A domestic manager’s work concerns the country in which he/she works in. Depending on the nature of the business, a domestic manager’s work will depend on the culture of the state. There won’t be a language barrier as your business will operate in the state’s main language(s).
Though there is always a need for market research in all organisations, a domestic manager may find this easier to do as it’s likely you’re familiar with the language of your country and its general trends.
Compared to the work of an international manager, it could be argued that the role of a domestic manager involves less complications. Usually, a business owner’s first market is their own country, therefore, there are less associated risks.
However, if an organisation’s competitors have gone global, a national firm may wish to do the same.
An international manager’s focus is on business targets within a particular country or an entire region. This means you could be dealing with a new culture, multiple languages, and new rules and regulations. The restrictions on multi-nationals are greater, and so the work of an international manager can be more varied and complex than that of a national/domestic manager.
In fact, a corporation may have to completely re-think the way it manages in order to suit different working models around the world. Your business strategy must comply with what’s considered legal in your new country of operation.
Your marketing strategy will be very different to your home strategy as you’re targeting a whole new population. An international manager will have to spend more time on market research in order to understand the different trends in your new international market and to learn how well you product/service will do. You’ll also have to get used to pricing your products/services in different currencies.
In an international market, it pays to keep up with what your competitors in the same region are doing.
In a nutshell, if you want your business to do well, tailor your goals to the rules of your new market.
We hope you enjoyed reading this blog. For an insight into relevant qualifications in this field, take a look at Toronto School of Management’s Diploma in Business Management.