International business sits at the intersection of state policy, foreign direct investment, political economy and corporate control. International markets are shaped as much by governments and power structures as they are by competition. Understanding these realities enables leaders to determine and implement multinational strategies that are grounded in how markets actually function.
Professor Albert Wöcke
According to Professor Albert Wöcke, faculty lead for the Gibs MPhil in International Business, “The OLI framework developed by John Dunning is widely used by leaders to analyse and describe their organisations’ multinational potential. Does the business have ‘Ownership’ of attractive assets that can cross borders? Here we are talking about technologies, patents, brand reputation or economies of scale.”
“Then there is ‘Location’. How do you choose which country to move into? This depends on what you are seeking – markets, resources or strategic assets. You need to assess the advantages of that location, whether it offers market size, lower taxes or the type of labour you require.”
“The third aspect is ‘Internalisation’, where you make strategic decisions about how to structure the multinational - whether to pursue foreign direct investment as a wholly owned subsidiary, or whether to consider licensing or franchising. In some cases, exporting may be more appropriate than becoming a multinational.”
International business in emerging markets
Operating in emerging markets requires a different set of assumptions. These are not simply less developed versions of advanced economies, but environments shaped by distinct institutional frameworks, regulatory conditions and political realities. Applying strategies designed for developed markets without adapting to these conditions can expose organisations to significant risk.
Professor Wöcke explains, “African managers and executives operating in international business contexts must build their capability to ‘act local and think global’. They need to build a stable multinational while embracing volatility. This requires the ability to think global and act local. A strong value system is critical, as leaders are often exposed to ethical challenges. In some cases, this may mean walking away from opportunities where others are willing to cross ethical or legal lines.
“Relationships also play a central role in managing the multinational. Leaders either need to develop these capabilities themselves or be able to recognise and build them within their organisations.”
For leaders operating across borders, this reinforces the need to understand both the formal and informal dynamics that shape markets, and to build organisations that can respond strategically and with contextual sensitivity.
Capabilities for spanning boundaries
As de-globalisation and regionalisation trends accelerate, international business is increasingly shaped by the interplay between states, markets and shifting geopolitical dynamics. For African leaders operating across borders, this requires a more integrated understanding of the global economy.
Operating effectively in this environment depends on the ability to span boundaries between countries, institutions and stakeholders. This includes building strong relationships within host markets and understanding how government priorities, regulatory environments and political considerations influence business outcomes. Leaders are often required to act as conduits between their organisations and the broader contexts in which they operate, and also within their organisation across multiple cultures and between head office and the subsidiary.
This reinforces the reality that success in international business is not only about competitive positioning, but about navigating the intersections of power, policy and market dynamics with clarity and discipline.
Professor Albert Wöcke concludes, “International Business remains a very exciting and opportunity-rich space for African organisations expanding beyond their home markets. Leaders who develop a deep understanding of the global environment are better positioned to navigate its challenges, including the increasing focus on sustainability and the role of multinationals in meeting SDG expectations. Success also depends on the ability to ‘indigenise’ subsidiaries, ensuring they are locally embedded while still aligned to the global multinational strategy.”
The MPhil in International Business was the first of the Gibs’s suite of research-led Masters degrees. Students in 2026 will engage with leading global experts in International Business such as Alvaro Cuervo-Cazurra a prominent Professor of International Business and Strategy at Northeastern University in Boston and Professor Nick Binedell, founding director of the Gordon Institute of Business Science (Gibs), a specialist in the impact of global geopolitics on International Business. With research forming a core component of the qualification, students develop deep analytical capability and intellectual rigour that can be applied to understanding interconnected, global contexts and shaping uncertain futures.
