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Lecture Global business today (6e): Chapter 13 - Charles W.L. Hill

In this chapter, the learning objectives are: Explain the promises and risks associated with exporting, identify the steps managers can take to improve their firm's export performance, identify information sources and government programs that exist to help exporters. | Global Business Today 6e by Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 13 Exporting, Importing, and Countertrade Introduction Question: Who benefits from exporting? Both large and small firms can benefit from exporting Firms wishing to export must identify export opportunities avoid a host of unanticipated problems associated with doing business in a foreign market become familiar with the mechanics of export and import financing learn where to get financing and export credit insurance learn how to deal with foreign exchange risk The Promise and Pitfalls of Exporting Question: What are the benefits of exporting? The benefits from exporting can be great--the rest of the world is a much larger market than the domestic market Larger firms may be proactive in seeking out new export opportunities, but many smaller firms take a reactive approach to exporting Many novice exporters have run into significant problems when first trying to do business abroad, souring them on following up on subsequent opportunities Improving Export Performance Question: How can exporters improve their performance? To improve their success, exporters should acquire more knowledge of foreign market opportunities consider using an export management company (EMC) adopt a successful export strategy hire an EMC focus on just few markets enter a foreign market on a small scale Export and Import Financing Question: How can firms deal with the lack of trust that exists in export transactions? Problems arising from the lack of trust can be solved by using a third party who is trusted by both - normally a reputable bank Exporters prefer to be paid in advance, while importers prefer to pay after shipment arrives A letter of credit is attractive because both parties are likely to trust a reputable bank even if they do not trust each other Export and Import Financing Question: How is payment actually made in an export transaction? . | Global Business Today 6e by Charles W.L. Hill McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 13 Exporting, Importing, and Countertrade Introduction Question: Who benefits from exporting? Both large and small firms can benefit from exporting Firms wishing to export must identify export opportunities avoid a host of unanticipated problems associated with doing business in a foreign market become familiar with the mechanics of export and import financing learn where to get financing and export credit insurance learn how to deal with foreign exchange risk The Promise and Pitfalls of Exporting Question: What are the benefits of exporting? The benefits from exporting can be great--the rest of the world is a much larger market than the domestic market Larger firms may be proactive in seeking out new export opportunities, but many smaller firms take a reactive approach to exporting Many novice exporters have run into significant problems .