Unit 43: Tapping into New and International Markets assignment sample-BTEC-HND-Level 4 & 5
Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business
In today’s global environment, organizations are constantly looking at new ways to expand internationally. With the rise of digital technology and the reduction of barriers to entry, this is easier than ever before, but all organizations must consider a range of options when making the decision to expand internationally. In this unit students will explore how organizations are able to move into international markets, assessing the opportunities and threats of them doing so. The unit aims to provide students with the key tools and techniques to aid organizations to evaluate whether they should tap into international markets and assess the various implications of doing so.
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International trade is on the rise, with exports up by 9.5% in 2016 and imports increasing by 10%. The world has become a global marketplace, which means that businesses are looking for ways to tap into new markets and sell their products internationally. In this blog post, we will explore strategies for finding overseas buyers and marketing your products abroad.
By the end of this unit a student will be able to:
Globalization presents both opportunities and threats for firms that operate in an increasingly interconnected world.
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Today, companies must expand their markets beyond their own national boundaries to order to thrive in a global economy. In many ways, this is advantageous since it creates more access to new customers and sources of raw material at competitive prices. However, some argue that globalization has led many countries to devalue the natural resources they possess as well as restructuring trade into lanes with which other countries have a competitive advantage over them such as China currently does with most African economies. Regardless of the challenges that come with globalization, there are numerous opportunities available for firms seeking profits outside their home country; so long as they are willing to stay abreast of changing market needs and trends.
When it comes to globalization, the most successful companies are those who can adapt to various challenges and opportunities presented by an increasingly globalized environment. While entering foreign markets means that a company will be forced to confront regulations and other legal restrictions, they also open up doors for new business ventures that could not be explored domestically.
A trading bloc limits cross-border trade barriers and enables firms to produce, export and import more easily. This is because a trading bloc’s economies are tied together in such a way that investment, trade, innovation, and competition can be mutually beneficial for all outputs.
For example, the removal of border tariffs allows for greater competition within countries; when there are fewer restrictions on how resources (like labor) can be utilized this means that firms in those regions have incentives to invest profitably. Removing tariffs on printed materials will make them cheaper for international consumers while enabling domestic markets to compete across borders rather than just internal benefits. Removing factors endangering profitability – like natural disasters or human rights violations – also gives the incentive for productive investments by reducing the risk of foreign firms.
There are a number of elements to this intricate process, spanning many different jurisdictions. The first step is usually to carry out an assessment of the importing plant facilities and identify a licensing pathway for obtaining regulatory approval in both exporting and importing countries. Costs, timelines, and benefits will also be determined as part of this process.
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Once the importing country has issued import authorizations for the product ingredients respectively, then those ingredients can be imported into that country and used in that manufacturing facility by qualified staff operating within their approved scope of work at all times in compliance with good manufacturing practices (GMPs) including strict environmental parameters.
International trade or import and export of goods is a process that many small and medium-sized enterprises conduct every day. In order to be successful doing business abroad, it is advised for SMEs to form partnerships with other companies who have conducted international trade in the past. These partners can provide advice on how to find high-quality suppliers overseas, how to negotiate contracts through email, and when might be a good time for utilizing shipping companies such as DHL or UPS. Another method involves learning about tariffs from the exporting country so that these expenses don’t exceed any profit margins gained from importing their product.
Importing may not only benefit small businesses economically but also increase nation-wide productivity levels by including more diverse goods or simply encourage new domestic industries.
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