| (Progress Report Submitted in 2006)
The international business major uses an interdisciplinary approach
to study the intricacies of the international marketplace. This
major focuses on the complexities and interconnections between the
world's markets and cultures. The goal is to prepare students to
be managers in the twenty-first century.
There is also a foreign language emphasis and a general business
emphasis within the international business major.
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rksmith1@ualr.edu
501-569-8868
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The goal of the International Business degree program is to help
students develop the necessary skills to gain an entry position
with an international firm. Using an interdisciplinary approach,
we provide each student with a comprehensive knowledge of international
business by integrating the functional areas of business into an
international framework and promoting an understanding, awareness
and appreciation for the global marketplace, including cultural
business customs.
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- Understand and be conversant on the nature of international
business
- Understand major trends in international trade and investment
patterns between and among major groups of nations, and be able
to use extant theories to explain these patterns
- Use their understanding of the functions of international organizations,
e.g. United Nations, World Bank, International Monetary Fund,
World Trade Organization, Organization for Economic Cooperation
and Development to advise businesses on their effects
- Use their knowledge of major financial, legal, labor, economic/socioeconomic,
physical, environmental, socio-cultural, political, competitive
and distributive forces affecting international business to work
through real-world international business problems
- Understand export and import practices, terminology and documentation
enough to advise businesses on the process
- Apply their knowledge of international economics, marketing,
human resources, financial, accounting and control in international
business planning
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Economics
- Theories of International Trade (assessed with exam problems)
- Effects of trade barriers (assessed with exam problems)
- Free trade (assessed with exam problems)
- Balance of Payment (BOP) & causes of imbalances (assessed
with exam problems)
- Relationship between exchange, inflation & interest rates
(assessed with exam problems)
- Differentiate between exchange rate systems (assessed with exam
problems)
Finance
- Tools & analytical conventions used in Intl corporate finance
(assessed with exams)
- BOP & exchange rates (assessed with exams)
- Foreign investment analysis (assessed with exams)
- Financing foreign operations (assessed with exams)
Management
- Nature of IB (assessed with exams)
- Major trends & investment patterns between & among major
groups of nations & theories explaining patterns (assessed with
exams)
- Nature of intl organizations (assessed with exams)
- Major forces affecting IB & how they differ from similar forces
affecting international trade (assessed with exams)
- Export & import practices, terminology & documentation
(assessed with exams)
- Basic mgt of business & HR (assessed with exams)
Accounting
- Principles and Standards of International Financial Reporting
(IFRS) (assessed with exams)
- Comparison of IFRS and US GAAP (assessed with exams and research
project)
- Procedures applicable to intl transactions & reporting, currency
translation, inflation adjustments & transfer pricing (assessed
with exams and marketing plan/presentation)
- Business communication skills (assessed with research project
presentation)
Marketing
- Ethical decision-making (assessed with case study)
- Global institutions (assessed with exams)
- Geography, history & demographics, & Multinational Market
Alliances (assessed with exams and marketing plan/presentation)
- Political & legal issues, inc. IP(assessed with exams and
marketing plan/presentation)
- Marketing research (assessed with exam)
- Market entry strategies (assessed with exams)
- Industrial & consumer goods (assessed with exams and marketing
plan/presentation)
- Distribution, inc. retailing (assessed with exams and marketing
plan/presentation)
- Exporting & importing (assessed with exams and marketing plan/presentation)
- Culture & business customs (assessed with case study and marketing
plan/presentation)
- Economic development & emerging markets(assessed with marketing
plan/presentation)
- IMC, promotions & advertising (assessed with marketing plan/presentation)
- Sales mgt & negotiation (assessed with exam)
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Faculty
All five IB faculty members were directly involved in creating
and will continue to be involved in the International Business Program
assessment. In addition, each member assesses the program material
for which he/she is responsible.
Student
Students' input was used to reduce the topic redundancy. We will
develop a student questionnaire to gather their input into how the
program is their needs and how we are meeting program objectives.
The students will be explicitly informed at the beginning of each
IB course what program objectives will be met in the course.
Business
We will develop a survey instrument and gather information from
businesses in central Arkansas that conduct international business.
We will encourage guest lectures from local international businesses.
Government
Agencies
Appropriate government agencies (e.g. Department of Commerce) will
be invited to lecture and have input into IB classes.
Follow-up Assessment
Four stakeholder groups will provide on-going guidance to improve
the IB program and ensure that our program meets the needs of the
IB marketplace:
Our International Business Advisory Committee, which consists of
(1) area international business leaders and (2) governmental agency
members, (3) the international component of Management’s Advisory
Committee, and (4) IB graduates.
Use for Program Improvement
- International Business Faculty will analyze the assessment data.
Results will be discussed and used to plan and implement curriculum
changes.
- Program changes will be posted on the IB website and in the
Undergraduate Catalog.
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