International business duties
Clarke Ricks
School of Business, Liberty University
BUSI 690: Policy and Strategy in Global Competition
Dr. Hicks
April 3, 2021
International business duties
Like domestic business, international business is a broad field that encompasses many
different specializations. Your specific responsibilities will depend on your role and the type
of industry you work in, but may include:
Sales
Data analysis
Customer service
Contract negotiations
Logistics
International business skills
Personnel management
Financial planning and analysis
Employee training
Marketing
Licensing/franchising activities
Types of international business
Sales
Sales is a critical area for any company that sells or promotes its products and services
across borders or oceans. International businesses rely on their sales staff to cultivate
relationships with potential customers and encourage them to make a purchase. Business
professionals who specialize in sales may also be involved in marketing campaign
development and contract management.
Finance and investments
Companies seek out finance and investment professionals to help them identify areas of
opportunity in different countries and regions. They are also expected to evaluate economic
risks, emerging financial markets, and trade policies. Those who specialize in finance can
work for multinational corporations, financial institutions, or consulting firms.
Analytics
This specialization involves using methods such as data mining, analysis, and forecasting
to give international businesses insight into short- and long-term market trends and sales
performance. Analysts perform a critical function by isolating potential issues before they
result in financial loss. By choosing to focus on analytics, you can help your organization
uncover new business opportunities on a global scale.
Marketing
Marketers meet a crucial need in international business by helping companies promote
their products and services in other countries. They must be able to tailor brand messaging
to different cultures, behaviors, and demographics, all while being sensitive to the nuances
of each market. Global marketers are continuously developing new strategies, researching
competing products and services, and analyzing potential risks.
Interpreting and translation
If you are fluent in another language — a valuable skill in the business world — you can
often find work as an international interpreter or translator. Those who specialize in this
area help minimize language barriers, enabling their companies to perform business
functions in other countries and regions. Having a trained interpreter on staff can make all
the difference for a company trying to close a business deal or secure a signed contract.
Industry outlook and trends
International business — particularly e-commerce — is expanding rapidly every year,
due in large part to urbanization, expanded use of the internet, and a high preference for
online shopping among millennials. Research shows that the global e-commerce market is
projected to grow 11.34% each year between 2020 and 2024, reaching an estimated value
of $6.07 trillion.
Industry growth should only continue to accelerate as more technological
advancements are made to help facilitate business transactions. While automation is
already widely used across many fields, artificial intelligence and machine learning are also
set to transform nearly every facet of business, including global commerce.
Because of this growth, the international business job outlook is generally healthy. By
pursuing a path in international business, you can position yourself to take on greater
responsibility in the following high-demand areas:
Sales
Emerging technologies
Financial analysis
Logistics
Data analysis
Talent management
Here’s a brief look at some of the trends that will shape the future of international
business based on research conducted by Burning Glass Technologies:
HYBRID SKILLS IN HIGH DEMAND
Specialized international business professionals are in high demand and low supply. It’s
often difficult for employers to fill these roles with the right candidates — those with
specialized skills and advanced education. Data indicates that filling certain managerial and
executive positions in international business can take several weeks or even months.
No matter what aspect of global commerce you may be interested in, new technology is
being implemented by employers across industries and will continue to shape the future of
the field. Those willing to adapt will not only stay relevant but will also enhance their
marketability to potential employers.
COMMUNICATION IS KEY
Of all baseline skills, communication appears to be most important to today’s hiring
managers. It was referenced in more than half of all job postings for graduates with an
international business degree in 2019.
INCREASED IMPORTANCE OF PROGRAMMING KNOWLEDGE
International business primarily relies on the use of productivity software such as
Microsoft Excel. However, tools and programming languages such as machine learning,
structured query language (SQL), Python, and SAS are expected to become increasingly
prevalent in global commerce.
Top 10 skills in international business
In international business, 80% of the fastest-growing skills relate to some aspect of
management or leadership, while the remaining 20% require technological or analytical
competence.
Here are the top 10 skills that If you enjoy learning about different cultures and thrive in
fast-changing environments, a career path in international business might be an ideal fit.
This field is experiencing continued growth that can help position you for upward mobility.
According to the U.S. Bureau of Labor Statistics:
Employment of international interpreters and translators will increase 20% between
2019 and 2029
Other business-related occupations will also see rapid job growth within the same
time frame, including a 11% increase for global management analysts, followed by an
increase of 8% for economists
Globalization, the popularity of e-commerce, and increasingly complex tax and
regulatory environments are all expected to drive demand for graduates with strong
knowledge of international business practices
