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Unit 43 Tapping into new international markets

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Unit 43 Tapping into new international markets

Aim of Unit 43: Tapping into new international markets

In the era of globalization almost every organization tend to extend their business internationally. This situation occurred with the increase of digitalization and usage of digital platforms. Globalization has led in creating entry to the international market at a much easier level. However, despite having such easy ways to entrance an origination may also face certain threats and hindrances. The unit focuses on various techniques that an organization should adopt to face such situations. Globalization has influenced the businesses to bring changes and technological advancements. More precisely globalization has united all organizations under one shed to achieve their various goals.

Learning outcomes

LO1Analyze the opportunities and threats for firms exposed to an increasingly globalized environment

LO2Illustrate the advantages of trading blocs for firms

LO3Determine the importing and exporting process and the practicalities involved

LO4Evaluate ways SMEs can tap into international markets

LO1

Analyze the opportunities and threats for firms exposed to an increasingly globalized environment

The global extension has also been adopted by the small medium enterprise sector. They could face threats and competitions in both local and global markets. In order to avoid such threats e-commerce could be used as a mode of globalization. The e commerce sector could be posed with much ease as it opens up various modes of social media communication. In addition to that cyber security should also be maintained and all other rules and regulations have to be taken into consideration before entering into a market.

LO2

Illustrate the advantages of trading blocs for firms

International trade could be used and understood under the shed of various international trade theories. Such theories would include country similarity, porter’s strategy, and rivalry strategy. Along with such strategies trade blocks could also be considered while studying the unit. In addition to that advantages of trading blocs could also be read with specially made arrangements and subsidies for Small medium enterprises. The tariffs and trade controls define main advantages of firms by trading blocs.

LO3

Determine the importing and exporting process and the practicalities involved

In order to understand the reason for importing and exporting of small medium enterprises their consideration for importing and exporting needs to be focused. Importing and exporting also includes merchandises and services. Apart from that licensing is a very important part to carry out importing and exporting globally. The export import deal security could be determined as one of the processes that are being practiced by Small medium enterprises.

LO4

Evaluate ways SMEs can tap into international markets

The small medium enterprises could enter into international market by using various theories like regulations, supports, assessment of markets and distribution. Apart from that channels of transportation also form an important part of the study. Agreements of licensing and franchising are very important to expand business internationally. More importantly creating connections and joint ventures with larger institutions is also important.

LearningOutcomesandAssessmentCriteria

Pass Merit Distinction
LO1Analysetheopportunitiesandthreatsforfirmsexposedtoanincreasinglyglobalisedenvironment     LO1andLO2 D1CriticallyevaluatehowSMEsareabletotakeadvantageofinternationalopportunitiesandovercomebarriers.
P1Explaintheglobalbusinessenvironmentinwhichsmallandentrepreneurialbusinessesoperate. P2AnalysethethreatsandopportunitiesthatfaceSMEsinanincreasinglycompetitiveglobalenvironment. M1Provideevidence-basedanalysisoftheglobalbusinessenvironmentinwhichsmallandentrepreneurialbusinessesoperateusingspecificexamples. M2CriticallyanalysetheimplicationsofthreatsandopportunitiesthatfaceSMEsinanincreasinglycompetitiveglobalenvironment.
LO2Illustrate the advantagesoftradingblocsforfirms
P3Determineandanalysetheadvantagesofinternationaltradingblocsandagreements. P4Explainthevarioustariffandnon-tariffbarriersthatexistintheinternationaltradingenvironment. M3Evaluatetheadvantagesofinternationaltradingblocs andagreementsandtheirimplicationsforSMEs.
LO3Determinetheimportingandexportingprocessandthepracticalitiesinvolved  
P5Determinetheadvantagesanddisadvantagesofimportingandexportingandhowtosecure adeal. P6Explainthedifferencesbetweenmerchandiseandserviceimportsandexports. M4Applytheappropriateimportand exportprocesstoanorganisationandmakerecommendationsonhowtheycouldbeappliedinaninternationalcontext. D2Producevalidandjustifiedrecommendationsforuseofdifferentapproachesinaninternationalcontext.
Pass Merit Distinction
LO4EvaluatewaysSMEscantapintointernationalmarkets  
P7EvaluatethevariousmethodsinwhichSMEscantapintointernationalmarkets. P8CompareandcontrastthevariouswaysSMEscantapintointernationalmarkets,assessingtheprosandconsofeachmethod. M5EvaluatedifferentmethodsSMEscanusetotapintovariousmarketswithapplicationtoasmallbusinessorentrepreneurialventure,makingvalidrecommendations. D3Justifyrecommendationswithsupportedcriticalconsiderationandevaluationoftheimplementationofdifferentmethods.

Links

This unit links to the following related units:

Unit18: Global Business Environment

Unit29: Managing and Running a Small Business

Unit40: International Marketing