Walden University Entering A Global Market Discussion

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Economics

Walden University

Description

Utilizing the information that you generated and provided during this week's discussion. Consider that you are a consultant for a firm that produces cotton based clothing products (jeans, pants, undies, sheets..etc ) .

This hypothetical firm is producing goods that are completely sourced here in the USA. Raw materials, processing raw materials, producing fabrics, Producing final goods, transporting, retailing....all here !

A couple of young upstarts in the firm are considering the global market, or the possibility of outsourcing production ...or...or.. You have the ability to provide them with guidance and all of the pros and cons to be considered.

Generate a report with solid recommendations and considerations both economic and ethical implications. This should be over 1500 words (minimally) and should be supported with solid backing of all recommendations. This report should be based on economic and profitability considerations that might benefit the firm.

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Explanation & Answer

HI, kindly find the attached document for the work I hope it will be helpfulThanks

Running head: ENTERING A GLOBAL MARKET

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Entering A Global Market
Name
Institution

ENTERING A GLOBAL MARKET

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Entering a global market is a critical task that requires the entrepreneurs to be cognizant
of all that is pertinent to the specific line of business. Having the idea of making profit motivates
the entrepreneurs to go further into undertaking other important plans like risk management and
cost-benefit analysis. Technology has also to be looked upon since it has been the heart of many
business, including the fashion and clothing industry. The dynamic nature of the todays market
which is highly geared by the unpredictive changes of technology, culture, and gradual
expansion of the market requires the entrepreneurs to be cognizant of what is needed of them to
perform successfully in the market. While all these are considered, it cannot be despised a fact
that globalization must be on the mind of every entrepreneur. This paper entails what
entrepreneurs needs to know and do to excel in the global market while venturing in the textile
industry or any other line of business.
Globalization entails the diversity of the customers which is comprised of an
agglomeration of people from all walks of life (Gillespie & Riddle, 2015). Hence, it means that
the clothes produced by the entrepreneurs must be made with a consideration that the buyers may
come from different cultures. The issues of culture have been of late perceived as a pivotal factor
that impacts the trend of buying by customers. Therefore, when transitioning from the local
scope of business to an international space of doing business, diversity is a key thing to always
consider. All customers must have their needs met to ensure that the business can optimize its
sales which should lead to maximized profits.
Costing and general valuation of business inputs is important. While the materials are
obtained locally, it is crucial to ensure that the cost of materials used to make the clothes do not
exceed t...


Anonymous
Very useful material for studying!

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