help you grasp the more challenging concepts in study.com Business 120: International Business:
YouTube Channels and Playlists
- CrashCourse Economics: Engaging videos that break down complex economic concepts into digestible pieces.
- Investopedia: Great for understanding financial and investment terms that will pop up in international business.
Quizlet Flashcards
- Global Economic Development Flashcards: Perfect for revising key terms and concepts.
- International Trade Flashcards: This helps solidify your understanding of trade theories and policies.
Free Online Courses
- Coursera’s International Business Essentials: Free courses from universities that offer a broader understanding of international business topics.
- Khan Academy’s Microeconomics: While not directly about international business, it’s helpful for understanding the economic principles that underpin global trade.
Articles and Blogs
- Harvard Business Review: Offers insightful articles on international business trends and strategies.
- Investopedia Articles: In-depth articles that explain various international finance and trade topics.
Podcasts
- Planet Money: NPR’s podcast that explains the complexities of economics in a fun, easy-to-understand manner.
- The Indicator from Planet Money: Short episodes that are great for quick learning on the go.
These resources will provide you with diverse viewpoints and additional practice, reinforcing what you’ve learned in your study.com course. Plus, they’re all free, making them perfect supplements to your existing study materials.
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Key Topics to Focus On 🔑
In study.com Business 120: International Business, some key topics are essential for a solid understanding and are frequently tested in the exam. Let’s break down four crucial concepts with some easy-to-understand explanations and comparisons.
- Comparative Advantage vs. Absolute Advantage
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Aspect
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Comparative Advantage
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Absolute Advantage
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Definition
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Producing goods at a lower opportunity cost than others
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Producing goods more efficiently (cheaper, better, faster)
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Key Concept
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Focus on what you do best relative to others
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Focus on what you do best overall
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Example
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Country A produces wine at a lower opportunity cost than cheese, compared to Country B
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Country A can produce more wine with the same resources compared to Country B
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Real-World Application
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Promotes trade by allowing countries to specialize in what they produce most efficiently
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Encourages countries to trade what they are most efficient at producing
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- Globalization and Its Impacts
Positive Impacts:
- Economic Growth: Increased trade leads to higher GDP.
- Technology Transfer: Sharing of innovations across borders.
- Cultural Exchange: Greater understanding and appreciation of different cultures.
Negative Impacts:
- Economic Inequality: The wealth gap can widen between nations and within nations.
- Labor Exploitation: Poor working conditions in some developing countries.
- Environmental Damage: Increased production can lead to pollution and resource depletion.
Example:
- Positive: Global technology companies bringing internet access to remote areas.
- Negative: Factories in developing countries facing poor labor standards and environmental regulations.
- Exchange Rates and Their Effects on Trade
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Aspect
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Strong Currency
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Weak Currency
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Import Prices
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Cheaper (more purchasing power)
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Expensive (less purchasing power)
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Export Prices
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Expensive (foreign buyers need more of their currency)
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Cheaper (foreign buyers need less of their currency)
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Trade Balance
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May lead to a trade deficit (more imports than exports)
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May lead to a trade surplus (more exports than imports)
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Business Impact
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Advantageous for import-heavy businesses
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Advantageous for export-heavy businesses
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Example:
- When the US dollar is strong, importing electronics from other countries is cheaper for US consumers. Conversely, US-made products become more expensive for foreign buyers, reducing exports.
- Hofstede’s Cultural Dimensions Theory
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Dimension
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Description
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Example
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Power Distance
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Degree to which less powerful members accept power inequality
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High in countries like India, Low in countries like Denmark
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Individualism vs. Collectivism
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Preference for a loosely-knit social framework vs. a tightly-knit framework
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Individualism in the USA, Collectivism in Japan
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Masculinity vs. Femininity
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Preference for achievement and material success vs. cooperation and quality of life
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Masculinity in Germany, Femininity in Sweden
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Uncertainty Avoidance
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Degree of comfort with uncertainty and ambiguity
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High in Greece, Low in Singapore
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Long-Term vs. Short-Term Orientation
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Focus on future rewards vs. past and present
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Long-Term in China, Short-Term in the USA
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Understanding these dimensions helps managers adapt their strategies to align with cultural expectations and norms in different countries.
These key topics form the backbone of your international business knowledge. By grasping these concepts, you’ll be well-equipped to handle the exam and practical business scenarios.
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FAQ❓
Here are some frequently asked questions that students often have about the study.com Business 120: International Business course and exam:
Q: Regarding the structure of the final proctored examination, what can be said?
A: The last proctored exam is a comprehensive exam that tests what you have learned the entire semester. This is made up of question and answer tests which are in multiple choices aiming at testing your comprehension. You will need a webcam to take the exam under supervision as with other proctored exams for students.
Q: What can I do to have better preparations for the quizzes?
A: The quizzes have been developed to check your understanding of each lesson as you go through the units of the course.. Make sure to:
- Take notes during video lessons.
- Review your notes regularly.
- Use external resources like Quizlet flashcards to reinforce your understanding.
- Take advantage of the three attempts allowed for each quiz and learn from any mistakes.
Q: What are the key topics that are heavily tested in the exam?
A: Key topics include:
- Globalization and its impacts
- Comparative and absolute advantage in trade
- Exchange rates and their effects on international trade
- Cultural dimensions and their impact on business practices
- International marketing strategies
- Financial principles like GAAP and IFRS
- Is it possible to repeat the final exam if I fail to pass during the initial attempt?
A: Yes, in case you are unsatisfied with the results of the test then you can retake the test after 3 days. You are allowed to take a maximum of two attempts, you must therefore make sure you revisit the material.
- What is allowed during the final exam?
A: You are allowed to use blank scratch paper only and a pen or a pencil. Items not allowed are textbooks, notes, calculators, or any other computing devices apart from the software used for proctoring purposes.
- What are the requirements for signing up for this course?
A: No, there are no preconditions for enrollment in the study.com Business 120: International Business. No prior knowledge of international business is required before taking the course to ensure that all the students can easily understand it.
Q: How can I stay motivated throughout the course?
- A: Set a regular study schedule and stick to it.
- Break down the material into manageable chunks.
- Use the study plan provided to stay on track.
- Engage with the course material by taking notes and asking questions.
- Reward yourself for completing milestones to stay motivated.
Q: How can I use the practice tests effectively?
- A:Take practice tests under exam-like conditions to get used to the format and timing.
- Review the results to identify areas where you need more practice.
- Focus on understanding why you got questions wrong and revisit those topics in your study materials.
These FAQs should help clear up some common concerns and guide you toward a successful completion of the course.
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Conclusion📄
Well done for reaching the end of this extensive guide that you’ve read through, Study.com Business 120: International Business! This course presents a wonderful combination of essential topics that will in essence enhance your coverage of international business and prepare you for the end-of-course proctored test.
In summary, the basics of globalization that focus on the simplified discussions of globalization and the specifics of international business have been outlined, including a detailed explanation of the theories and principles of international trade; The cross-cultural and tactical aspects of global marketing have been also discussed. As a guide, we have outlined the weekly schedule, indicated the sources of help in carrying out a week, and explained some of the significant concepts.
As I mentioned before, the most important thing is regular studying and active use of all given materials. Follow the plan of learning and use the additional materials, as well as, take quizzes and practice tests. Do not shy of going back to something you only understood a portion of and go looking for more explanations.
If you want it and pursue it with hard work and the right approach then you are more than ready to ace the final exam, and in the process, you have gained so much knowledge that is useful when you enter the real world of business, specifically in international business. Good luck, and happy studying!
