AM 101 Lecture 24: AM 101-Chapter 17

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Monday, november 7, 2016 week 12 day 1. Sourcing: process of shopping for goods, american buyers use world market ti their advantage, when you buy foreign goods- import, when you sell your goods to another country- export. Offshore production: use of one or more countries to complete steps of manufacturing goods. Retailers: primary imports of foreign goods, provides uniqueness, quality, cost, variety, merchandise that makes stores stand out-different competitors. Speci cation buying: purchase for store rather than manufacturer standards, retailer provides standard and guidelines for manufacturer. Private-label product development: retailer works with manufacturer to design exclusive products for stores, create product assortment different than competitors, domestic manufacturing or foreign sources. Trade balance: 2 sides to global market, 1980"s. Balance between imports and exports: american goods became expensive due to u. s. dollar being weal, american reputation for producing quality goods decreased.

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