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Questions and Answers
What is the primary purpose of a comprehensive plan for entering a new market?
What is the primary purpose of a comprehensive plan for entering a new market?
Why might a company enter a new market?
Why might a company enter a new market?
What is the main goal of conducting a SWOT analysis?
What is the main goal of conducting a SWOT analysis?
What is a key consideration when entering a new market?
What is a key consideration when entering a new market?
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What is a reason for a company to enter a new market when growth opportunities are exhausted in the current market?
What is a reason for a company to enter a new market when growth opportunities are exhausted in the current market?
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What is a component of a SWOT analysis?
What is a component of a SWOT analysis?
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Why is it important to consider market trends when entering a new market?
Why is it important to consider market trends when entering a new market?
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What is the benefit of conducting a SWOT analysis?
What is the benefit of conducting a SWOT analysis?
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What is a key factor to consider when entering a new market?
What is a key factor to consider when entering a new market?
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What is the ultimate goal of entering a new market?
What is the ultimate goal of entering a new market?
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Study Notes
Globalization
- Defined as the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
- Has the capacity to alter the nature of economic activity within a nation, promote cultural change, and foster cooperation and tolerance.
Significance of Globalization
- Promotes innovation through international competition.
- Solves economic problems, promotes free trade, and spurs economic development.
- Encourages positive trends in human rights and the environment.
Drivers of Globalization
- Adoption of trade liberalization policies by global governments.
- Rapid advancements in technology.
- Increased mobility of persons and commodities due to more efficient transport systems.
- Cross-pollination of cultures and exchange of ideas, customs, and traditions.
Advantages of Globalization
- Promotes shared cultural understanding.
- Encourages positive trends in human rights and the environment.
Disadvantages of Globalization
- Destabilizes markets, damages the environment, and lowers living standards.
- Facilitates global recessions, damages cultural identities, and increases the likelihood of pandemics.
Dimensions of Globalization
- Political: considers the effect of intensification and expansion of global political relations.
- Economic: reflects the extent of cross-border trade and investment and revenue flows in relation to GDP.
- Social: refers to the impact of globalization on the life and work of people, on their families, and their societies.
- Technological: the increasing speed of technological diffusion across the global economy.
- Cultural: focuses on the tension between cultural sameness and cultural difference.
Borderless World
- A concept of globalization where goods, services, technology, information, and capital flow through borders from one nation to another.
- Challenges of managing in a borderless world include cultural differences, language barriers, and communication, as well as legal and economic risks.
Market Entry Strategy
- A comprehensive plan that outlines the steps a company will take to introduce its products or services into a new market, considering factors such as competition, target customers, market trends, and regulatory requirements.
- Why enter a new market: to increase the customer base and boost sales, growth opportunities, and to reduce diversity risk.
SWOT Analysis
- A method for identifying and analyzing internal strengths and weaknesses and external opportunities and threats that shape current and future operations and help develop strategic goals.
- Consists of Strengths, Weaknesses, Opportunities, and Threats.
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Description
This quiz covers the concept of globalization, its advantages and disadvantages, and its implications on pharmacy practice management. It also explores the dimensions of globalization and its relation to a 'borderless world'.
