Learning Objectives
To learn how firms gradually progress through an internationalization process.
To understand the strategic effects of internationalization.
To study the various modes of entering international markets.
To understand the role and functions of international intermediaries.
To learn about the opportunities and challenges of cooperative market development.
This document discusses the stages of internationalization that companies go through as they expand globally. It begins by outlining several drivers of corporate internationalization including cost drivers, government drivers, competitive drivers, and market drivers. It then describes 5 stages of internationalization that companies typically progress through: 1) Domestic Company, 2) International Company, 3) Multinational Company, 4) Global Company, and 5) Transnational Company. For each stage, it provides details on the company's strategy, view of world markets, orientation, key assets, and the role of country units. It concludes by summarizing the differences between each stage in a chart.
This document discusses various concepts in international business, including definitions, approaches, drivers of globalization, and theories of international trade. It defines international business as extending business activities across national borders to target international customers. The main approaches discussed are ethnocentric, regiocentric, geocentric, and polycentric orientations. Key drivers of globalization include costs, technology, government policies, and competition. Important theories covered include absolute advantage, comparative advantage, Heckscher-Ohlin theory, and product life cycle theory.
There were three main phases of globalization in history:
1) From 1492 to around 1800, which saw exploration and the establishment of colonies as European powers sought to expand their influence and gain resources.
2) From 1800 to 1940, characterized by the expansion of international trade and the growth of multinational companies, though this period ended with the outbreak of World War 1 and 2.
3) From 1950 onwards, led by the establishment of institutions like the IMF, World Bank, and GATT/WTO to promote free trade and economic cooperation in the postwar period and reduce barriers to international commerce.
This document discusses the globalization of business and internationalization processes. It provides four models of the internationalization process: the Uppsala model, Bilkey and Tesar model, incremental internationalization model, and Czinkota's six stage model. It also discusses forces driving globalization, perspectives on what globalization means, the historical background of globalization, and whether globalization presents opportunities or threats.
This document discusses several major regional trade blocs including the European Union (EU), North American Free Trade Agreement (NAFTA), Southern Common Market (MERCOSUR), Association of Southeast Asian Nations (ASEAN), and South Asian Association for Regional Cooperation (SAARC). It provides details on the objectives, members, and key provisions or agreements of each trade bloc, such as eliminating tariffs and quotas within the blocs to promote regional trade.
1. The document discusses the drivers, dimensions, and consequences of market globalization according to a textbook on international business.
2. The major drivers of market globalization include the worldwide reduction of trade barriers, adoption of free markets, technological advances, and integration of financial markets.
3. The dimensions of market globalization include the rising interdependence of national economies, growth of regional trade blocs, and globalization of production and services.
4. Consequences at the firm level include greater opportunities for internationalization. Societal consequences include the potential spread of financial crises, loss of national sovereignty, effects on the environment and culture.
> To define globalization and international business and show how they affect each other
> To understand why companies engage in international business and why international business growth has accelerated
> To discuss globalization’s future and the major criticisms of globalization
> To become familiar with different ways in which a company can accomplish its global objectives
> To apply social science disciplines to understanding the differences between international and domestic business
> To define globalization and international business and show how they affect each other
GLOBALIZATION CHAPTER 1 INTERNATIONAL BUSSINES BBA 5TH UOGRashid Gorsi
This document provides an overview of globalization and international business. It discusses the benefits of international business such as increased profits and employment opportunities. However, it also notes hurdles such as differing laws and regulations between countries. Globalization is defined as the interdependence and interrelation of the world economy. Key factors driving globalization include the fall of trade barriers, advances in telecommunications and transportation technologies, and the rise of the internet. Several global institutions that promote globalization are also discussed, including the WTO, IMF, World Bank, and UN.
This document discusses the stages of internationalization that companies go through as they expand globally. It begins by outlining several drivers of corporate internationalization including cost drivers, government drivers, competitive drivers, and market drivers. It then describes 5 stages of internationalization that companies typically progress through: 1) Domestic Company, 2) International Company, 3) Multinational Company, 4) Global Company, and 5) Transnational Company. For each stage, it provides details on the company's strategy, view of world markets, orientation, key assets, and the role of country units. It concludes by summarizing the differences between each stage in a chart.
This document discusses various concepts in international business, including definitions, approaches, drivers of globalization, and theories of international trade. It defines international business as extending business activities across national borders to target international customers. The main approaches discussed are ethnocentric, regiocentric, geocentric, and polycentric orientations. Key drivers of globalization include costs, technology, government policies, and competition. Important theories covered include absolute advantage, comparative advantage, Heckscher-Ohlin theory, and product life cycle theory.
There were three main phases of globalization in history:
1) From 1492 to around 1800, which saw exploration and the establishment of colonies as European powers sought to expand their influence and gain resources.
2) From 1800 to 1940, characterized by the expansion of international trade and the growth of multinational companies, though this period ended with the outbreak of World War 1 and 2.
3) From 1950 onwards, led by the establishment of institutions like the IMF, World Bank, and GATT/WTO to promote free trade and economic cooperation in the postwar period and reduce barriers to international commerce.
This document discusses the globalization of business and internationalization processes. It provides four models of the internationalization process: the Uppsala model, Bilkey and Tesar model, incremental internationalization model, and Czinkota's six stage model. It also discusses forces driving globalization, perspectives on what globalization means, the historical background of globalization, and whether globalization presents opportunities or threats.
This document discusses several major regional trade blocs including the European Union (EU), North American Free Trade Agreement (NAFTA), Southern Common Market (MERCOSUR), Association of Southeast Asian Nations (ASEAN), and South Asian Association for Regional Cooperation (SAARC). It provides details on the objectives, members, and key provisions or agreements of each trade bloc, such as eliminating tariffs and quotas within the blocs to promote regional trade.
1. The document discusses the drivers, dimensions, and consequences of market globalization according to a textbook on international business.
2. The major drivers of market globalization include the worldwide reduction of trade barriers, adoption of free markets, technological advances, and integration of financial markets.
3. The dimensions of market globalization include the rising interdependence of national economies, growth of regional trade blocs, and globalization of production and services.
4. Consequences at the firm level include greater opportunities for internationalization. Societal consequences include the potential spread of financial crises, loss of national sovereignty, effects on the environment and culture.
> To define globalization and international business and show how they affect each other
> To understand why companies engage in international business and why international business growth has accelerated
> To discuss globalization’s future and the major criticisms of globalization
> To become familiar with different ways in which a company can accomplish its global objectives
> To apply social science disciplines to understanding the differences between international and domestic business
> To define globalization and international business and show how they affect each other
GLOBALIZATION CHAPTER 1 INTERNATIONAL BUSSINES BBA 5TH UOGRashid Gorsi
This document provides an overview of globalization and international business. It discusses the benefits of international business such as increased profits and employment opportunities. However, it also notes hurdles such as differing laws and regulations between countries. Globalization is defined as the interdependence and interrelation of the world economy. Key factors driving globalization include the fall of trade barriers, advances in telecommunications and transportation technologies, and the rise of the internet. Several global institutions that promote globalization are also discussed, including the WTO, IMF, World Bank, and UN.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
Regional Economic Integration (REI) refers to the commercial policy of discriminatively reducing or eliminating trade barriers only between the states joining together.
Regional economic groups eliminate or reduce trade tariffs (and other trade barriers) among the Partner States while maintaining tariffs or barriers for the rest of the world (non-member countries).
Geographical proximity, cultural, historical, and ideological similarities, competitive or complementary economic linkages, and a common language among the Partner States are importantly required for effective economic integration.
The aim of economic integration is to lessen costs for both consumers and producers, in addition to increase trade between the countries taking part in the agreement.
A primary economic objective of integration is to raise:
a) real output and income of the participants
&
b) rate of growth
by increasing specialization and competition by facilitating desirable structural (linkages) changes.
This document discusses culture and its impact on international business. It provides an overview of key cultural concepts like values, attitudes, customs and perceptions of time and space. It also summarizes several models of national culture, including Hofstede's dimensions of culture and Hall's high-low context framework. The chapter emphasizes that culture affects managing employees, communications, negotiations and other business functions. Successful managers develop cross-cultural skills, avoid bias and understand differences in cultural orientations like deal vs relationship-focused.
The document discusses exchange rates and is divided into chapters. Chapter 10 covers the determination of exchange rates. It describes the International Monetary Fund (IMF) and its role in establishing exchange rates. Countries can choose between hard peg, soft peg, or floating exchange rate arrangements. It also discusses how the European Monetary System established exchange rate stability in Europe and how the euro became the currency of the Eurozone. The major determinants of exchange rates are also identified, such as demand for a country's goods and currency. Managers use fundamental and technical analysis to forecast exchange rate movements. Exchange rate changes influence business decisions in areas like marketing, production, and finance.
corporate social responsibility and ethicscnaasir7
This document outlines key concepts from a chapter on ethics and social responsibility. It discusses perspectives on corporate social responsibility like efficiency and social responsibility. It also covers approaches to ethical decision making such as utilitarianism and justice. Additionally, it examines the concept of moral intensity and how companies can foster ethical behavior through codes of ethics, training, and other measures. The document uses exhibits to illustrate these concepts.
Unit -2 lecture-6 (international investment theory)Dr.B.B. Tiwari
The document discusses several theories of international investment:
1. The theory of capital movements explains international investment as the transfer of capital between countries to obtain profits through interest, dividends, or share of profits. It can involve physical or financial capital.
2. Market imperfections theory explains international investment flows that arise due to markets not meeting the standards of perfect competition.
3. Internalization theory explains why firms choose foreign direct investment over licensing to retain control of proprietary knowledge and avoid transaction costs of contracting.
4. Location-specific advantage theory considers location factors like resources, labor costs, or infrastructure that make one location more profitable for investment than others.
5. Dunning's eclectic theory
The document discusses the evolution of international monetary systems from early systems of bimetallism up to the current flexible exchange rate regime. Key points include:
- Under bimetallism before 1875, both gold and silver were used internationally as money with Gresham's Law implying the least valuable metal would circulate.
- The classical gold standard from 1875-1914 established gold as the primary global reserve asset with currencies pegged to gold and exchange rates determined by relative gold contents.
- The interwar period saw the breakdown of the gold standard and widespread currency devaluations.
- The Bretton Woods system from 1945-1972 pegged currencies to the U.S. dollar which was peg
The document discusses strategy in international business. It covers topics like the role of strategy, industry structure and the five forces model, value creation through cost leadership and differentiation, global integration versus local responsiveness pressures, and the integration-responsiveness grid for measuring these pressures. The value chain and how it is configured and coordinated in response to changes is also examined. Different types of strategies are outlined, and future visions for strategies with concepts like metanational and cybercorp companies.
This document provides an overview of international business. It defines international business as transactions involving the selling of items produced in other countries. The benefits for businesses engaging in international trade include access to larger markets, cheaper labor costs, and access to more resources. The document also discusses some of the costs of international trade like outsourcing and potential human rights and environmental issues. It outlines various barriers to international trade such as tariffs and currency fluctuations. Finally, it looks at Canada's major trading partners and various trade agreements that can help reduce barriers between countries.
egional economic integration
,
levels of economic integration
,
free trade area b) customs union c) common marke
,
the political case for regional integration
,
the economic case for regional integration
,
mercosur
,
regional economic integration in europe
,
evolution of the european union
,
impediments to integration
,
the case against regional integration
,
the andean community
,
classroom performance system
,
the north american free trade agreement
,
asia-pacific economic cooperation
,
regional economic integration elsewhere
,
regional trade blocs in africa
,
political structure of the european union
,
enlargement of the european union
,
the single european act
,
the establishment of the euro
,
central american common market and caricom
A multinational corporation (MNC) is a company that owns or controls production of services in more than one country. MNCs originated in the early 20th century and expanded after World War II. They manage production facilities across borders to produce similar products (horizontally integrated), as inputs for other facilities (vertically integrated), or diversified products. MNCs establish foreign operations to increase markets, lower costs, and access resources, though they can also face government restrictions or pressure local businesses. Both home and host countries typically benefit from technology sharing, investment, and trade.
This document summarizes the evolution of international business from the late 19th century to present day. It describes how globalization first began in the 1870s driven by industrialization, but was set back by World Wars. After World War 2, organizations like the IMF, World Bank, and GATT/WTO promoted global trade and reduced barriers. This led to a shift from simple exporting/importing to international marketing and production across borders by multinational companies. The scope and scale of international business has rapidly expanded in recent decades.
Shantanu Tyagi is a class 11 student at Green Feilds School. The document provides an overview of multinational corporations (MNCs), including their definition, structure, advantages, and criticisms. It discusses how MNCs have evolved over time and provides examples of large MNCs. India is highlighted as an important location for MNCs due to its large population and growing economy. Challenges faced by both foreign and domestic MNCs in India are also outlined.
L 10 economic role of government in business and stateankit@sahgal
The document discusses the economic role of the government in business and state intervention in business. It outlines the various aspects that affect government policy toward business, including political ideology and stability. It then describes the government's role in enacting and enforcing laws, maintaining infrastructure, providing money and credit, transferring technology, assisting small businesses, and more. The economic roles of the government are regulatory, promotional, entrepreneurial, and planning. While the government initially reserved many industries for public sectors and imposed strict controls, economic reforms since 1991 have led to liberalization, privatization, and a reduced regulatory role.
The document provides an overview of key concepts related to organizational culture, ethics, and social responsibility in a global business environment. It defines internal and external factors that shape business operations, such as organizational culture, quality management, resources, and political/economic conditions. Globalization trends and their implications for business classification and operations are also examined.
The document discusses environmental scanning, which is the process organizations use to monitor opportunities and threats in their business environment. It identifies the key factors of events, trends, issues, and expectations that affect scanning. There are three approaches to scanning: systematic, ad-hoc, and processed form. Environmental scanning involves both external and internal analysis. External analysis uses PEST (Political, Economic, Social, Technological) and five forces frameworks to understand the macro and micro environment. The purpose of environmental scanning is to help management determine the organization's future direction.
International Business_Chapter 4_International Trade Theory_Charles W. HillMd. Bellal Hossain Raju
This document provides an overview of international trade theories, including:
- Mercantilism from the 16th century which argued countries should maximize exports and minimize imports.
- Adam Smith's theory of absolute advantage from 1776 which argued countries should specialize in what they produce most efficiently.
- David Ricardo's theory of comparative advantage from 1817 which extended the argument for free trade.
- Later theories such as Heckscher-Ohlin, product life cycle theory, and theories addressing firm strategy and national competitive advantage.
This document provides an overview of regional economic integration agreements. It discusses the objectives of economic integration such as strengthening political ties and improving bargaining power. It describes different levels of integration from free trade areas to economic unions. Examples of regional agreements discussed include the European Union, NAFTA, MERCOSUR, and ASEAN. The EU eliminated trade barriers and allowed free movement of goods, services, and factors of production. NAFTA achieved trade liberalization between the US, Canada, and Mexico. Regional agreements in Latin America and Southeast Asia aimed to accelerate economic development among developing countries.
This document discusses international business and why firms engage in it. It defines key concepts like international trade, foreign direct investment, and the four main risks firms face: cross-cultural, country, currency, and commercial. Major participants are multinational enterprises, small and medium enterprises, and non-profits. Firms internationalize to seek growth opportunities, earn higher profits, gain new ideas, serve customers abroad, access lower cost resources, and develop economies of scale. The largest multinational enterprises are from Europe, North America, and East Asia.
Learning Objectives
Outline the process of strategic planning in the context of the global marketplace.
Examine both the external and internal factors that determine the conditions for development of strategy and resource allocation.
Illustrate how best to utilize the environmental conditions within the competitive challenges and resources of the firm to develop effective programs.
Suggest how to achieve a balance between local and regional/global priorities and concerns in the implementation of strategy.
The document discusses the concepts of absolute and comparative advantage as they relate to international trade. It uses a hypothetical example of two countries, Country A and Country B, that each produce two goods: cloth and wine. It calculates the opportunity costs of producing each good for each country. Country B has an absolute advantage in cloth production and Country A has an absolute advantage in wine production. However, when considering comparative advantage based on opportunity costs, Country B has a comparative advantage in cloth while Country A has a comparative advantage in wine. Specializing and trading allows both countries to consume beyond their production possibilities. An acceptable terms of trade is derived that benefits both countries.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
Regional Economic Integration (REI) refers to the commercial policy of discriminatively reducing or eliminating trade barriers only between the states joining together.
Regional economic groups eliminate or reduce trade tariffs (and other trade barriers) among the Partner States while maintaining tariffs or barriers for the rest of the world (non-member countries).
Geographical proximity, cultural, historical, and ideological similarities, competitive or complementary economic linkages, and a common language among the Partner States are importantly required for effective economic integration.
The aim of economic integration is to lessen costs for both consumers and producers, in addition to increase trade between the countries taking part in the agreement.
A primary economic objective of integration is to raise:
a) real output and income of the participants
&
b) rate of growth
by increasing specialization and competition by facilitating desirable structural (linkages) changes.
This document discusses culture and its impact on international business. It provides an overview of key cultural concepts like values, attitudes, customs and perceptions of time and space. It also summarizes several models of national culture, including Hofstede's dimensions of culture and Hall's high-low context framework. The chapter emphasizes that culture affects managing employees, communications, negotiations and other business functions. Successful managers develop cross-cultural skills, avoid bias and understand differences in cultural orientations like deal vs relationship-focused.
The document discusses exchange rates and is divided into chapters. Chapter 10 covers the determination of exchange rates. It describes the International Monetary Fund (IMF) and its role in establishing exchange rates. Countries can choose between hard peg, soft peg, or floating exchange rate arrangements. It also discusses how the European Monetary System established exchange rate stability in Europe and how the euro became the currency of the Eurozone. The major determinants of exchange rates are also identified, such as demand for a country's goods and currency. Managers use fundamental and technical analysis to forecast exchange rate movements. Exchange rate changes influence business decisions in areas like marketing, production, and finance.
corporate social responsibility and ethicscnaasir7
This document outlines key concepts from a chapter on ethics and social responsibility. It discusses perspectives on corporate social responsibility like efficiency and social responsibility. It also covers approaches to ethical decision making such as utilitarianism and justice. Additionally, it examines the concept of moral intensity and how companies can foster ethical behavior through codes of ethics, training, and other measures. The document uses exhibits to illustrate these concepts.
Unit -2 lecture-6 (international investment theory)Dr.B.B. Tiwari
The document discusses several theories of international investment:
1. The theory of capital movements explains international investment as the transfer of capital between countries to obtain profits through interest, dividends, or share of profits. It can involve physical or financial capital.
2. Market imperfections theory explains international investment flows that arise due to markets not meeting the standards of perfect competition.
3. Internalization theory explains why firms choose foreign direct investment over licensing to retain control of proprietary knowledge and avoid transaction costs of contracting.
4. Location-specific advantage theory considers location factors like resources, labor costs, or infrastructure that make one location more profitable for investment than others.
5. Dunning's eclectic theory
The document discusses the evolution of international monetary systems from early systems of bimetallism up to the current flexible exchange rate regime. Key points include:
- Under bimetallism before 1875, both gold and silver were used internationally as money with Gresham's Law implying the least valuable metal would circulate.
- The classical gold standard from 1875-1914 established gold as the primary global reserve asset with currencies pegged to gold and exchange rates determined by relative gold contents.
- The interwar period saw the breakdown of the gold standard and widespread currency devaluations.
- The Bretton Woods system from 1945-1972 pegged currencies to the U.S. dollar which was peg
The document discusses strategy in international business. It covers topics like the role of strategy, industry structure and the five forces model, value creation through cost leadership and differentiation, global integration versus local responsiveness pressures, and the integration-responsiveness grid for measuring these pressures. The value chain and how it is configured and coordinated in response to changes is also examined. Different types of strategies are outlined, and future visions for strategies with concepts like metanational and cybercorp companies.
This document provides an overview of international business. It defines international business as transactions involving the selling of items produced in other countries. The benefits for businesses engaging in international trade include access to larger markets, cheaper labor costs, and access to more resources. The document also discusses some of the costs of international trade like outsourcing and potential human rights and environmental issues. It outlines various barriers to international trade such as tariffs and currency fluctuations. Finally, it looks at Canada's major trading partners and various trade agreements that can help reduce barriers between countries.
egional economic integration
,
levels of economic integration
,
free trade area b) customs union c) common marke
,
the political case for regional integration
,
the economic case for regional integration
,
mercosur
,
regional economic integration in europe
,
evolution of the european union
,
impediments to integration
,
the case against regional integration
,
the andean community
,
classroom performance system
,
the north american free trade agreement
,
asia-pacific economic cooperation
,
regional economic integration elsewhere
,
regional trade blocs in africa
,
political structure of the european union
,
enlargement of the european union
,
the single european act
,
the establishment of the euro
,
central american common market and caricom
A multinational corporation (MNC) is a company that owns or controls production of services in more than one country. MNCs originated in the early 20th century and expanded after World War II. They manage production facilities across borders to produce similar products (horizontally integrated), as inputs for other facilities (vertically integrated), or diversified products. MNCs establish foreign operations to increase markets, lower costs, and access resources, though they can also face government restrictions or pressure local businesses. Both home and host countries typically benefit from technology sharing, investment, and trade.
This document summarizes the evolution of international business from the late 19th century to present day. It describes how globalization first began in the 1870s driven by industrialization, but was set back by World Wars. After World War 2, organizations like the IMF, World Bank, and GATT/WTO promoted global trade and reduced barriers. This led to a shift from simple exporting/importing to international marketing and production across borders by multinational companies. The scope and scale of international business has rapidly expanded in recent decades.
Shantanu Tyagi is a class 11 student at Green Feilds School. The document provides an overview of multinational corporations (MNCs), including their definition, structure, advantages, and criticisms. It discusses how MNCs have evolved over time and provides examples of large MNCs. India is highlighted as an important location for MNCs due to its large population and growing economy. Challenges faced by both foreign and domestic MNCs in India are also outlined.
L 10 economic role of government in business and stateankit@sahgal
The document discusses the economic role of the government in business and state intervention in business. It outlines the various aspects that affect government policy toward business, including political ideology and stability. It then describes the government's role in enacting and enforcing laws, maintaining infrastructure, providing money and credit, transferring technology, assisting small businesses, and more. The economic roles of the government are regulatory, promotional, entrepreneurial, and planning. While the government initially reserved many industries for public sectors and imposed strict controls, economic reforms since 1991 have led to liberalization, privatization, and a reduced regulatory role.
The document provides an overview of key concepts related to organizational culture, ethics, and social responsibility in a global business environment. It defines internal and external factors that shape business operations, such as organizational culture, quality management, resources, and political/economic conditions. Globalization trends and their implications for business classification and operations are also examined.
The document discusses environmental scanning, which is the process organizations use to monitor opportunities and threats in their business environment. It identifies the key factors of events, trends, issues, and expectations that affect scanning. There are three approaches to scanning: systematic, ad-hoc, and processed form. Environmental scanning involves both external and internal analysis. External analysis uses PEST (Political, Economic, Social, Technological) and five forces frameworks to understand the macro and micro environment. The purpose of environmental scanning is to help management determine the organization's future direction.
International Business_Chapter 4_International Trade Theory_Charles W. HillMd. Bellal Hossain Raju
This document provides an overview of international trade theories, including:
- Mercantilism from the 16th century which argued countries should maximize exports and minimize imports.
- Adam Smith's theory of absolute advantage from 1776 which argued countries should specialize in what they produce most efficiently.
- David Ricardo's theory of comparative advantage from 1817 which extended the argument for free trade.
- Later theories such as Heckscher-Ohlin, product life cycle theory, and theories addressing firm strategy and national competitive advantage.
This document provides an overview of regional economic integration agreements. It discusses the objectives of economic integration such as strengthening political ties and improving bargaining power. It describes different levels of integration from free trade areas to economic unions. Examples of regional agreements discussed include the European Union, NAFTA, MERCOSUR, and ASEAN. The EU eliminated trade barriers and allowed free movement of goods, services, and factors of production. NAFTA achieved trade liberalization between the US, Canada, and Mexico. Regional agreements in Latin America and Southeast Asia aimed to accelerate economic development among developing countries.
This document discusses international business and why firms engage in it. It defines key concepts like international trade, foreign direct investment, and the four main risks firms face: cross-cultural, country, currency, and commercial. Major participants are multinational enterprises, small and medium enterprises, and non-profits. Firms internationalize to seek growth opportunities, earn higher profits, gain new ideas, serve customers abroad, access lower cost resources, and develop economies of scale. The largest multinational enterprises are from Europe, North America, and East Asia.
Learning Objectives
Outline the process of strategic planning in the context of the global marketplace.
Examine both the external and internal factors that determine the conditions for development of strategy and resource allocation.
Illustrate how best to utilize the environmental conditions within the competitive challenges and resources of the firm to develop effective programs.
Suggest how to achieve a balance between local and regional/global priorities and concerns in the implementation of strategy.
The document discusses the concepts of absolute and comparative advantage as they relate to international trade. It uses a hypothetical example of two countries, Country A and Country B, that each produce two goods: cloth and wine. It calculates the opportunity costs of producing each good for each country. Country B has an absolute advantage in cloth production and Country A has an absolute advantage in wine production. However, when considering comparative advantage based on opportunity costs, Country B has a comparative advantage in cloth while Country A has a comparative advantage in wine. Specializing and trading allows both countries to consume beyond their production possibilities. An acceptable terms of trade is derived that benefits both countries.
The trade theory that first indicated importance of specialization in production and division of labor is based on the idea of theory of absolute advantage which is developed first by Adam Smith in his famous book The Wealth of Nations published in 1776.
Smith argued that it was impossible for all nations to become rich simultaneously by following mercantilism because the export of one nation is another nation’s import and instead stated that all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage. Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves. While there are possible gains from trade with absolute advantage, the gains may not be mutually beneficial. Comparative advantage focuses on the range of possible mutually beneficial exchanges.
Adam Smith argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country producing it.
Countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for the goods produced by other countries
In economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.
The document discusses various strategies that multinational companies use to organize their global marketing operations. It describes how companies have moved from standardization to localization approaches over the decades. Common strategies discussed include decentralization, adapting to local tastes, and focusing on long term planning. The planning process for global markets is outlined in four phases: preliminary analysis, adapting the marketing mix, developing a marketing plan, and implementation. Alternative market entry strategies like exporting, contractual agreements, direct foreign investment are also summarized.
The document summarizes David Ricardo's theory of comparative advantage from 1817. It explains that Ricardo formalized the idea that countries can benefit from trade even if one country is more productive in all areas. Ricardo used a numerical example to show that if countries specialize in their comparative advantage goods, where their productivity is relatively higher, then total production can increase. The theory assumes differences in productivity across countries and industries and argues countries should allocate resources to comparative advantage industries to maximize global output through specialization and trade.
Franchising is a business model where a parent company allows entrepreneurs to use its strategies, trademarks, and system in exchange for an initial fee and royalties. The parent company provides support including advertising and training. It is a cheaper way for the parent company to expand than opening its own stores. The franchising business model consists of franchisors who license their brand and franchisees who operate locations using the franchisor's system.
Axis Ltd, a European company, hedges against adverse currency movements by entering forward exchange contracts after the euro plunges against the dollar, causing lost revenues from prices set in euros. The foreign exchange market allows conversion of one currency to another and helps reduce risk through tools like forward exchange rates, currency swaps, and hedging. Exchange rates are determined by demand and supply of currencies as well as theories including purchasing power parity and interest rate differentials.
Theory of absolute and comparative advantageOlabode Desire
This document summarizes key economic concepts from a class presentation, including theories of trade, specialization, opportunity cost, and the contributions of Adam Smith and David Ricardo. It explains that according to Adam Smith, trade arises from humans' innate desire to barter and exchange goods. Specialization refers to countries focusing production on goods they have advantages in. Opportunity cost is what is given up when making an economic choice. Both Smith and Ricardo supported free trade based on absolute and comparative advantage over mercantilism.
According to the document, the theories of absolute advantage and comparative advantage are discussed. Absolute advantage refers to a country's ability to produce more of a good than another country with the same resources. Comparative advantage refers to a country's ability to produce a good at a lower opportunity cost than other countries. It is beneficial for countries to specialize in goods they have a comparative advantage in producing and to trade for other goods, as this allows gains from specialization and trade for all countries.
This document discusses the impact of globalization on international business. It begins with an introduction to international business and defines globalization. Globalization has increased economic integration between countries through rising trade, foreign investment, and financial market integration. For businesses, globalization has led to greater competition, access to new technologies and markets, and pressure to meet higher consumer expectations worldwide. It has also allowed more opportunities for outsourcing and procurement internationally. Overall, while globalization presents challenges for international businesses, it also provides significant opportunities to expand operations and take advantage of global markets.
The document summarizes key concepts about foreign exchange rates and their determinants. In the 1980s, the strong dollar made US goods expensive abroad, hurting competitiveness. By the 2000s, as the dollar weakened, US goods became cheaper and competitiveness increased. Exchange rates are determined by supply and demand in the market. In the long run, factors like relative price levels and productivity affect exchange rates, while in the short run, interest rates and expected future exchange rates drive exchange rate movements through interest rate parity.
The document discusses several theories of international trade:
1. Mercantilism held that a nation's wealth depended on accumulating gold and silver through trade surpluses. It advocated subsidies for exports and tariffs/quotas on imports.
2. Adam Smith's absolute advantage theory argued that countries should specialize in goods they produce most efficiently and trade for other goods. Both countries can benefit through specialization and trade.
3. David Ricardo's comparative advantage theory extended this, showing that trade can benefit both sides even if one country is more efficient overall. Countries should import goods they have a comparative - not absolute - disadvantage in.
4. Later theories examined factors like differences in factor endowments
Market Entry Startegies of market ,How to improve your Brand awarenessgoluu3028
The document discusses various strategies for entering international markets, including exporting, importing, licensing, franchising, and foreign direct investment. It explains that successful international managers display commitment, activity, aggressiveness, and orientation. Firms consider proactive and reactive motivations for going abroad as well as the level of commitment, concerns, and use of intermediaries needed for internationalization. Strategies like licensing require less investment but also limited involvement, while full ownership allows more control but greater risk.
This document discusses various methods for companies to enter foreign markets, including indirect exporting, direct exporting, contract manufacturing, licensing, joint ventures, and wholly owned foreign operations. It provides details on the objectives, decision criteria, advantages, and disadvantages of each method. Overall, it aims to help companies choose the best entry method based on their goals, resources, and risk tolerance for international expansion.
The document discusses various strategies that companies can use to enter and compete in foreign markets, including exporting, importing, licensing, franchising, foreign direct investment, strategic alliances, joint ventures, and consortia. It describes the reasons why companies expand internationally, factors that shape foreign market strategy choices, and how government policies and market conditions vary between countries.
International Business Dynamics module 2 by Nagarjun ReddyPNagarjunReddyReddy
Complete detail of Second Module International Business Dynamics contents, Globalization – Supporting Institutions in International Conflict Resolution
Global marketing management involves planning strategies for entering foreign markets. Firms have several options for market entry including exporting, licensing, franchising, strategic alliances, and joint ventures. Effective planning involves analyzing country and market factors, adapting the marketing mix, developing a marketing plan, and implementing and controlling the plan. The key is choosing an entry strategy that matches a company's objectives and resources with the target market characteristics.
Exporting is a popular foreign market entry strategy that allows firms to sell products abroad while maintaining domestic manufacturing operations. It provides flexibility and low risk compared to strategies requiring foreign direct investment. Effective exporting requires managing documentation for international shipments, using appropriate payment methods like letters of credit, and addressing financial issues such as the cost of financing exports.
There are several strategies for entering foreign markets, including direct exporting, licensing, franchising, partnering, joint ventures, buying an existing company, piggybacking, turnkey projects, and greenfield investments. Each strategy has advantages and disadvantages depending on factors like tariffs, required product adaptation, costs, and regulations. Partnering and joint ventures allow sharing of risks, resources, and local knowledge but can also create competition if not structured properly. Turnkey projects provide a complete solution for complex infrastructure projects but local subcontracting opportunities. Greenfield investments require the most involvement but may be necessary due to various market factors.
This document discusses international marketing and various strategies for entering foreign markets. It begins with quotes highlighting the global nature of business today. It then covers topics like the growth in international trade, differences between domestic and international marketing, factors driving firms to go global, objectives of international marketing, and common market entry strategies like exporting, licensing, joint ventures, and direct investment. Key strategies discussed in more depth include exporting, alliances, and different modes of foreign market entry.
Chapter 5 _ Identifying and Analyzing Domestic and International Opportunitie...GeraldineAclan2
The document discusses identifying and analyzing opportunities for domestic and international expansion. It outlines developing an opportunity assessment plan with four sections: idea/competitive analysis, market analysis, management team skills, and launch timeline. The document also discusses various strategies for international entrepreneurship including exporting, licensing, joint ventures, mergers, and partnering with a local entrepreneur for market knowledge and facilitation. Barriers to international trade such as tariffs, quotas, cultural differences are also outlined.
This document discusses identifying and analyzing domestic and international opportunities for new ventures. It covers opportunity recognition, assessing the size and growth of markets, and factors affecting entrepreneurial performance abroad like culture, economics, and politics. The document also summarizes various strategies for entering foreign markets, including exporting, non-equity agreements, and direct investment through options like licensing, turnkey projects, management contracts, joint ventures, mergers and acquisitions. Barriers to international trade and implications for global entrepreneurs are also mentioned.
1. The document discusses the various modes that firms can use to enter international markets, including exporting, licensing, franchising, and interfirm cooperation.
2. It explains that licensing allows firms to capitalize on existing R&D without a large capital investment or involvement in foreign markets, but it may create competitors.
3. Franchising provides financial gains and allows market access but requires standardization and adaptation to local conditions. Interfirm cooperation can be used for market development and risk sharing.
1. The document discusses the various modes that firms use to enter international markets, including exporting, licensing, franchising, and interfirm cooperation.
2. It explains that licensing allows firms to capitalize on existing R&D without a large capital investment or involvement in foreign markets, but it may create competitors.
3. Franchising provides financial gains and allows market access but requires standardization and adaptation to local conditions. Interfirm cooperation can be used for market development and risk sharing.
Planning helps firms manage external factors to achieve goals. International planning incorporates long-term goals, while strategic planning sets short and long-term goals. Tactical planning implements strategic plans in specific markets. Exporting allows minimal risk and is common for new and mature international firms. Licensing and franchising transfer technology with low capital. Strategic alliances share risks and resources. Joint ventures create separate legal entities for partnerships. Consortia pool resources for new markets. Direct investment establishes new operations or acquisitions.
International market entry and expansions ajitjoshiin
This document discusses various topics related to international market entry and expansion, including different entry strategies, market selection factors, and organizational structures. It provides an overview of common entry strategies such as exports, joint ventures, franchising, licensing, foreign direct investment, strategic alliances, mergers and acquisitions. For each strategy, it briefly outlines what they are and when companies may consider using them. The document also discusses considerations for international organizational structures and marketing strategies to support overseas expansion.
The document discusses various aspects of globalization including:
1) Globalization refers to the increasing integration and interaction between countries through international trade, flow of capital and technology.
2) Key drivers of globalization include multinational corporations, the WTO, World Bank and IMF.
3) Firms operate globally to access new markets, raw materials, labor and gain economies of scale. However, globalization benefits are not evenly distributed.
The document discusses various strategies for entering foreign markets, including exporting, licensing, franchising, joint ventures, wholly owned subsidiaries, and foreign direct investment. It also covers topics related to international marketing such as product adaptation, export pricing, terms of payment, financing export activities, and managing foreign exchange risk.
This document discusses identifying and analyzing opportunities for domestic and international expansion. It covers developing an opportunity assessment plan with sections on the idea, market, management team, and timeline. Identifying information sources like search engines, trade associations, and publications is also discussed. Going over the differences between domestic and international entrepreneurship includes factors like economics, development stage, currency, regulations and more. Finally, it outlines strategies for foreign market selection and entrepreneurial entry options.
This document discusses various approaches and strategies for entering foreign markets. It begins by outlining reasons why companies may want to enter foreign markets, such as expanding their customer base or countering global competitors. It then discusses factors to consider when selecting target markets, such as market size, growth rate, regulations, and competitiveness. The document outlines different issues companies face when entering foreign markets, including marketing, sourcing, and investment/control concerns. It also describes common marketing approaches like ethnocentric, polycentric, regiocentric, and geocentric orientations. Finally, the document outlines several global market entry strategies such as exporting, licensing, contract manufacturing, strategic alliances, mergers & acquisitions, joint ventures, and
market entry strategy of textile and garmentsNasif Chowdhury
Market entry mode selection is very important for doing new business extension. This assignment is based on market entry mode for textile and garments business
Learning Objectives
To understand the escalating importance of logistics and supply-chain management as crucial tools for competitiveness.
To learn about materials management and physical distribution.
To learn why international logistics is more complex than domestic logistics.
To see how the transportation infrastructure in host countries often dictates the options open to the manager.
To learn why international inventory management is crucial for success.
Learning Objectives
Describe alternative organizational structures for international operations.
Highlight factors affecting decisions about the structure of international organizations.
Indicate roles for country organizations in the development of strategy and implementation of programs.
Outline the need for and challenges of controls in international operations.
Learning Objectives
To learn how firms gradually progress through an internationalization process.
To understand the strategic effects of internationalization.
To study the various modes of entering international markets.
To understand the role and functions of international intermediaries.
To learn about the opportunities and challenges of cooperative market development.
Learning Objectives
To gain an understanding of the need for research.
To explore the differences between domestic and international research.
To learn where to find and how to use sources of secondary information.
To gain insight into the gathering of primary data.
To examine the need for international management information systems.
Learning Objectives
To understand the special concerns that must be considered by the international manager dealing with emerging market economies.
To survey the vast opportunities for trade offered by emerging market economies.
To understand why economic change is difficult and requires much adjustment.
To become aware that privatization offers new opportunities for international trade and investment.
Learning Objectives
To review types of economic integration among countries
To examine the costs and benefits of integrative arrangements
To understand the structure of the European Union and its implications for firms within and outside Europe
To explore the emergence of other integration agreements, especially in the Americas and Asia
To suggest corporate response to advancing economic integration
Learning Objectives
To understand how currencies are traded and quoted on world financial markets
To examine the links between interest rates and exchange rates
To understand the similarities and differences between domestic sources of capital and international sources of capital
To examine how the needs of individual borrowers have changed the nature of the instruments traded on world financial markets in the past decade
To understand how the debt crises of the 1980s and 1990s are linked to the international financial markets and exchange rates
Learning Objectives
To understand the fundamental principles of how countries measure international business activity, the balance of payments
To examine the similarities of the current and capital accounts of the balance of payments
To understand the critical differences between trade in merchandise and services and why international investment activity has recently been controversial in the United States
To review the mechanical steps of how exchange rates are transmitted into altered trade prices and eventually trade volumes
To understand how countries with different government policies toward international trade and investments, or different levels of economic development, differ in their balance of payments
Chapter 9 Fundamentals of Hypothesis Testing: One-Sample Tests
Chapter Topic:
Hypothesis Testing Methodology
Z Test for the Mean ( Known)
p-Value Approach to Hypothesis Testing
Connection to Confidence Interval Estimation
One-Tail Tests
t Test for the Mean ( Unknown)
Z Test for the Proportion
Potential Hypothesis-Testing Pitfalls and Ethical Issues
Chapter 8 Confidence Interval Estimation
Estimation Process
Point Estimates
Interval Estimates
Confidence Interval Estimation for the Mean ( Known )
Confidence Interval Estimation for the Mean ( Unknown )
Confidence Interval Estimation for the Proportion
This document provides an overview of the key topics in Chapter 6 on the normal distribution, including:
1) It introduces continuous probability distributions and defines the normal distribution as the most important continuous probability distribution.
2) It explains how the normal distribution can be standardized to have a mean of 0 and standard deviation of 1, known as the standardized normal distribution.
3) It outlines the types of problems that will be solved using the normal distribution, including finding probabilities and percentiles for both the normal and standardized normal distribution.
Basic Business Statistics Chapter 3 Numerical Descriptive Measures
Chapters Objectives:
Learn about Measures of Center.
How to calculate mean, median and midrange
Learn about Measures of Spread
Learn how to calculate Standard Deviation, IQR and Range
Learn about 5 number summaries
Coefficient of Correlation
This document summarizes the key topics and concepts covered in Chapter 2 of the 9th edition of the business statistics textbook "Presenting Data in Tables and Charts". The chapter discusses guidelines for analyzing data and organizing both numerical and categorical data. It then covers various methods for tabulating and graphing univariate and bivariate data, including tables, histograms, frequency distributions, scatter plots, bar charts, pie charts, and contingency tables.
The Course Aim, Purpose and Learning Outcomes
Course Aim and Purpose:
This course has aims provide a practical and approach to in the use of statistics in order for the students to gain an understanding about: -
Basic statistical theory
Management statistics used in different organizations; and
Statistical techniques used to undertake research.
Learning Outcomes:
It is intended for a student to gain an understanding: -
how to use computers to undertake statistical tasks
how to explore and understand data
How to display data.
how to investigate the relationship between variables.
about statistical confidence intervals
how to use and select basic statistical hypothesis tests
KALYAN CHART SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
AskXX Pitch Deck Course: A Comprehensive Guide
Introduction
Welcome to the Pitch Deck Course by AskXX, designed to equip you with the essential knowledge and skills required to create a compelling pitch deck that will captivate investors and propel your business to new heights. This course is meticulously structured to cover all aspects of pitch deck creation, from understanding its purpose to designing, presenting, and promoting it effectively.
Course Overview
The course is divided into five main sections:
Introduction to Pitch Decks
Definition and importance of a pitch deck.
Key elements of a successful pitch deck.
Content of a Pitch Deck
Detailed exploration of the key elements, including problem statement, value proposition, market analysis, and financial projections.
Designing a Pitch Deck
Best practices for visual design, including the use of images, charts, and graphs.
Presenting a Pitch Deck
Techniques for engaging the audience, managing time, and handling questions effectively.
Resources
Additional tools and templates for creating and presenting pitch decks.
Introduction to Pitch Decks
What is a Pitch Deck?
A pitch deck is a visual presentation that provides an overview of your business idea or product. It is used to persuade investors, partners, and customers to take action. It is a concise communication tool that helps to clearly and effectively present your business concept.
Why are Pitch Decks Important?
Concise Communication: A pitch deck allows you to communicate your business idea succinctly, making it easier for your audience to understand and remember your message.
Value Proposition: It helps in clearly articulating the unique value of your product or service and how it addresses the problems of your target audience.
Market Opportunity: It showcases the size and growth potential of the market you are targeting and how your business will capture a share of it.
Key Elements of a Successful Pitch Deck
A successful pitch deck should include the following elements:
Problem: Clearly articulate the pain point or challenge that your business solves.
Solution: Showcase your product or service and how it addresses the identified problem.
Market Opportunity: Describe the size, growth potential, and target audience of your market.
Business Model: Explain how your business will generate revenue and achieve profitability.
Team: Introduce key team members and their relevant experience.
Traction: Highlight the progress your business has made, such as customer acquisitions, partnerships, or revenue.
Ask: Clearly state what you are asking for, whether it’s investment, partnership, or advisory support.
Content of a Pitch Deck
Pitch Deck Structure
A pitch deck should have a clear and structured flow to ensure that your audience can follow the presentation.
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NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi_compressed.pdfKhaled Al Awadi
Greetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USA
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
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It takes all kinds of AI and Humans to make Good Business DecisionDenis Gagné
In today’s rapidly evolving markets, the integration of human insight with advanced AI technologies is crucial for making sophisticated, timely decisions. This presentation delves into how businesses in regulated industries such as finance, healthcare, and government can leverage AI to balance mission-critical risks with profitability, ensure compliance, and maintain necessary transparency. We'll explore strategic, tactical, and operational decisions across various scenarios, demonstrating the power of AI to augment human decision-making processes, thus optimizing outcomes. Whether you are looking to enhance your existing protocols or build new frameworks, this webinar will equip you with the insights and tools to advance your decision-making capabilities.
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2. 2
Learning Objectives
To learn how firms gradually progress
through an internationalization process.
To understand the strategic effects of
internationalization.
To study the various modes of entering
international markets.
To understand the role and functions of
international intermediaries.
To learn about the opportunities and
challenges of cooperative market
development.
3. 3
International
Management
Successful international managers tend
to:
Be active
Be aggressive
Display a high degree of international orientation
Managerial commitment is critical
because foreign market penetration
requires a vast amount of market
development activity, sensitivity toward
foreign environments, research, and
4. 4
The Steps to Developing
International Commitment
Become aware of
international business
opportunities.
Determine the degree of the
firm’s internationalization.
Decide the timing of when to
start the internationalization
process and how quickly it
should progress.
5. 5
Motivations for Going
International
Proactive Motivations
Profit advantage
Unique products
Technological
advantage
Exclusive information
Tax benefit
Economies of scale
Reactive Motivations
Competitive pressures
Overproduction
Declining domestic
sales
Excess capacity
Saturated domestic
markets
Proximity to customers
and ports
6. 6
Psychological Distance
Sometimes cultural variables, legal
factors, and other societal norms make
a foreign market that is geographically
close seem psychologically distant.
The two major issues of psychological
distance are:
Some of the distance seen by firms is based
on perception rather than reality.
Closer psychological proximity makes it easier
for firms to enter markets.
7. 7
Profit Risk During Early
Internationalization
In the short term, firms may experience
increased risk and decreasing profits when
going international.
Profit
Risk
Market
Gap
International Experience
Before
Going
International
8. 8
The Keys to Successful
International Performance
Efficiency Competitive
Strength
Effectiveness
10. 10
Exporting and Importing
Firms can export and import using two
methods:
Indirect involvement means that the firm
participates in international business through
an intermediary and does not deal with foreign
customers or markets.
Direct involvement means that the firm works
with foreign customers or markets with the
opportunity to develop a relationship.
Firms decide on the desired method by
implementing transaction cost theory.
11. 11
International Intermediaries
Importers and exporters often use
international intermediaries who
provide assistance in:
Documentation
Financing
Transportation
Identification of foreign suppliers and trading
companies
Providing business contacts
12. 12
Export Management
Companies
Firms that specialize in
performing international
business services for other
companies are known as
export management
companies (EMCs)
The two primary roles of
EMCs are:
Agents
Distributors
13. 13
Trading Companies
Trading companies help firms by importing,
exporting, countertrading, investing, and
manufacturing.
The sogashosha of Japan are the most powerful
trading companies in the world for four reasons:
They efficiently gather, evaluate, and translate market
information into business opportunities.
Economies of scale give them preferential treatment.
They operate around the world, not just Japan.
They have vast quantities of capital.
In the U.S., export trading company legislation is
designed to improve the export performance of
small and medium-sized firms.
14. 14
Facilitators
Facilitators are entities outside the firm
that assist in the process of going
international by supplying knowledge and
information.
Private sector facilitators include:
Banks
Accounting firms
Consulting firms
Public sector facilitators include:
Departments of commerce
Export-Import Banks
Educational Institutions
15. 15
Licensing
Under a licensing agreement, one firm
permits another to use its intellectual
property for compensation designated as
royalty.
The property licensed may include:
Patents
Trademarks
Copyrights
Technology
Technical know-how
Specific business skills
16. 16
Benefits and Costs of
Licensing
Benefits
It requires neither capital
investment nor detailed
involvement with foreign
customers.
It capitalizes on research
and development already
conducted.
It helps avoid host country
regulations applicable to
equity ventures.
Costs
It is a very limited form of
foreign market
participation.
It does not guarantee a
basis for future expansion.
The licensor may create its
own competitor.
17. 17
Franchising
Franchising is the granting of the right by a
parent company to another independent
entity to do business in a prescribed manner.
The major forms of franchising are:
Manufacturer-retailer systems such as car dealerships,
Manufacturer-wholesaler systems such as soft drink,
companies
Service-firm retailer systems such as fast-food outlets.
To be successful, the firm must offer unique
products or propositions, and a high degree
of standardization.
19. 19
Interfirm Cooperation
A strategic alliance is an arrangement
between two or more companies with a
common business objective.
To better compete, many companies form
strategic alliances with suppliers, customers,
competitors, and companies in other
industries to achieve goals.
Reasons for interfirm cooperation include:
Market development
To share risk or resources
To block and co-opt competitors
20. 20
Types of Interfirm Competition
Number of Partners
2 More than 2Equity
None
None
New
Some
Informal Cooperation
(no binding agreement)
Contractual
Agreement
Joint Venture
Consortia
Equity
Participation
21. 21
Contractual Agreements
Strategic alliance partners may join forces for
R&D, marketing, production, licensing, cross-
licensing, cross-market activities, or
outsourcing.
Contract manufacturing allows the
corporation to separate the physical
production of goods from the R&D and
marketing stages.
Management contracts involve selling one’s
expertise in running a company while
avoiding the risk or benefit of ownership.
A turnkey operation is a contractual
agreement that permits a client to acquire a
complete system following its completion.
22. 22
Equity Participation
Some companies have acquired
minority ownerships in
companies that have strategic
importance for them.
Reasons for engaging in equity
participation include:
It ensures supplier ability
It builds working relationships
It creates market entry and support of
global operations
23. 23
Joint Ventures
A joint venture involves the participation of
two or more companies in an enterprise in
which each party contributes assets, has
some equity, and shares risk.
The 3 reasons for establishing a joint
venture are:
Government policy or legislation.
One partner’s needs for another partner’s skills.
One partner’s needs for another partner’s attributes or
assets.
The key to a joint venture is the sharing of a
common business objective.
24. 24
Consortia
To combat the high costs and
risks of research and
development, research consortia
have emerged in the United
States, Japan, and Europe.
The Joint Research and
Development Act of 1984 allows
domestic and foreign firms to
participate in joint basic research
efforts without the fear of antitrust
action.
Since this act passed, over 100
consortia have been registered in
the United States.
25. 25
Managerial
Considerations
Issues to address before the formation of a venture include:
1. clear definition of the venture 7. government assistance,
and its duration, 8. transfer of technology,
2. ownership, control, and 9. marketing arrangements,
management, 10. environmental protection,
3. financial structure and policies, 11. record keeping and
4. taxation and fiscal obligation, inspection, and
5. employment and training, 12. settlement of disputes.
6. production,
26. 26
Full Ownership
For some firms, foreign direct investment
requires full ownership. Reasons include:
An ethnocentric approach
Financial concerns
In order to make a rational decision about
the extent of ownership, management must
evaluate the extent to which total control is
important to the success of its international
marketing activities.
Increasingly, the international environment is
hostile to full ownership by multinational
firms.
27. 27
International Market Entry
and Development Model
Domestic
Focus
Multinational
Focus
Alternative
Strategies
•Trading
Export/Import
•Licensing/
Franchising
•Local
presence
alliances
full ownership
Level of
Management
Commitment
•Aware
•Interested
•Trial
•Evaluation
•Adaptation
Motivations
•Proactive
•Reactive
Inter-
mediaries
•EMC
•Trading Co.
•Facilitators
Concerns
•Information
•Mechanics
•Communication
•Sales Effort
•Service
•Regulations
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