University of Tennessee: Global Business Institute
About Globi
The Global Business Institute was established to help internationalize the University of Tennessee-Knoxville’s College of Business. It serves as a vital resource for faculty, students, business, government, and community leaders.
The Global Business Institute works hard to establish a culture within the College of Business consistent with the values in the strategic plan of both the CBA and the University. We seek to have an impact on the College by helping it achieve its innovative initiatives to internationalize the curriculum, student life and learning, faculty teaching, research, and collaboration. We believe that in the long run, the reputation of CBA will be assessed in a large measure by how well we prepare our students—the future business leaders of Tennessee and the world, for the global economy.
We do this by:
* Creating a focus on global business and international entrepreneurialism in the College of Business (CBA) including efforts to internationalize the curriculum
* Developing outreach activities for the business community through the Global Business Center in cooperation with our partners in this venture: The International Trade Center (TSBDC), and the U.S. Export Assistance Office, U.S. Commercial Service, U.S. Department of Commerce
* Inspiring and assisting CBA faculty to develop international study, research, teaching, and cultural exchange programs
* Identifying and pursuing funding opportunities for CBA international initiatives
* Identifying international work and internship opportunities for CBA students
Tells why go global– and has some vision/mission stuff.
University of Tennessee: Global Business Institute
Why Go Global?
It is a reality of life in the new millennium, that the economic vitality of the United States and Eastern Tennessee lies in turning our economy around from a debtor nation to a creditor, from an importer to an exporter, and to one which understands that we are no longer competing with neighbors in our corner of the world, but rather that world is competing for dollars with our corner of the world. To survive and thrive, we need to learn the skills needed to compete internationally. The Global Business Institute stands ready to assist with this initiative. The reality is that we are living, like it or not, in a global economy. Two primary statistics tell this story of how well we are doing as a region: Foreign Direct Investment and Export Statistics.
The Advantage of Going Global for the Volunteer State
Going global has distinct advantages. It enables businesses to have unlimited global reach and a large potential customer base, increased sales and profits, and reduced dependence on traditional markets.
Exporting helps to create new and better paying jobs for Tennessee workers, increases the competitiveness of our businesses by helping them access new markets, and helps Tennessee gain international and national recognition as a global player.
Going global means recognizing that we cannot remain isolated in our thinking and that we have to be prepared to do business internationally. This means enhancing our global competence, because we now must do business in a world in which there are only seven countries where English is the primary language spoken. These English speaking countries represent only 30% of the world economy and only 8% of the world’s population. The University of Tennessee at Knoxville is helping to prepare business leaders for the international economy.
Doing business internationally means having a:
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Customer and culture focused approach
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Assessing your business, its products, and your resources
* Identifying potential overseas markets and barriers to those markets including
o Analyzing your current customer base
o Examining foreign market trends
o Understanding country demographics
o Learning about political, social, religious, economic, conditions, and environmental laws and regulations
o Identifying and analyzing potential competition profiles
o Conducting cultural research
o Determining if the functionality of your product or service is suited to overseas markets
* Developing a comprehensive business plan for exporting your products or services including:
o Choice of market entry method
o Product positioning strategies
o Packaging, labeling, documentation, insurance, etc.
o Languages of communication
o Financing
o Pricing decisions
o Advertising and marketing plans
o Budget forecasts
o Feedback and refinements
o Legalities
o Logistics
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Changing business practices/corporate cultures to involve everyone in all aspects of the organization
* Insuring your business is cross culturally competent and ready to go global and consulting with advisors who can help you get started such Global Business Center partners.
In order to do business internationally, you have to have globally competent staff. The Global Business Institute, have joined with its partners, the Knoxville Chamber Of Commerce, The International Trade Center (TSBDC), and the U.S. Export Assistance Office of the U.S. Commercial Service at the U.S. Department of Commerce to form the Global Business Center. We offer a series of workshops and seminars to help business professionals, government leaders, and students learn how to communicate across cultures.
This is important because to communicate across cultures means more than taking American values, images, concepts, and messages and translating them word for word into another language. It means understanding and incorporating those cultural differences into your marketing plan.
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