IEU ASSIGNMENT BRIEF

Assignment Front Sheet

Qualification Subject Title

IEU S2 Master of Management (MM) International Management

Lecturer name Assessor name

Prof. Patrick Khor Prof. Patrick Khor
Admission Number: Intake (Month / Year) Learner Name
2022-2023 Wyhardes

Task 1: Marks (30%)

What are the major trends and developments that have shaped the international business landscape
over the past few decades, and how have companies responded to these changes?

Businesses around the world have had to adapt to new realities in the last several decades due to factors
such as trade globalisation, lightning-fast technical development, unpredictable politics, increasing
population, and fluctuating consumer needs (Hastig & Sodhi, 2020). To keep up with the competition,
control risks, and guarantee client responsiveness, businesses have improved and innovated their business
strategies on an ongoing basis in response to these changes. They have also improved their processes,
shifted their focus to value creation, adopted digital technology, and changed their business models and
plans. In addition, businesses have been working to lower trade barriers and improve transportation
networks in order to increase their access to global markets. Also, by forming Born Global enterprises and
drawing on their extensive worldwide business experience, they have embraced the trend of
internationalisation. It is crucial to have reliable weather predictions in today's environment because things
are changing so quickly. Incumbents are facing more competition as a result of new business models and
marketplaces that have emerged as a result of these changes. Businesses have had to face social and
environmental obligations while also shouldering the burden of public concern issues as they have
navigated these complexity. Companies have also had to handle social and environmental demands and
assume responsibility for public concern issues in order to traverse the complex worldwide commercial
landscape (, 2020).
The effect of technological development on development can be examined from various angles. Businesses
are able to provide their customers with innovative goods and services because to technological
developments. Businesses can improve their production efficiency, product quality, and the delivery of
superior solutions to fulfil client expectations by creating new technologies or finding new uses for old
ones. Consequently, there is an uptick in tax income, an encouragement for company expansion, and a rise
in job prospects. The year 2023 was mentioned by Ameer.
Advances in technology have had a significant impact on the service industry. Travel, communication, and
shopping are just a few of the many areas of our daily life that have been transformed by online platforms
and applications. Opportunities for businesses of all sizes have expanded with the development of
communication and the internet, which now welcomes both large corporations and one-person operations.
Businesses have the opportunity to contact more people, tap into new global markets, and achieve
unparalleled success by taking use of technological breakthroughs. Krishnar (2023).
In addition to improving efficiency and production, technological innovation also opens up new
opportunities for businesses. Operations are now more efficient, accurate, and quick because to the use of
artificial intelligence (AI), automation, and other technical developments. Businesses are more competitive
on a worldwide scale, product delivery times are shorter, and production costs are lower because of these
considerations. A nation's pursuit of economic development hinges on the efficiency and effectiveness with
which its businesses run, and technological innovation is crucial in making this a reality. The expansion of
the economy relies heavily on technological innovation, which can have a significant impact. Technological
advancements, according to Oced (2019), are very important for long-term economic growth, creating new
opportunities, and improving efficiency in marketing and other related fields.

Businesses can increase their customer base by taking use of new marketing tools. In recent years, a
plethora of digital technologies, including websites, e-commerce platforms, social media, and more, have
proliferated, allowing companies to advertise their wares to customers all over the globe. Small and
medium-sized businesses (SMEs) now have more chances than ever to compete with giant organisations.
Improving the company's operating efficiency and cutting manufacturing expenses are two other possible
outcomes of incorporating new advertising technologies. Intelligent algorithms for data analysis and
business process automation are two examples of digital technologies that could help organisations
improve efficiency, cut down on mistakes, and make the most of their resources. Businesses can become
more competitive and help the economy grow if they can reduce production costs. Because of this, they are
able to provide goods and services at lower prices, which in turn increases consumers' spending power
(Farida, 2022).
Further, new economic sectors can be launched with the help of technical breakthroughs, and promotional
campaigns can be used to produce employment. The meteoric rise of e-commerce, cloud computing, and
smartphone apps are all examples of the exponential development of digital sectors. Advertising
campaigns that think outside the box can pave the way for startups to enter the market with fresh ideas
and cutting-edge products, opening up exciting new opportunities for companies and boosting the
economy. Regardless, there are a lot of challenges and hazards associated with using new advertising
technologies that need to be carefully considered. Privacy and data security are brought up as issues. In
this age of ubiquitous digital connectivity, protecting customers' personal data and information is more
important than ever. It is critical for communities, corporations, and governments to work together in
creating appropriate policies and standards to address privacy and security concerns while advancing
technology.
To sum up, progress in the economy cannot be achieved without technical innovation. Businesses may
expand their customer base, boost productivity, create jobs, and even help launch whole new economic
sectors if they are open to new ideas and methods of doing things. However, technological progress calls
for stringent privacy and security measures.
.

Task 2: Marks (30%)

What are the challenges managers face when trying to transport their organization's culture to another
country? How do Hofstede's cultural dimensions play a role in this process? Explain the concept of
globalization and how it impacts organizational behaviour, including gender roles, religious
observances, and communication.
When attempting to bring their company's culture to a foreign location, managers confront a number of
obstacles, such as language hurdles, cultural differences, opposition to change, and a lack of familiarity
with or respect for the local culture. Managers may find it challenging to connect with their employees in
the foreign countries and successfully convey and apply the organization's beliefs, conventions, and
practices due to this. Moving an organization's culture to a new nation can be difficult for a number of
reasons, including cultural differences, legal and regulatory hurdles, and social and ethical standards. The
application of the organization's culture in the new country might be affected by infrastructure variations,
which managers may encounter. These differences can include technical limits or unreliable transportation
networks (Hiền, 2020).
People from all over the world are constantly interacting and trading with one another, which is called
"globalisation." In it, obstacles to trade, communication, and cultural exchange are diminished, leading to a
world where people are more dependent on one another. It is logical to presume that employees will come
into contact with people from all over the world, given that businesses interact with foreign firms and local
staff unavoidably encounter individuals from different nations during their careers.
Immigrants, according to statistics, will also make corporate workforces more diverse. Migration of people
from one nation to another is called immigration. In addition, many multinational corporations rely heavily
on expatriates for their local operations. An individual who is not a citizen of the country where they
accept a job and stays for a long time is called an expatriate. All of these tendencies point to the fact that
cross-cultural challenges are inevitable in any collaborative effort including people from different cultural
backgrounds. Therefore, to better prepare themselves for such situations, it is crucial that all students
pursuing international management get information of other cultures.
Managers without background working in multicultural settings may find cross-cultural management to be
a daunting task. Those in charge must pay close attention to what their staff need under this management
style. Preventing and eliminating bias in the workplace and making it a welcome place for people of all
backgrounds is paramount. The fundamental goal of cross-cultural management is to create a work
atmosphere where employees from different cultural backgrounds are able to communicate and work
together productively. Unfortunately, there are a lot of problems and hurdles that managers face when
trying to achieve this goal. Challenges faced by effective cross-cultural managers include, but are not
limited to, cultural differences, individualism, ethnocentrism, and culture shock. The globalised nature of
trade means that modern firms often have to have operations in more than one country, exposing their
customers to other cultures. But, there are challenges inherent in transferring an organization's culture to a
new site. When managers overlook these complexities, it can lead to employee dissatisfaction, lower
productivity, and damage to the company's brand (john, 2023).
• Language barriers that make communication challenging: Language hurdles are a major source of
friction in cross-cultural teams and their ability to communicate effectively. To get around these problems,
managers should put in place efficient translation systems and fund language training courses. Also, for
improved cross-cultural communication in business, they should embrace English as a global language.
Employees of a foreign company may initially be hesitant to embrace its culture due to the following
reasons: • A lack of openness and confidence. The lack of trust might be exacerbated if management is not
transparent. To gain employees' trust and acceptance, managers should involve them in decision-making
and explain the reasoning behind any cultural changes in a clear and concise manner.
• Aversion to alteration: Employees who are content with the status quo could fight efforts to alter
company culture. Managers should be prepared to deal with this resistance. Assisting staff with training
and emotional support can ease their transition to the new culture and put their anxieties to rest.
Although there are challenges in trying to bring a company's culture to other countries, there are ways to
make it more likely that it will be successful. Here are the things that are included: Before branching out
into an unexplored market, managers should study the local culture, laws, and business practices
thoroughly. This information allows them to modify their cultural strategy as needed. (2) Assembling a
diverse group of leaders: By building a leadership team that reflects the diversity of the workforce,
organisations may promote a sense of inclusion and make sure that different perspectives are heard. Third
position Facilitating cross-cultural understanding and connection: Employees from different countries can
work together more effectively when cross-cultural interactions are put into place. Flexible and adaptable
strategies require companies to be open to changing their cultural norms to fit local conditions. It is quite
unlikely that a plan that aims to be relevant to every situation can be successful. Dedicating resources to
improving communication skills and offering thorough training: Ensuring that employees understand the
corporate culture and the logic behind any modifications requires effective communication. Training
courses help employees adjust to different cultural norms and get the skills they need to be successful in a
global environment, according to Uma and Administration (2022).
In order to reap the rewards of a multicultural and international workforce while relocating their
company's culture, managers must first anticipate and prepare for the challenges that may occur.
Nevertheless, it is important to recognise that this is a complex endeavour that calls for a lot of hard work,
commitment, cultural awareness, and inclusivity.
In conclusion, cross-cultural management presents significant problems, but these can be overcome with
forethought, strategy, and cultural awareness. Managers, in order to establish a productive and peaceful
workplace regardless of cultural differences, must first identify and then conquer a number of challenges.
The main hurdles are disparities in legal and regulatory frameworks, difficulties in communicating due to
language constraints, a lack of openness and trust, and aversion to cultural change. Of paramount
importance is the recognition and understanding of the vast range of cultural norms, communication
styles, and work practices. In order to overcome challenges such as cultural differences, culture shock,
individualism, ethnocentrism, and parochialism, effective cross-cultural managers are necessary. To
prevent legal trouble and financial fines, it is vital to ensure compliance with regulatory requirements. The
adoption of a universal language like English and the launch of language training initiatives can help break
down linguistic barriers. When implementing a new cultural paradigm, it is crucial to build trust and
encourage open communication because employees may be resistant at first. Executives must communicate
openly and honestly with their staff, get their opinions before making decisions, and explain the reasoning
for company-wide culture shifts. When it comes to changing existing situations, managers need to be ready
to face obstacles that may come from being rigid and resistant to change. Thoroughly researching the
market, building a diverse leadership team, promoting cross-cultural understanding, and offering
communication skills training are all effective ways to overcome these challenges.

Task 3: Marks (40%)

How is the global market changing and what are the implications for industry and investors? Discuss
the emerging markets, eroding economic borders, the shifting focus of labour, and the expanding role of
technology in the global market.

Globalisation is characterised by changes in the nature of technological progress and advancement,

an increase in common problems faced by nations worldwide, cross-cultural exchanges and interactions
among individuals everywhere, and the formation of interdependence among nations regarding economic
production and markets.
As a matter of fact, people from every continent have been using the concept of globalisation since
the 1800s. But back then, the word "globalise" meant something very different: bringing together different
social and economic systems from all over the world.Emergence of new markets, disintegration of national
borders, shifting priorities in relation to labour, and omnipresent technology are only a few of the reasons
causing profound changes in the global market. The creation of investment strategies and corporate
operations are both affected by these transformations, which have far-reaching consequences for both
investors and industries. In this age of globalisation, information and communication technology presents a
problem in many areas. Companies nowadays can't function without IT, especially in this cutthroat
business environment. Information technology is crucial for companies to survive in today's competitive
market. Information technology has been crucial in propelling the growth of an information society and
improving product and process technologies (Indrayani, 2023).
We return to the topic of economic globalisation. Can you define economic globalisation for me?
Regional, municipal, and even national economic integration and interdependence are intensified as a
result of technological goods, commodities, services, and capital's intense flow from one nation to another,
a phenomenon known as economic globalisation.
The present economic sphere's key driver for globalisation is the dynamic evolution of information
across numerous areas such as production, marketing, research, and technology. To put it more simply,
economic globalisation seeks to create a massive commercial zone that goes beyond national boundaries,
essentially merging all of the world's markets into one massive one. Like economic globalisation, free trade
is an attempt to remove obstacles to cross-border trade. These problems sometimes develop because of
astronomical import and export levies that make products unaffordable. Another potential obstacle is a
nation's political stance on trade. The only reason for this political style is to safeguard the indigenous
manufacturing method. Free trade does not, at its core, include the following restrictions: Given what
Rosada (2023) has said.
What makes Industrial Revolution 4.0 such a popular subject is the chance it gives for experts,
participants, and insiders to discuss the present and future of the industry through seminars offered by
firms and academic organisations.
Researcher Klaus Schwab formally proposed the idea of a fourth industrial revolution. The
esteemed German economist and technologist, who co-founded and was executive chairman of the World
Economic Forum (WEF), argues in his book "The Fourth Industrial Revolution" that the 4.0 industrial
revolution has the potential to radically alter our work lives, personal relationships, and everyday habits.
The manufacturing of this period is markedly different from that of the pre-industrial revolution period
due to its increased efficiency, speed, precision, and quality.
There has been tremendous technical advancement in many different areas as a result of the 4.0
industrial revolution. The following industries make up the aforementioned technologies: Internet of things
(IoT) in industry, nanotechnology, fifth-generation wireless technology (5 G), additive manufacturing (3D
printing), the industry that specialises in fully autonomous cars (industry 8), and quantum computing
(Nasrul, 2022).
 The worldwide market is always changing and developing due to many different variables.
According to Haspramudilla (2023), these factors encompass: 1. The world market has become more
interconnected as a result of globalisation, which has encouraged investment and commerce on a
worldwide scale. 2. Technology: Organisations' operations and client interactions have been completely
transformed by technology. This has paved the way for the development of novel commercial prospects
and markets. Some examples of how demographic transitions have affected consumer tastes and
behaviours include the growth of urban populations and the rise of middle classes in developing nations. 4.
Variations in weather have affected business and investment trends.
These changes have a significant impact on sectors and investors. Let me give you a few examples:
To meet the ever-evolving demands of this industry, businesses catering to customers all over the world
need to be nimble. Therefore, expanding into other areas or creating brand-new products might be in order.
Keeping up with the latest news in the global market is crucial for investors to make educated
investing selections. Globalisation, climate change, population changes, and technology advancement are
all things they should think about. Some real-world effects of global market shifts that companies and
investors may face are as follows:
Things that have an impact on companies: As the world market becomes more interconnected, one
consequence is increased competition among multinational firms. In order to keep up with the dynamic
global market, companies must constantly innovate.
Sustainability is becoming more important to both investors and consumers. Companies that
prioritise sustainability in their operations will have a leg up on the competition.
Concerns regarding investments: More promising investment prospects: More options are available
to investors than ever before due to the globalisation of markets. Bets placed on foreign markets carry a far
higher degree of risk than those placed on domestic markets. Why diversity is important: Investors should
spread their money around to lower the overall risk of their holdings.
Consequently, the sector and investors face new opportunities and risks due to the ever-changing
global market. Adaptable businesses will be ahead of the competition. Intelligent investors will have a leg
up on the competition when it comes to making smart investments considering these changes.
In the ever-changing global economy, sectors and investors face challenges as well as opportunities. It
is critical to give serious thought to developing markets, falling economic barriers, shifting worker
priorities, and technological utilisation. Businesses should be open to new ideas at all times, push for more
international cooperation, and quickly adapt to their employees' changing requirements. Investors must
strategically diversify their holdings, master the risks connected with global assets, and capitalise on
technological developments. Investors and participants in the industry need to be able to think ahead and
react quickly because of how quickly things are changing.
 Daftar Pustaka

Markgraf, B. (2023, 12 8). Major Trends in International Business. Retrieved from chrone:
https://smallbusiness.chron.com/major-trends-international-business-60529.html

Katerina, R., & Aneta, R. (2014). The Impact of Globalization on the Business. CONFERENCE PAPER, 83- 89. Retrieved
from https://core.ac.uk/download/pdf/33812244.pdf

Ahi, A. (2019). Advanced technologies and international business: A multidisciplinary analysis of the literature.
International Business Review, 29-89.

Eva Yuniarti Utami1, A. S. (2022). Strategi Penetrasi Pasar Global: Eksplorasi Bibliometrik tentang Pemasaran
Internasional, Mode Masuk Pasar, dan Strategi Ekspor. Jurnal Bisnisman: Riset Bisnis dan Manajemen, 25-38. Retrieved
from https://bisnisman.nusaputra.ac.id/article/download/155/89

Subekti, R. (2019). TRANSFORMASI BISNIS DI ERA DIGITAL (Teknologi Informasi dalam Mendukung Transformasi
Bisnis di Era Digital). ekonomi, 5.

delle. (2019, 5 23). 5 lima dimensi budaya Hofstede. Retrieved from 5 lima dimensi budaya Hofstede:
https://www.coursehero.com/file/96924083/5-lima-dimensi-budaya-Hofstededocx/

Perry, E. L. (2023, 2 23). Performance appraisal and feedback: A consideration of national culture and a review of contemporary
research and future trends. Retrieved from Performance appraisal and feedback:
https://www.researchgate.net/figure/1-The-effect-of-individualism-collectivism-and- power-distance-PD-on-the-
PA-process_tbl1_232507684

Harianto. (2019, 5 12). 4 Jenis Budaya Kerja yang Perlu Anda Ketahui. Retrieved from Jenis Budaya Kerja:
https://www.nestle.co.id/kisah/pengertian-dan-jenis-budaya-kerja