Understanding the Global Market: Navigating the International Business Environment
Language: English
Pages: 180
ISBN: 1440803013
Format: PDF / Kindle (mobi) / ePub
This is an invaluable, applied "how to" guide to understanding the unique characteristics of the international business environment that provides critical information to all managers considering entering an overseas market.
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time. However, one firm measures this success in terms of high levels of sales revenues and the other in terms of high levels of product sales or customers. Increasing sales revenues is typically approached using a skimming price (i.e., a relatively high price that is lowered over time) while increasing number of products sold—or customers—is achieved through penetration pricing (i.e., a relatively low price that is raised over time). Either represents a means of measuring success, but they are
your firm’s home market. Alternatively, your firm can easily play this role when it enters a new market. In either situation, the first issue to consider is the extent to which new entrants represent a legitimate threat to existing firms in a given market. The new entrant becomes a significant competitive force when one of three conditions exists. First, if that new firm is more efficient—that is, it is capable of producing the same quantity and quality of product using fewer resources—it
final consumer successfully and profitably. On the other hand, there is the fact that each member seeks to maximize the revenues it can obtain in performing its tasks in moving the product—which comes at the expense of the other members. In an international market where it is often the case that your firm does not dominate its supply chain, this can present a great deal of competitive pressure. This pressure becomes a serious problem as soon as the other members of the chain either raise their
Although it is always best to have up-to-date, accurate marketing information, speedy data collection for its own sake can lead to superficial information. Timeliness means having a clear understanding on what information is being gathered and why that, in turn, suggests a certain level of deliberateness exists in the process. The third mistake to avoid would be falling into the trap that your firm intuitively knows what information is important to gather at the outset. Different markets—and
cultural differences. Within such an organization, the activities of employees cluster around similar processes. For example, Goodyear manufactures more tires than any other company in the world. Its processes can be boiled down to designing, manufacturing, and selling tires. Everyone within the firm fits into one of these main areas, which means employees in China have more in common with U.S. employees than they might realize and vice versa. Focusing on the process can help reduce cultural