Unit 3

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Backward Innovation
Involves developing low cost products that will appeal to people with relativity low incomes. Frequently they will have just the most basic functions of sophisticated manufactured products, and may be similar to the early versions of products.
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Absolute Advantage
Exists if the real resource cost of a products is lower in one country than another.
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BRIC
Brazil, Russia, India and China. These are the worlds four largest fast-growing economies. They are emerging economies.
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Commodities
Raw materials or semi-manufactured products that are traded in bulk and are not recognisably originating from any particular business. E.G. oil, coal, cotton.
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Common Markets
Completely free trade internally and a single unified trade policy covering all members countries' trade with the rest of the world. There is free movement of people and capital. E.G. Europe
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Corporate Culture
The set of important assumptions that are shared by people working in a particular business and influence the ways in which decisions are taken there.
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Corporate Social Responsibility
Means taking decisions in a way that takes into account all stakeholders' interests. E.G. treating employees, customers and suppliers fairly and avoiding polluting.
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Cultural Imperialism
Is the practise of promoting, distinguishing, separating, or artificially injecting the culture of one society into another.
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Developed Counties
Europe, Japan, the USA, Canada, Australia. All having high incomes, through capital investment.
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Developing Countries
Low standards of living, small manufacturing sectors. Limited infrastructure and levels of investment are often low.
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Diversifying
Meand selling ore than one product, or the same product in more than one market.
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Economies of Scale
Reduction of average costs of production brought about by an increase in the size and scale of the business.
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Emerging Economies
Are characterised by rapid economic growth. They have big increases
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Ethical Decision Making
Means following codes of practice that embody moral values, in the objective to do the right thing.
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Extension Strategies
Aim to extend the life of a product either by making small changes in it, finding new uses for it, or finding new markets
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Foreign Direct Investment
Means investing in a country other than one where the head office is. There is a good of ____ between the UK and the USA but increasing, emerging economies.
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Free Trade Areas
Groups of countries that completely freely with each other, with no trade barriers, but each member country retains its own independent trade polices in relation to the rest of the world
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Geocentric Approach
Sees the world as a potential market with both similarities and difference in domestic and foregin market. An effort is made to develop integrated world market strategies to gain the best from both of these strands
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Global Market Niches
Smaller, more specialised parts of a global market where customers in more than one country have particular needs that are not fully met by the global mass market
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Globalisation
is the process through which an increasingly free flow of ideas, people, good, services and capital leads to the integration of economies and socities
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Glocalisation
Combines the words 'globalisation' and 'localisation' to emphasises the ideas that a global product or service is more likely to succeed
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Card 2

Front

Exists if the real resource cost of a products is lower in one country than another.

Back

Absolute Advantage

Card 3

Front

Brazil, Russia, India and China. These are the worlds four largest fast-growing economies. They are emerging economies.

Back

Preview of the back of card 3

Card 4

Front

Raw materials or semi-manufactured products that are traded in bulk and are not recognisably originating from any particular business. E.G. oil, coal, cotton.

Back

Preview of the back of card 4

Card 5

Front

Completely free trade internally and a single unified trade policy covering all members countries' trade with the rest of the world. There is free movement of people and capital. E.G. Europe

Back

Preview of the back of card 5
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