Question 1

What strategies for trade can businesses use when exporting to countries whose currencies are not convertible to other currencies? What are the disadvantages?

Accepted Answer

The answer of What strategies for trade can businesses use...

Question 2

Explain why it is important to "go global." What benefits can companies that take the plunge into global business expect?

Accepted Answer

The answer of Explain why it is important to "go...

Question 3

List and briefly explain the steps an entrepreneur should follow to establish an export program.

Accepted Answer

The answer of List and briefly explain the steps an...

Question 4

What advantages do taking on a partner in a joint venture offer a small business in an international business opportunity? Disadvantages?

Accepted Answer

The answer of What advantages do taking on a partner...

Question 5

An important guideline for companies wanting to successfully compete internationally is to familiarize yourself with foreign customs, languages, and cultures, including their lifestyles, values, customs, and business practices.

Accepted Answer

Understanding foreign customs, languages, and cultures is essential for companies to successfully compete internationally because it allows them to adapt their products and services to the local market and build strong relationships with customers and partners in other countries.

Question 6

Describe the other barriers to trade, including political, business, and cultural:

Accepted Answer

The answer of Describe the other barriers to trade, including...

Question 7

NAFTA includes provisions reducing tariff and nontariff barriers and toughening health and safety standards.

Accepted Answer

NAFTA, or the North American Free Trade Agreement, includes provisions aimed at reducing trade barriers such as tariffs and nontariff barriers, and also includes commitments to toughen health, safety, and environmental standards.

Question 8

An important guideline for companies wanting to successfully compete internationally is to appeal to the similarities within the various regions in which you operate, but recognize the differences in their specific cultures.

Accepted Answer

It is important for companies to find common ground within the different regions they operate in, but also to respect and understand the unique cultural differences that exist. This will help them to create effective marketing strategies and business practices that are tailored to fit each region's needs.

Question 9

Outline the eight strategies for "going global" available to the small business owner.

Accepted Answer

The answer of Outline the eight strategies for "going global"...

Question 10

One of the eight strategies a company uses to "go global" includes the use of trade intermediaries. Identify the six types of trade intermediaries and explain why a small business owner might use each one.

Accepted Answer

The answer of One of the eight strategies a company...

Question 11

Identify and discuss the international barriers to trade.

Accepted Answer

The answer of Identify and discuss the international barriers to...

Question 12

Identify and discuss the domestic barriers to trade.

Accepted Answer

The answer of Identify and discuss the domestic barriers to...

Quiz 15: Global Opportunities