chapter-1 trade
DESCRIPTION
Trade Research Chapter 1TRANSCRIPT
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FITTskillsFITTskills International Trade International Trade
ResearchResearchSixth EditionSixth Edition
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TR Ch 1-2
Course objectivesCourse objectives
• Describe the importance of well-planned and efficient research for guiding and promoting company activities.
• Develop research objectives that are compatible with corporate business objectives.
• Select suitable methods of acquiring data.
• Analyze and present researched data effectively.
• Based on research information, identify and evaluate international trade opportunities.
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The Importance of The Importance of International Trade International Trade
ResearchResearchIncreasing the chances of international Increasing the chances of international
business successbusiness success
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TR Ch 1-4
The need for market The need for market researchresearch
Market orientedstrategic planning
Assess profitpotential for anew market
Identify risks associated with
new market
Develop businessstrategy in response
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TR Ch 1-5
The need for market The need for market research research (continued)(continued)
Market researchis part of strategicplanning
Identify unstablemarkets
Identify issues that could result inbusiness loss
Help effectivedecision making
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The need for market The need for market research research (continued)(continued)
• Helps to conduct a cost-benefit analysis to determine profitability of venture.
• Helps to identify both foreign risk as well as risk to domestic corporation, i.e. over extending resources. This can be identified through a SWOT analysis.
• Creates the business plan and the allocation of resources.
• Research is the tool to help make a decision.
TR Ch 1-6
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TR Ch 1-7
The benefits of researchThe benefits of research
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TR Ch 1-8
Applications of market Applications of market researchresearch
Develop a business plan
Make informeddecisions
Make a cost-benefitanalysis
Develop products and processes
Analyze issues
Identify newopportunities
Focus effort
Monitor performance
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Research & strategic Research & strategic planningplanning
• Research is used to help management make decisions.
• The marketing research is an integral part of the strategic planning process.
• Without information strategies are nothing more than a guess.
TR Ch 1-9
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Marketing research & Marketing research & SWOTSWOT
• SWOT: Strengths, Weakness, Opportunities, Threats.
• SWOT is an external and internal analysis of a company.
• Research helps to answer or determine the SWOT.
TR Ch 1-10
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TR Ch 1-11
Important considerations Important considerations for international tradefor international trade
Legal issues Political andeconomicstability
PricingIntellectualpropertyissues
Business culture and
etiquette