Competing internationally (Edexcel GCSE Business): Flashcards
📚Flashcards
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12 cards from this deck
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Practise the cards
12 cards from this deck
What must businesses do to compete internationally?
What must businesses do to compete internationally?
Adapt offerings to meet foreign customer needs
E-commerce benefit for international expansion
E-commerce benefit for international expansion
Access global markets without physical stores
E-commerce trade barriers
E-commerce trade barriers
Tariffs, import restrictions, regulations still apply
What is glocalisation?
What is glocalisation?
Global + local approach: adapt to cultures, keep global brand
McDonald's Maharaja Mac example
McDonald's Maharaja Mac example
India - chicken instead of beef (respects culture/law)
4 Ps to adapt internationally
4 Ps to adapt internationally
Product, price, place, promotion
Product adaptation examples
Product adaptation examples
Technical specs, sockets, ingredients for local standards
Price factor: tariffs
Price factor: tariffs
Import duties that increase costs
Price factor: currency exchange
Price factor: currency exchange
Affects business costs & customer purchasing power
Price factor: local income
Price factor: local income
Must research to set appropriate prices per market
International promotion challenge
International promotion challenge
Colours/gestures/phrases mean different things across cultures
Product adaptation benefits
Product adaptation benefits
Meet legal/safety standards, compete with local companies