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Domestic vs International (Cultures (United Kingdom (Punctual (Patient…
Domestic vs International
Cultures
Everything a society does
Business & Social
Different cultures
United Kingdom
Punctual
Patient
Polite
Respect for elderly & disabled
Private
Personal space is important
United States
Think big (Dream)
Competitive
Politically correct
Small talk
Independence
Diversity
Market Intelligence
Who direct competition is
Best market entry strategy
Understand how market works
Competition Levels
Use Porters 5 Force analysis to see possible success internationally
More complex internationally
More dynamic internationally
United Kingdom
Competition and Markets Authority promotes competition between businesses
United States
Antitrust law promotes fair competition for benefit of consumers
Government
Different legal systems around world
Abide by foreign rules once in market
Consult with legal counsel
United States
Constitutional republic
Legalities for a business
Intellectual property
Filing requirements (state and federal)
Taxes (state and federal)
United Kingdom
Parliamentary system
Legalities for a business
Equal treatment
Business contract has 3 elements
Consideration
Intention to create legal relations
Offer & acceptance
Intellectual property
International Law
Based on needs of citizens
Intellectual property is time consuming and costly
Not always honoured
Technology
Vary in foreign markets
United Kingdom
Technologically advanced
Innovative throughout the years
Finding new technology
Internet
Cell phones
Computers
United States
Technologically advanced
Internet
Cell phones
High speed computers
Media
Advertisement differs
Internet may not be most useful
What media is available
Logistics
Infrastructures at different development levels
Understand how goods are moved
Affect ability to get product to market
United Kingdom
Many ways to transport product
Rail
Maritime
Provides transport between European nations
Road
Inland waterways
Air
United States
Many different ways to transport product
Rail
Road
Air