MODULE 10: INTERNATIONAL BUSINESS OPERATIONS
Cards (41)
- It is a network between a company and its suppliers created to produce and distribute a specific product to the final buyer.
- They are networks that can span across multiple continents and countries for the purpose of sourcing and supplying goods and services.
- FIVE PHASES OF SUPPLY CHAIN MANAGEMENT
- The process usually begins with planning to match supply with customer and manufacturing demands. Companies must try to predict what their future needs will be and act accordingly.
- This entails working with vendors to supply the materials needed throughout the manufacturing process.
- This is the heart of the supply chain management process, where thecompany uses its machinery and labor to transform the raw materials or components it has received from its suppliers into something new.
- Once products are made and sales are finalized, a company must get those products into the hands of its customers.
- The supply chain management process concludes with support for theproduct and customer returns. It can also be a valuable form of feedback, helping the company to identify defective or poorly designed products and to make whatever changes are necessary.
- BENEFITS OF GLOBAL SUPPLY CHAIN
- This is to win customer loyalty companies need to have a supply chain that can deliver what customers want on time.
- This is one of the most interesting benefits of global supply chain management a global supply chain widens the scope of learning for people willing to learn new business processes.
- Since different countries have different time zones, the work never stops. There are always people working to meet the supply chain requirements on different continents.
- A global market offers opportunities to select higher quality or lower cost options of goods and services it offers businesses the opportunity to choose the best suppliers.
- Apart from identifying better sourcing opportunities, global supply chain management offers companies the opportunity to expand their business to new locations.
- EMERGING TECHNOLOGIES IN A GLOBAL SUPPLY CHAIN
- It is a collection of interconnected physical devices that can monitor report on and send and exchange data.
- It can analyze large datasets to make predictions about supply chain disruptions, demand forecasts, and inventory optimization.
- It is a distributed database that is shared among the nodes of a computer network as a database a blockchain stores information electronically in digital format. A blockchain supply chain can help participants record price date location quality certification and other relevant information.
- Cross-cultural Communications and Negotiations
- It is essential to research and learn about the culture of the other party to understand their values, customs, and beliefs. To be effective in cross-cultural negotiation in international business, it is essential to research and learn about their culture.
- It is a crucial factor in successful cross-cultural negotiation. Trust is often built on personal relationships, respect, and shared values.
- Be aware of non-verbal cues like body language, facial expressions, and gestures. Different cultures may interpret these signals differently.
- Cross-cultural negotiation can take longer than negotiations within the same culture. It is essential to be patient and allow time for the other party to understand your position fully. Show respect for different cultures and beliefs. Be open-minded and non-judgmental.
- After the negotiation, follow up with the other party to ensure that the agreement is being implemented as agreed.
- Show appreciation for their cooperation and adherence to the agreement. Positive reinforcement fosters goodwill.
- Encourage feedback from both sides. This can help identify areas for improvement and adjustments to the agreement.
- FOREIGN MARKET ENTRY STRATEGIES
- which you intend to sell them.
- If your company has contacts who work for organizations that currently sell products overseas. This approach is particularly useful when a company wants to expand into a foreign market but lacks the necessary local resources or expertise.
- It functions as a barter system in which companies trade each other's goods instead of offering their products for purchase.
- If your company plans to sell a product internationally without managing the shipment and distribution of the goods you produce, you might consider purchasing an existing company in the country in which you want to do business.
- It involves delegating certain aspects of international product sales to another company. This approach can be especially beneficial when a company wants to expand into foreign markets but prefers not to manage the sales and distribution processes directly.
- internet and digital platforms to sell products or services to customers in foreign markets.
- THE IMPORTANCE OF EVALUATING VARIOUS STRATEGIES TO ENTERING FOREIGN MARKETS
- Thoroughly evaluating market entry strategies helps identify and assess the risks associated with each approach.
- By assessing different entry options, businesses can allocate their resources more efficiently.
- Each market is unique, and what works in one may not work in another.
- Careful evaluation enables companies to gain a competitive advantage.
- Recognizing the cultural dynamics of the target market is essential.
- international growth and expansion plans.