Unit 43 Tapping into New and International Markets

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Introduction


In today’s global environment, organisations are constantly looking at new ways to expand internationally. With the rise of digital technology and the reduction of barriers to entry this is easier than ever before, but all organisations must consider a range of options when making the decision to expand internationally. In this unit students will explore how organisations are able to move into international markets, assessing the opportunities and threats of them doing so. The unit aims to provide students with the key tools and techniques to aid organisations to evaluate whether they should tap into international markets and assess the various implications of doing so.

Learning outcomes


LO1 Analyse the opportunities and threats for firms exposed to an increasingly globalised environment

The global context for small business and entrepreneurship:

  • Global expansion and opportunities for entrepreneurs and small businesses.
  • Challenges and threats of globalisation for entrepreneurs and small businesses.
  • Growth of (local and global) competition.
  • The rise of the ‘born globals’.
  • E-commerce as a tool for entrepreneurs and small businesses to go global, including websites with e-commerce capabilities (e.g. virtual shopping carts, secure online payments and social media presence).
  • The application of data protection and cyberspace security.
  • Recognition of rules and regulations.

LO2 Illustrate the advantages of trading blocs for firms

Context for international trade and trade blocs:

  • What is international trade?

International trade theories:

  • country similarity, product life-cycle, global strategic rivalry and Porter’s national competitive advantage.
  • Types of trade blocs and regional trade agreements and their role in facilitating SME trade.
  • Grants, subsidies and special arrangement for SMEs.
  • Trade controls and tariffs.
  • Context for importing and exporting for SMEs.

LO3 Determine the importing and exporting process and the practicalities involved

Rationale for importing and exporting for SMEs:

  • What are the considerations when importing and exporting?
  • Securing an import or export deal.
  • Merchandise importing and exporting.
  • Service importing and exporting.
  • Licensing.

LO4 Evaluate ways SMEs can tap into international markets

Methods used to expand into international markets:

  • Business planning for expanding into international markets; assessing markets, financial support, distribution and transportation channels, legal considerations and international regulations.
  • Licensing and Franchising agreements.
  • Creating Joint ventures.
  • Establishing connections and partnerships with larger organisations.
  • Setting up and establishing outlets/branches abroad.

Resources


  • BARTLETT, C. and BEAMISH, P. (2011). Transnational Management: Texts, Cases, and Readings in Cross-Border Management. 6th Ed. Maidenhead: McGraw-Hill.
  • PENG, M. (2014) Global Business. 3rd Ed. London: Cengage Learning.
  • GIOELI, A .(2014 ) International Business Expansion: A Step-by-Step.

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