Textbook Notes (367,974)
Canada (161,538)
BUS 201 (122)
Chapter 5

Business Chapter 5 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
Major World MarketplacesGeographic ClustersoNorth AmericaMainly the United StatesoEuropeSplit between Eastern and WesternoPacific AsiaJapan China Thailand Malaysia Singapore Indonesia South Korea Taiwan the Philippines and AustraliaRising power of Emerging MarketsThe role of BRICBRICBrazil Russia India and ChinaoBrazil is strong in commodities and AgricultureoRussia is a powerful energy supplieroChina is a major hub of manufacturing activityoIndia has become a leading service provider at various levels ranging from basic customer service call centres to engineering solutions providersForms of Competitive AdvantageAbsolute advantageoExists when a country can produce something more cheaply andor of a higher quality than any other countryComparative advantageoIt can produce more efficiently or better than other goods within the countryNational competitive advantageoFactors of productionoDemand conditions reflect a large domestic consumer base that promotes strong demand for innovative productsoRelated and supporting industries include strong local or regional suppliers andor industrial customersoStrategies structures and rivalries refer to firms and industries that stress cost reduction product quality higher productivity and innovative new products
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