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what are the 6 external environments?
What does offshoring mean and why do managers decide to do it?
It means transfering activities to countries wich will do them more cost-efficiently. (most of the time western economies that transfer routine manufacturing activities to a low-wage developing countrie or due to faster communication over the internet even administrive activities such as accounting)
what does FDI stand for and what does it mean?
Foreign direct investment is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. (participation in management, transfer of technology and expertise) usually by inversting in buildings, physical facilities or by bying a companie
What is the difference between Licensing and Franchising?
Licensing is when a business grants the right to a firm in another country to produce and sell it's products. The licensing company does not control the business operations.
Franchising means that the franchisee uses another firm's succesfull business model and brand name. The seller imposes tight conditions on matters such as qualityand working procedures (Fast food)
what is a joint venture and what are the hazards?
It's an alliance in which the partners agree to form a seperate independent organisation for a specific business purpose. (starbucks in Germany with KarstadtQuelle) The hazards are cultural differences and misunderstanding between partners
what does Wholly-owned subsidiary mean?
It's a company whose stock is 100% owned by another company (a regular subsidiary's stock is 50-99% owned by another company)
what is the difference between the existential reason and the vision?
Existential reason --> fundament to exist because its products/services fulfill needs of its customers (could also be the government)
Vision --> is very attractive bt nobody is willing to pay an adequate price
What does USP mean?
Unique selling proposition (if you buy this you will get this specific benefit)