About This Chapter
Entering the Global Marketplace - Chapter Summary
This collection of advanced international business lessons shows you how businesses enter the global market place. Each lesson is taught by an expert business instructor who helps you understand topics such as indirect expansion, the OLI framework, the 4 Ps of marketing and barriers to economic entry. You're encouraged to take the short self-assessment quizzes that follow each lesson so you can be sure you fully understand the material. Study these lessons whenever it fits your schedule and ask our instructors questions if they arise. After completing all of the chapter's lessons, you'll be able to:
- Explain the changing landscape of the global market
- Outline the global marketplace
- Evaluate the role of small business in a global market
- Distinguish methods for international business expansion
- Analyze the ownership, location and internationalization (OLI) framework
- Compare indirect expansion methods in international business
- Assess the benefits of international business expansion
- Point out economic entry barriers
- Summarize the 4Ps of marketing and the international marketing mix
- Connect culture, economics and technology with international external marketing
1. The Changing Landscape of the Global Market
The global market is still developing, and a market that is developing is dynamic. The constant change offers opportunities and presents risks to countries and their domestic industries. In this lesson, you'll learn about some of these risks and opportunities.
2. The Global Marketplace: Definition & Overview
We have been on the fast track to a global market, but are we there yet? In this lesson, we will define global market and discuss some of its key concepts. A short quiz follows the lesson.
3. Small Business in a Global Market
As the world moves closer to a global economy, more small businesses will look to expand into international markets. In this lesson, you'll learn about some of the advantages and disadvantages that small businesses face in a global market.
4. International Business Expansion Methods
Oftentimes, the best opportunities for a business are not at home but abroad. In this lesson, you'll learn about different methods of taking advantage of the international market. You'll also have a chance to take a short quiz after the lesson.
5. Ownership, Location & Internationalization (OLI) Framework
This lesson explains the components that make up the ownership, location and internationalization (OLI) framework. It also provides an overview of how the framework is applied.
6. Indirect Expansion Methods in International Business
This lesson discusses international expansion through indirect exportation. It defines, describes, and provides examples of the primary methods of indirect exportation.
7. The Benefits of International Expansion in Business
Many businesses have found that there are a lot of benefits to expanding globally. Today, we will go over the many benefits and advantages of international expansion.
8. Barriers to Entry in Economics: Definition, Types & Examples
Economic barriers to entry are part of the reason some companies thrive and others fail. Learn what barriers to entry are and why they are so important to understand before entering a specific business or market. Read about some current-day examples.
9. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
10. International External Marketing: Culture, Economics, Tech & More
International marketing plans have a specific marketing mix that will differ tremendously from the domestic version. Marketing managers have to take into account a country's economic, technological, logistical, and sociocultural differences in order to successfully target an overseas market.
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Other chapters within the Business 320: Advanced International Business course
- Globalization & International Business
- Organizational Structure & Communication
- Understanding Global Economic Environments
- World Trade Organization
- Regional Integration
- International Trade Theory & Policy
- Global Money System
- Exchange Rate Determination & Forecasting
- Factors of Economic Growth & Development
- Foreign Direct Investments
- Balance of Payments
- International Business Strategy
- Crisis Management & International Business
- International Business Ethics