emerging countries
Examples of emerging countries in the following topics:
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Offshoring
- Offshoring entails a company moving a business process from one country to another.
- "Offshoring" is a company's relocation of a business process from one country to another.
- After its accession to the World Trade Organization (WTO) in 2001, the People's Republic of China emerged as a prominent destination for production offshoring.
- After technical progress in telecommunications improved the possibilities of trade in services, India became a leader in this domain; however, many other countries are now emerging as offshore destinations.
- Countries often strive to trade freely items that are of the least cost to produce.
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Major Historical Developments in the Global Economy
- This can loosely be viewed through analyzing the unification of Europe (EU), the emergence of BRIC as a strategic economic grouping, and the rapid growth of North America (specifically the United States).
- This adverse factor on GDP growth effected each individual country differently, pushing Greece, Spain, Italy, and a number of other countries to the brink of economic disaster.
- The BRIC countries, meanwhile include Brazil, Russia, India, and China.
- These emerging markets are growing at substantial rates due to the vast international trade potential now available in the globalized economy.
- This highlights the importance of the BRIC group of countries.
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Cultural Barriers
- It is typically more difficult to do business in a foreign country than in one's home country due to cultural barriers.
- It is typically more difficult to do business in a foreign country than in one's home country, especially in the early stages when a firm is considering either physical investment in or product expansion to another country.
- Poor knowledge of emerging markets or lack of information on potentially profitable markets
- For example, Country A demonstrates lower power distance compared to Country B.
- This means that a resident of Country A operating in Country B must understand that lines of authority are more rigid in Country B and act accordingly.
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Reasons for entering international markets
- These include the saturation of the domestic market, which leads firms either to seek other less competitive markets or to take on the competitor in its home markets; the emergence of new markets, particularly in the developing world; government incentives to export; tax incentives offered by foreign governments to establish manufacturing plants in their countries in order to create jobs; the availability of cheaper or more skilled labor; and an attempt to minimize the risks of a recession in the home country and spread risk.
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Potential external relationship obstacles
- Some countries have not achieved the desired benefits from outsourcing, because they have not realized the expected cost reductions anticipated from outsourcing their business processes to a third party.
- Additionally, problems and issues may emerge due to the integration of services and systems provided by the vendor.
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Consumer marketing models
- Given the emergence of a global economy, however, which brought the opening of markets and increased competition, the traditional approach has changed dramatically.
- Market-oriented companies are beginning to emerge in every developing economy in the world.
- By way of example, compare the automobile industry in developed countries to the automobile industry in the Soviet Bloc countries prior to 1989.
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Defining international marketing
- Now that the world has entered the next millennium, we are seeing the emergence of an interdependent global economy that is characterized by faster communication, transportation, and financial flows, all of which are creating new marketing opportunities and challenges.
- Perhaps partly because of the rapid evolution of international marketing, a vast array of terms have emerged that suggest various facets of international marketing.
- This involves the company manipulating a series of controllable variables, such as price, advertising, distribution, and the product, in a largely uncontrollable external environment that is made up of different economic structures, competitors, cultural values, and legal infrastructure within specific political or geographic country boundaries.
- Here the marketing activities of an organization include activities, interests, or operations in more than one country, and where there is some kind of influence or control of marketing activities from outside the country in which the goods or services will actually be sold.
- The principal reason for failure in international marketing results from a company not conducting the necessary research, and as a consequence, misunderstanding the differences and nuances of the marketing environment within the country that has been targeted.
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Electronic Banking
- The emergence of new technologies has turned banking into a round-the-clock business.
- In many cases, automated teller machines of different banks are linked together in networks so you can use them when you travel to a different town, another state, or even another country.
- The emergence of online banking has ushered in a new era of convenience and security in managing money.
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The State of Global Business
- These make inflation rates in developing countries stay at high levels.
- All this has generated an entirely new global business environment, and an emerging new global economy, with new rules, new patterns of costs, new methods of work, new risks, new opportunities, and new horizons for growth, evolution and change.
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Technological Barriers
- As tariff barriers to industrial and agricultural trade have fallen, standards-related measures of this kind have emerged as a key concern.
- Most countries are now part of the World Trade Organization.