Choice is one of the main results of globalization. With more options come more variety, allowing us to choose the right options for our businesses, careers, and ourselves. QCIB 2019 will delve into the concept of the power of choice. To get you thinking for the conference, here are 3 of the ways that international business brings choice to us.
Choice for consumption
An improving international network means that more products are available to us than ever before – whether that be by business expansion or simply shipping. The US Congress found that from 1972 to 2001, the product variety that was imported into the US multiplied by over 3.5 times – and surely much more now – thanks to freer trade agreements and the globalization of businesses.
The growing number of multinational corporations like Walmart, H&M, and Coca Cola enable a massive assortment of products in all of their locations. Social media makes us aware of products from across the world, and we can easily ship them. And the mobilization of cultures across the world means that cities have become hubs of multiple cultural groups – and with them, their domestic products, which include food, fashion, and more. Thanks to all of this, we’re able to access cars, cell phones, and tons of other goods and services that could better suit our needs. Not to mention, more products means more competition – which makes for lower prices and better products (even better choice).
‘Building a global brand is anything but simple – but with it being easier than ever before to enter international markets, it’s something that an increasing number of companies can achieve.’ – K International
Choice for career
Gone are the days when moving to London to work was radical. Today’s careers can span a number of countries and industries, due to the increased connectivity and globalization of companies.
Some jobs involve management across boundaries. MNCs, hotel chains and airlines operate in multiple locales, and require management of each of these entities – whether it be a manufacturing plant, an office, or a research hub. Jobs like management consulting and sales involve traveling to meet a B2B customer and perform a job or a pitch.
On the other hand, this expansion across boundaries creates opportunities for an international transfer to a partner or a different office. Some companies even offer formalized placements abroad. For example, EY provides a short international placement to summer students, while Adidas offers a rotational program component where you can pick your office location.
Choice for business strategy
As a manager or executive, the international business ecosystem opens up tons of doors for your business strategy. The first question is, where do you do your business? Trade agreements and connections allow your company to reach your ideal customers in foreign markets much more easily than before. This gives you a much larger market to sell to; and allows you to find even more customers that want your product.
Then, there’s the question of how you do business. Some businesses choose to outsource their labour from elsewhere because the resource provided in a foreign country works better than the resource domestically. Plus, more services are available to you, and more knowledge is being disseminated across borders. The possibilities are endless for the way you want to run your business. For example, startup Acerta Analytics in Kitchener, Canada, was able to find an automotive incubator in Germany which supplies the specialized automotive resources and expertise it needs to succeed.
Want to learn more about the Power of Choice? Delegate apps for QCIB 2019 are due Thursday, November 15 at 11:59pm. Check out the event on our Facebook page.