IB 150 Lecture Notes - Lecture 17: Preempt, Hamburger University, Multinational Corporation
31 May 2017
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Document Summary
Only 23 countries in the world had an economy larger than half a trillion us dollars in 2016. Only 32 countries had over a third of a trillion (e. g. , uae, norway, austria, thailand) in 2016, cf. During the last half of the twentieth century, many barriers to international trade fell and a wave of firms began pursuing global strategies to gain a competitive advantage. To be successful, managers first must understand the nature of global industries and the dynamics of global competition. They should also know the types of strategies to pursue in different settings. Purpose of a firm is to make a profit. Prices consumers pay = value of product to consumers. Profit = price - cost of producing the product. Increase efficiency of production, marketing, materials management, r&d, information systems, firm infrastructure to reduce costs. Improve quality, provide service, customize product -> higher prices. Persuade consumers to believe you have a better product, so you have a.
