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Advanced Biomedical Devices: International Expansion
Countries selected for exporting
Exporting is faced with many restrictions from the countries and the regional trade bodies that regulate the export of goods and services. Many countries have adopted export restrictions, with the United States, China, and the European Union still implementing the export restrictions. Australia, Canada, Western Europe, and Japan will be the nations chosen for export. They have such a sizable number of affluent clients who can afford expensive medical equipment.
Criteria for determining the internalization plan
The foreign market is selected by identifying the fundamental needs for foreign investments and trades. The need for the company to enter the market is analyzed. The barriers that are encountered when entering the country are considered as well as the political climate. Another criterion determining the financial ratios as inflation, interest rate, and credit offer is considered (Miecinskiene et al., 2013). The ecological and geographical powers are also considered with evaluations related to climate, topography, and resources. The following criteria for evaluating determine the potential consumers: their level of education and their loyalty to the company. Other factors are science development and technological innovations, the social and language cultures. At each step, evaluation of the market process occurs, and as the markets decrease with every source, less attractive markets are removed. After evaluation, the selection process occurs with the number of calls reducing at each step until several target markets are left.
How the culture of countries affect International...
Different countries may be using the same language, but they have a different interpretation of the words. Google translate is used, but it is not recommended in representing a new company in a new company (Commerce,2017). Different countries have different cultures others expect customer service 24/7, which if the company can not provide, there is a risk of turning away customers.
Countries for Export Based on Criteria
Advanced Biomedical Devices Inc. can export to Netherlands, Belgium, Germany, Switzerland, and Canada (Informa markets, 2020). They do not have high taxes to enter the market. The lower the taxes, the easier it is to comply with the government conditions set before establishing a business in the country. The amount of export depends on whether the FDA has approved the devices.
Arguments that are in favor of globalization
Businesses like globalization allow them to access expertise and information worldwide, broadening their horizons and allowing for greater cooperation and groundbreaking technologies. Companies should move and collaborate across borders because it will enable them to concentrate on their core areas of expertise, resulting in increased collaboration and creativity (Lawlor,2008). Drawing on the expertise, knowledge, and abilities of other companies and organizations improves the probability of business performance. Dr. Bentley has assembled a capable leadership team with representatives who have considerable experience in the European market, the Pacific Rim, and Latin America. The managing director is from Germany, and the other manager has lived in France and Malaysia for several years. Outsourcing the talents ensure that there is a limitless pool of talent to be utilized.
Globalization has positive and negative effects. It can empower the consumer by availing of the goods and services at their doorsteps(Lawlor,2008). There is a lot of increased competition as the products can enter the market at a lower price than expected. With globalization, much competition occurs where the company faces similar companies with the same product.
Role of technology in supporting company performance
The world is changing, and many businesses must adapt to the changing trends in technology at the commerce level and the economic and political level. Through technologies such as phones, cameras allow people to communicate instantly with anyone around the world. Companies can communicate with their employees, clients around the globe give them the up to date…
References
Commerce, Q. (2017). Overcoming 5 top challenges of international expansion. Tradegecko.com. Retrieved 26 April 2021, from https://www.tradegecko.com/blog/small-business-growth/overcoming-5-top-challenges-of-international-expansion.
Lawlor, B. (2007). The age of globalization: Impact of information technology on global business strategies. Honors Projects in Computer Information Systems, 1.
Markets, I. (2020). U.S. Medical Devices: Imports and Exports, the Role of Tariffs and of the FDA, 1-7. Retrieved 26 April 2021.
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