Retail Entrepreneur RET 373
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This 7 page Class Notes was uploaded by Hardy Kilback on Saturday September 19, 2015. The Class Notes belongs to RET 373 at Michigan State University taught by E. Sung in Fall. Since its upload, it has received 37 views. For similar materials see /class/207218/ret-373-michigan-state-university in Retail at Michigan State University.
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Date Created: 09/19/15
Increase and profits Extend cycles Lower manufacturing costs fixed cost Lowerthe ofproducts er9 5U09 Improve competitive position Raise quality levels JOJ39 Se el39e39n39s Increase chances of success 6U0Jn031n0 pue sumode Go suoneOOI BUO1 UJ91U Buiuanetsa BunJodxg uueueq pue BuipeJlJelunog ugsguoueJJ leuonewelul uisueon U leJOj seJmueA lu0 eueipeuuelu epeJJ uo Sui ea 3345 quA e Bugleng M inioris uixo39m39oo39cn39 Trade Intermediaries Export Management fact I M Urer Companies EMCs 543 S 5 014 n 39 What are t The US Department of Expo me Commerce established 104 domes C I39chants export centers for business ifgilesaers Wh entrepreneurs eside eign n 0 do quot buyi Offers Foreign CeS IStribUt Export Trading Companies 0 3 handling ETCs 3 distributing shipping exporting importing Joint Ventures venture two or more International US companies form an alliance for the FranCh39Smg purpose of exporting Success lt theirgoods and 1 Identify the country or serVICES abroad countries that are best suited Foreiqn ioint venture to the business concept 3 domesnc f39rm 2 Generate leads for potential forms an alliance franchisee with a company in the target nation 3 Select quality candidates 4 Structure the franchise deal 3 FnrhWNr 9 Steps to Successful Exporting Recognize any potential to export Analyze your product or service Analyze your commitment willing to devote the time and energy Research markets and pick your target Develop a distribution strategy Find your customer International Trade Administration Find financing for export sale Ship your goods Collect your money How Letter of Credit An agreement bw an exporter s bank amp foreign buyer s bank that guarantees payment Copyright 2009 Pearson Education Inc Publishing as Prentice Hall 4 How a Letter of Credit Works Buyer Seller s Bank Buyer39s Bank Illllll Illllll Buyer requests that his bank grant a letter B I ll ofcredit which assures exporter payment uyer 5 bank make ifshe presents documents proving goods ller5 Con rm 5 Payment f0 were actually shipped Bank makes out On rmIn ban1737 bank 6 letter of credit to seller and sends it to amoun n pa 5 Se seller s bankcalled the confirming bank credit csPecr ed in efferlgf Her 22 Importing and Outsourcing Make sure that importing or ip rOz ecz y Ur outsourcing is right for your quottelecu business of ou ual39 Establish a cost target for patternjproducts Slang Wlfation your product 39 9 Got a quotM79 a Do your research before39 PrOVIde manUfactuer you leave home the pro n eXvi701 0 Potential suppliers and the Manufagzct You Wantdel of industry t red Be sensitive to cultural theayln Constant manUfactu Contact with differences buld a Chg rer and tryt Do your groundwork em relations70 In I l 7 omestic Barriers Barriers to International Trade m Taxes a government imposes on goods and services imported into International Barriers of a product imported into a country that country to protect domestic products Quotas Embargoes Total on imports of certain products Attitude H II Lack of information about how 2 get CuItUr I b 39 w started traditions an grs differing quot9 Lack of export accepted b a998
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