5 Questions
Which factor of production determinant refers to the inputs necessary for a firm to compete in any industry?
Demand conditions
What is one of the three basic benefits of International Strategy mentioned in the text?
Increased market size
What do supporting industries in leather-working machinery and design services contribute to, according to the text?
Success of the shoe industry
Which type of strategy does a firm first develop before implementing an international business-level strategy?
Domestic-market strategies
What can firms sometimes enjoy, particularly in manufacturing operations, when they compete internationally?
Economies of scale and learning
Study Notes
Factors of Production
- The factor of production determinant that refers to the inputs necessary for a firm to compete in any industry is resources.
International Strategy
- One of the three basic benefits of International Strategy is to increase profitability and market share.
- Before implementing an international business-level strategy, a firm first develops a business-level strategy.
Supporting Industries
- Supporting industries, such as those in leather-working machinery and design services, contribute to the competitiveness of related and supporting industries.
International Competition
- Firms can sometimes enjoy location economies, particularly in manufacturing operations, when they compete internationally.
Test your knowledge of international strategy with this quiz! Explore the benefits of expanding markets, establishing stronger positions in foreign markets, and more.
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