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BBB4M

BBB4M. CHAPTER 2. 2.1 Aspects of International Business. International Business is all the activities needed to get a product to consumers. It involves trade, importing, exporting, use of foreign assets and foreign investment.

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BBB4M

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  1. BBB4M CHAPTER 2

  2. 2.1 Aspects of International Business • International Business is all the activities needed to get a product to consumers. It involves trade, importing, exporting, use of foreign assets and foreign investment. • International Trade – involves companies in one country fulfilling the needs and wants of another by selling products to groups (exporting) and vice versa (importing)

  3. 2.1 Aspects of International Business • Importing • To bring products or services into a country, for use by another business or for resale. • There must be a known demand for the product • The majority of the goods that Canada imports come from the united states • Global Sourcing • The process of a company buying equipment, capital goods, raw materials, or services from around the world.

  4. 2.1 Aspects of International Business • Exporting • To send goods or services to another country, for use by a business or for resale. • STARTING AN IMPORT/EXPORT BUSINESS • Being ready : Management commitment, competitive advantage, cash flow, capacity to produce • Marketing and service experience • Time investment, money and proper market selection

  5. 2.1 Aspects of International Business • Trade Missions • Selected Canadian firms visit a targeted foreign country. • Trade Shows • Shows allow a potential purchaser to communicate with suppliers.

  6. 2.1 Aspects of International Business • Foreign Investments • Public sector investments (putting money in govt-owned assets). Private sector investments (usually held in shares on the stock market) • FDIs occurs when a company establishes a subsidiary operation or joint venture in another country • Portfolio investment – An investor buys a share of a foreign company for a share of the profit and not a say in how the company is run.

  7. 2.2 Why do Companies Expand Internationally? • Expand Markets and Increase sales • Controlling Expenses • Diversification • Competitiveness

  8. 2.3 Reasons for recent Growth in International Business • Developments in communication technology • Time zones • Developments in transportation • Freer borders • Increased business confidence • Increased global competition

  9. 2.4 Advantages of Doing Business in Canada • Lower Production and Business costs • Excellent Human resources • A positive business climate • Almost Seamless North American Markets • Good Infrastructure • Good Quality of life

  10. 2.5 Preparing for the International Workplace • Benefits of Getting experience abroad • Experience in how other cultures do business • Knowledge of the world’s resources and global economy • Improve multi-cultural communications • Acquire business skills on a global level • Gain confidence in dealing with other countries

  11. 2.5 Preparing for the International Workplace GETTING EXPERIENCE AT HOME RESEARCH RESOURCES : • Schools, public library • Newspapers, news and Internet • People in the business industry • Community organizations e.g. chamber of commerce

  12. 2.5 Preparing for the International Workplace • Increasing your knowledge • Understand and respect other cultures • Have strong spoken and written language skills • Knowing a second language is very useful • Refining your skills • Learn how to problem-solve • Learn to use critical thinking • Show leadership qualities • Learn to clearly communicate a message • Learn to negotiate and resolve conflicts

  13. 2.5 Preparing for the International Workplace • SKILLS INVENTORY • General traits – enjoy change, adventure open minded • Adaptation and coping skills – emotionally stable, ability to deal with stress • Intercultural communication skills and traits – tolerant, sensitive to others, listening/observing skills • Overseas work effectiveness skills – independence, self-discipline, resourcefulness

  14. SCHOOLS • Grant MacEwan College (Alberta) – Asia pacific management, Bachelor of applied int’l business • Humber college (Toronto) – Certificates in specific areas of int’l business • Richard Ivey (Western Ontario) – Undergraduate and graduate programs in int’l business • University of Victoria (B.C) – International exchange programs and cultural liaison programs

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