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McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc. All rights reserved.
Business in a Borderless WorldBusiness in a ...

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3-2
The Role of International Business
• To buy, sell and trade goods and services
across national boundaries
Did You Know...

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3-3
Why Nations Trade
• To obtain raw materials
and goods that are:
– Otherwise unavailable
– Available elsewhere at a
low...

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  1. 1. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc. All rights reserved. Business in a Borderless WorldBusiness in a Borderless World 3
  2. 2. 3-2 The Role of International Business • To buy, sell and trade goods and services across national boundaries Did You Know? McDonald’s serves 50 million customers a day at 30,000 restaurants in 120 countries.
  3. 3. 3-3 Why Nations Trade • To obtain raw materials and goods that are: – Otherwise unavailable – Available elsewhere at a lower price • Santro Karachi • Big Pak Inds moving twards Bangladesh
  4. 4. 3-4 Absolute Advantage • A monopoly that exists when a country is the: – Only source of an item – Only producer of an item – Most efficient producer of an item • Example: DeBeers Consolidated Mines, Ltd. – Virtually controls the world’s diamond trade
  5. 5. 3-5 Comparative Advantage • A country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items • Example: – U.S. agricultural commodities, such as corn and wheat
  6. 6. 3-6 Trade Between Countries • Importing – The purchase of goods and services from foreign sources • Exporting – The sale of goods and services to foreign markets
  7. 7. 3-7 Trade Between Countries • Balance of trade: – Difference of value b/t nations exports and imports • Trade deficit: – More import of products than exports and trade surplus is vice versa • Balance of payment: – Difference between into and out of money into a country……….
  8. 8. 3-8 The U. S. Trade Deficit 1980-2005 (in billions of dollars)
  9. 9. 3-9 International Trade Barriers • Economic • Legal/political • Social/cultural • Technological
  10. 10. 3-10 Economic Barriers • The level of a country’s economic development – Industrialized nations – U.S., Japan, Great Britain, Canada – Less-developed countries – Africa, Asia, and South America • The level of existing infrastructure • Currency exchange rates
  11. 11. 3-11 Political & Legal Barriers • Laws and regulations • Tariffs and trade restrictions – Import tariffs, exchange controls, quotas, embargos, anti-dumping regulations • Political barriers – Political instability, cartels
  12. 12. 3-12 Social & Cultural Barriers • Understanding the differences among the cultures of countries can be important to a firm – Spoken and written language – Body language and personal space – Family roles – Perception of time – Religious holidays and local customs
  13. 13. 3-13 Cultural Behavioral Differences
  14. 14. 3-14 Technological Barriers • Varying levels of technological development and infrastructure
  15. 15. 3-15 Trade Agreements, Alliances & Organizations • GATT • WTO • NAFTA • EU • MERCOSUR • APEC • World Bank • IMF
  16. 16. 3-16 GATT and NAFTA • General Agreement on Tariffs and Trade (GATT): – Provides a forum for tariff negotiations and discussion • The World Trade Organization (WTO) – Deals with the rules of trade between nations • North American Free Trade Agreement (NAFTA): – Eliminates most tariffs and trade restrictions on agricultural and manufactured products between Canada, Mexico, and U.S. (1994-2009).
  17. 17. 3-17 Levels of Involvement in International Trade • Import/Export • Trading Companies • Licensing & Franchising • Contract Manufacturing • Joint Ventures & Alliances • Mergers and aquisitions • The MNC
  18. 18. 3-18 Outsourcing • U.S. companies are increasingly transferring manufacturing and other tasks to countries where labor and supplies are less expensive
  19. 19. 3-19 Developing International Business Strategies • Multinational Strategy: – Customizing and adapting products, promotion and distribution to the local market condition • Global Strategy (Globalization): – Standardizing products, promotion, and distribution to one world market
  20. 20. 3-20 Managing the Challenges of Global Business • Adapting to different cultures • Carefully studying those markets • Preparing and implementing appropriate strategies
  21. 21. 3-21 Chapter 3 Quiz 1. A negative balance of trade occurs when a. a country imports more than it exports b. a company has a monopoly on the production of a specific resource c. a country exports more than it imports d. a country’s currency can be exchanged for another’s currency or gold 2. A partnership between a foreign company and a local partner is called: a. a trading company b. an export agency company c. a direct investment d. a joint venture
  22. 22. 3-22 Chapter 3 Quiz 3. When the United States established a policy forbidding trade with Cuba, this was an example of what type of trade restriction? a. a quota b. an embargo c. a countertrade agreement d. an import tariff 3. A comparative advantage exists when a. a firm supplies a product at lower costs. b. a firm is the only supplier of a product. c. a country supplies a product at lower costs. d. a country is the most efficient supplier of an item.

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