Q1. Characterize „new“ challenges of International Economics, Business & Management.
Q2. How would you describe them in detail?
The main challenges of International Economics, Business & Management are the complexity especially to work with people of different business cultures. It is complex to work with people from several countries, to cope with this challenge it is essential to respect the people and know something about their cultural behaviour. Furthermore it can be a problem that you have to work and communicate with people who speak another language. In most cases the main business language is English but in small companies this could be a big challenge because they are not so international and it is missing the technical terms. Another challenge is the international product development because in every country exists a different market demand. Therefore you should first be informed if your product has a chance to be successful. To cope with this challenge you have the possibility to diversify or standardize your product. It has to be taken into account that the costs for a product are different in each country.
Moreover the geographical aspect is another important point in the International Management. The more far you expand with your company the higher are the administrational challenges you have to deal with. The strategic decisions get much more complex. One solution could be to develop similar strategies for similar countries or one strategy for a group of countries. But before you start to develop new strategies you have to get information of the different countries and their backround. Different time zones could represent another challenge as a communication issue. If you have a telephone or video conference with companies all over the world it is important to arrange a meeting time where all participants are in the office. This is only possible early in the morning or late in the evening.
For international companies it is important to...