1. International business development
evolves through the normal processes of trade, foreign direct investment, capital flows,
migration, and the advancement of technology in undeveloped nations. In order to
achieve sustainable global business development, business professionals often must find
ways of adapting to the cultures and societies within which they operate and conduct
business. With huge growth opportunities created by the emerging middle class of
nations such as Brazil, Russia, India, and China (the BRIC countries), many companies in
the developed world are stepping in to provide goods and services to those countries'
consumers, and business development professionals provide the necessary legal,
financial, and cultural bridges between supplier and consumer.[1]
As the globalization of economies, societies, and cultures continues, and nations become
more integrated through networks of exchange, international business development and
global strategic management continues to evolve. Global firms that employ business
development professionals in multiple locations who share exactly the same body of
knowledge, ethics, practices, and standards benefit from a shared body of knowledge and
ethics. These companies are well positioned for growth, as are the societies in which they
operate.
Professionals who work in international business development (as distinct from domestic,
or intra-national efforts) must acquire specific skills relating to the countries where they
operate. This includes understanding the economy, history, culture, laws, business
practices and trade patterns of the target country. It also includes a broader understanding
of issues common to any international work: global travel, risk mitigation, international
contracts and more. Most companies new to international business development, or new
to a geography engage the help of third-party consulting firms who specialize in either
cross cultural work or in a particular country. Some governments also offer support in
this area to their companies that seek to create jobs in their country, by promoting
exports.
The international business development and global strategic management industry is a
specialized field of commerce that penetrates existing markets, and often creates new
ones, by introducing new products and services to businesses, individuals, non-profit
organizations, and government agencies. Topics that are common to international
business development include ethics, philosophy, economics, politics, marketing,
management, and technology. International business development professionals require
knowledge of the legalities of strategic relationships, licensing, partnering, intellectual
property, emerging technologies, fair practices, cultural differences, international
marketing, information management, knowledge management, finance, and advertising,
all of which affect business development within a culture and its economy. Specific
projects that international business development professionals are often tasked with
include devising merger/acquisition strategies, identification and vetting of target
companies, developing strategic rationale for transactions, ensuring regulatory
compliance, and assisting with cross-cultural communications.[2]