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Global Business > Chapter 3: Global trader and Global Business > Flashcards

Chapter 3: Global trader and Global Business Flashcards

1. Key factors that impact enterprises in the marketplace 2. key strategies and characteristics that ensure the competitiveness of an organization and the global trade professional 3. Analysis of organizations readiness to participate in the global market

1
Q

List the 4 points of achieved competitiveness

A
  1. Collaboration
  2. Awareness
  3. Accountability
  4. Understanding
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2
Q

2 things that successful businesses have in common.

A
  1. Niche positioning (a specialized segment of the market for a particular kind of product or service).
  2. Innovation
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3
Q

What is the ultimate niche marketplace?

A

Internet

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4
Q

List some pitfalls of why companies are unsuccessful

A
  • Insufficient financing
  • Lack of knowledge
  • Lack of competent individuals
  • Insufficient planning
  • Over-extension
  • Ignoring market needs and values
  • Failing to respect culture/ language of buyer
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5
Q

What are some characteristics of an entrepreneur?

A
  • Vision (seek opportunities)
  • Commitment ( long-term goals, develop new skills and understand customer needs)
  • Energy to follow-through
  • Patience
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6
Q

What are some characteristics of successful global traders?

A
  • Technical knowledge
  • Cultural awareness and sensitivity
  • Commitment to ethical standards
  • Self-confidence
  • Drive
  • Energy
  • Risk-taking potential
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7
Q

What 4 concepts does corporate sustainability derive from?

A
  1. Sustainable development
  2. Corporate social responsibility
  3. Stakeholder theory
  4. Corporate accountability theory
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8
Q

What does corporate sustainability help businesses avoid?

A

help firms avoid short-sighted business decisions that can be catastrophic to the firm in the long run.

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9
Q

Define over-extension

A

Attempting to enter too many diverse markets at the same time can be a drain on company resources.

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10
Q

Name some professions in trade development

A
  • Lawyer
  • Accountant
  • Consultants
  • Travel agents
  • Transportation and shipping firms
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11
Q

Give an example of multinationals

A

Companies that are organized along country lines but operate many subsidiaries and branch plants in other countries are termed multinationals.

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Global Business (6 decks)

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