Mastering Exporting and Global Sourcing

Exporting as a foreign market entry strategy offers low risk, low cost, and flexibility. It allows firms to easily withdraw from the market and is popular among small and medium-sized enterprises (SMEs) who lack international experience or knowledge of foreign markets.

Exporting is often the first foreign entry strategy for firms. It serves as a way to test the waters in international markets and allows companies to gain initial exposure to foreign markets.

Global sourcing refers to the practice of procuring goods or services from different countries to take advantage of cost savings, access to specialized resources, or other benefits that foreign suppliers may offer.

<p>The benefits of global sourcing include cost savings, access to specialized resources, and increased market competitiveness. However, it also carries risks such as supply chain disruptions, quality control issues, and political or economic instability in foreign markets.</p> Signup and view all the answers

<p>Supply chain management involves the coordination and integration of various activities within the supply chain, including sourcing, production, transportation, and distribution. Global sourcing strategies are an integral part of effective supply chain management in the context of international business operations.</p> Signup and view all the answers