Business that operates internationally

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Evaluating Foreign Prospects

There are many facets of evaluating foreign prospects that are apparent in the film. One method is to do interviews with prospective customers. In this situation, the researchers challenge the buyers on a variety of topics. For example, they question clients about the price that they consider reasonable, as well as the standard of quality that meets the demand. Aside from that, analysts inquire how much the items are purchased, which gives them an indication of sales. Inquiring about the economy with the customers is often included because it makes the company understand the country's economic situation. The other aspect of analyzing international business is by carrying out trade shows. This is important as it helps the company have a real example of the market status. In this case, investigators get the exact reason behind demand and supply. While carrying out trade shows, the business also gets to understand the culture of the people as it affects a company significantly.

Collecting and Analyzing Data

Collecting data and analyzing it is also evident in the video. In this case, the researchers use the observing approach where they walk around, observe people and later analyze the collected data. The method is helpful, as it is also firsthand, but the observer gets little information. Apart from that, the technique depends on assumption because after observing the conclusions are mostly assumed as it is not possible to observe actions and conclude the right reason behind the actions. However, the method is used along with interviewing potential buyers who assist in answering the questions that observation alone does not. Where interviewees are willing to give information, the data given is helpful because it is primary and therefore the business gets the exact picture in the market or the nation.

Usefulness of the Information

The information collected in the video is useful to a business that operates internationally. One of the uses is on identifying strengths. Depending on the information, the enterprise determines its power and whether they are capable of making the business successful in the nation. Apart from that, the company identifies opportunities for business in the nation. This is highly aided by the information provided by potential buyers in the nation. For example, where complaints are raised on the shortage of a specific good or service, the business gets a chance to enter into that market. Moreover, the information helps the organization determine threats. For example, if the particular good is offered by many companies, it is an indication that competition is high which a threat to the company is. Also, if the good the business wants to introduce into the market has cheaper substitutes that made within the nation, the industry understands it as a threat which is useful as they company get strategies to deal with the threats. The information given also helps the business understand the culture of the people in the nation. In this case, the company knows how people live and how they carry out their activities. It is evident that businesses do not succeed where the culture of the people is not considered. For instance, opening a business on women's trouser wear where the ladies in the culture only wear dresses, it is obvious that the business would not survive. Information on the economy is also obtained that enables businesses to assess the expected sales since the economy affect the industry. Therefore, the information helps the international business get information on both internal and external aspects.

December 28, 2022
Category:

Life

Subcategory:

Work Learning

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584

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