About This Chapter
How Companies Go Global - Chapter Summary
This chapter's lessons look at international trade, why it's important and what a business needs to thrive in the global marketplace. Your employees and managers will get information on:
- The meaning of the term 'global marketplace'
- Product and service needs that are met through globalization
- Methods of global expansion
- The importance of international trade
- Key terms used in importing and exporting
- Pros and cons of a small business moving into the global market
Employees and managers can watch these brief video lessons on a computer or mobile device, whenever they have a few extra minutes. You can also use the multiple-choice quizzes at the end of each lesson to check their knowledge and determine if they need to review a particular topic.
How It Helps
- Provides information: Employees can learn key terms and concepts, such as standardization and trust, that are important for forging good working relationships in the global marketplace.
- Aids in decision making: Managers will get information that will help them to decide if moving into the global market is right for their small business. Pros might include personalized service and flexibility, while cons may involve the shortage of resources and capital a smaller company could face.
- Emphasizes options: These video lessons provide employees and team leaders with information on various methods, including franchising, joint ventures and outsourcing, for working in international business.
After watching these video lessons, employees should be able to:
- Define global market
- Cite reasons why international trade is vital
- Name some ways to do business in the international market
- Explain the process of importing and exporting
- List some benefits and drawbacks of small business entering the global market
1. The Importance of the Global Market and Global Trade: Role & Advantages
We all need resources, products and service to live and thrive. Sometimes these things are not readily available locally. In this lesson, you'll learn about the importance of international trade and globalization in fulfilling our needs and wants.
2. 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.
3. Practical Application: Choosing an International Business Expansion Method
Companies use a variety of approaches when they expand their businesses internationally. In this scenario, you will apply your understanding of these approaches and the factors to consider, while deciding on the most appropriate expansion method.
4. Importing and Exporting in a Global Market: Definition, Process & Importance
The lifeblood of the global market is trade. In this lesson, you'll learn about the importance of importing and exporting and related concepts including trade deficits, balance of payments, and formal and informal barriers to trade.
5. 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.
Earning College Credit
Did you know… We have over 160 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.