Opportunities and Challenges for Irish Businesses in International Trade (Leaving Cert Business): Revision Notes

Opportunities and Challenges for Irish Businesses

Opportunities for Irish Businesses

• Changes in Technology: Enhanced communication and marketing through the internet, video-conferencing, and social media make it easier for Irish businesses to reach international markets.
• Opening of New Emerging Markets: Growth in countries like China and Japan provides significant opportunities, particularly in food and drink products. Ireland excels in exporting beef and milk.
• International Reputation: Ireland's distinct Celtic culture and reputation for pollution-free products offer unique selling points, beneficial for companies like Guinness.

Challenges for Irish Businesses

• Growth in Globalisation: Higher production costs compared to other countries require Irish companies to improve efficiency and innovation to remain competitive.
• Currency and Exchange Rate Fluctuations: Variations in currency values, especially against the US dollar or sterling, can make Irish exports more expensive, affecting sales in key markets.
• Language and Cultural Differences: Understanding and adapting to the language and cultural preferences in new markets is essential for success. Failure to do this can be detrimental to a Business looking to expand abroad.

The Gathering was a marketing project which boosted Ireland's reputation abroad. Tourism especially was encouraged by this initiative.