希尔国际商务第11版英文PPT-(64)[27页]课件

1、International Business 11eBy Charles W.L. HillCopyright 2017 McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Chapter 16Exporting, Importing, and CountertradeWhy Export?Exporting is a way to increase market size and

2、 profits lower trade barriers under the WTO and regional economic agreements, such as the EU and NAFTA, make it easier than everLarge firms often proactively seek new export opportunities, but many smaller firms export reactively often intimidated by the complexities of exportingWhy Export?Exporting

3、 firms need to identify market opportunitiesdeal with foreign-exchange risknavigate import and export financingunderstand the challenges of doing business in a foreign marketWhat Are the Pitfalls of Exporting?Common pitfalls includepoor market analysispoor understanding of competitive conditionsa la

4、ck of customization for local marketsa poor distribution programpoorly executed promotional campaignsproblems securing financinga general underestimation of the differences and expertise required for foreign market penetration an underestimation of the amount of paperwork and formalities involved Ho

5、w Can Firms Improve Export Performance?Many firms are unaware of export opportunities availableFirms need to collect informationFirms can get direct assistance from some countries and/or use an export management companies both Germany and Japan have developed extensive institutional structures for p

6、romoting exportsJapanese exporters can use knowledge and contacts of sogo shosha - great trading housesU.S. firms have far fewer resources availableWhere Can U.S. Firms Get Export Information?The U.S. Department of Commerce the most comprehensive source of export information for U.S. firmsThe Intern

7、ational Trade Administration and the United States and Foreign Commercial Service“best prospects” lists for firms The Department of Commerce organizes various trade events to help firms make foreign contacts and explore export opportunitiesThe Small Business Administration Local and state government

8、sWhat Are Export Management Companies?Export management companies (EMCs) are export specialists that act as the export marketing department or international department for client firmsTwo types of assignments are common:EMCs start export operations with the understanding that the firm will take over

9、 after they are established not all EMCs are equalsome do a better job than othersWhat Are Export Management Companies?EMCs start services with the understanding that the EMC will have continuing responsibility for selling the firms productsbut, firms that use EMCs may not develop their own export c

10、apabilitiesHow Can Firms Reduce the Risks of Exporting?To reduce the risks of exporting, firms shouldhire an EMC or export consultant to identify opportunities and handle paperwork and regulations focus on one or a few markets at firstenter a foreign market on a small scale in order to reduce the co

11、sts of any subsequent failuresrecognize the time and managerial commitment involveddevelop a good relationship with local distributors and customers hire locals to help establish a presence in the marketbe proactiveconsider local production Think Like a Manager 3M, a manufacturer of household and of

12、fice products, bases its export strategy on four principles: FIDO (First In Defeats Others), enter on a small scale to reduce risks, add additional product lines once the exporting operations start to become successful, and hire locals to promote the firms products. If you were competing with 3M for

13、 market share in a foreign country, how might you counter their strategy? Would you flood the market with similarly priced goods? Wait for 3M to develop local demand and then export competing products at a lower price point? Immediately establish local production facilities? Launch a viral web campa

14、ign tailored to the target market to promote your products?Copyright 2017 McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.How Can Firms Overcome the Lack of Trust in Export Financing?Because trade implies parties f

15、rom different countries exchanging goods and payment, the issue of trust is importantexporters prefer to receive payment prior to shipping goods, but importers prefer to receive goods prior to making payments To get around this difference of preference, many international transactions are facilitate

16、d by a third party - normally a reputable bank adds an element of trust to the relationshipHow Can Firms Overcome The Lack Of Trust in Export Financing?The Use of a Third PartyWhat Is a Letter of Credit?A letter of credit is issued by a bank at the request of an importer states the bank will pay a s

17、pecified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documentsmain advantage is that both parties are likely to trust a reputable bank even if they do not trust each otherWhat Is a Draft?A draft an order written by an exporter instructing an importe

18、r, or an importers agent, to pay a specified amount of money at a specified timethe instrument normally used in international commerce for paymentalso called a bill of exchangeWhat Is a Draft?A sight draft is payable on presentation to the drawee A time draft allows for a delay in paymentnormally 30

19、, 60, 90, or 120 daysonce a time draft has been “accepted” it becomes a negotiable instrument that can be sold at a discount from its face valueWhat Is a Bill of Lading?The bill of lading is issued to the exporter by the common carrier transporting the merchandise It serves three purposes It is a re

20、ceipt - merchandise described on document has been received by carrierIt is a contract - carrier is obligated to provide transportation service in return for a certain chargeIt is a document of title - can be used to obtain payment or a written promise before the merchandise is released to the impor

21、terHow Does an International Trade Transaction Work?A Typical International Trade TransactionWhere Can U.S. Firms Get Export Assistance? Financing aid is available from the Export-Import Bank (Ex-Im Bank) an independent agency of the U.S. governmentprovides financing aid to facilitate exports, impor

22、ts, and the exchange of commodities between the U.S. and other countriesachieves its goals though loan and loan guarantee programsWhere Can U.S. Firms Get Export Assistance? Export credit insurance is available from the Foreign Credit Insurance Association (FCIA) provides coverage against commercial

23、 risks and political risksprotects exporters against the risk that the importer will default on paymentWhat Is Countertrade?Countertrade - a range of barter-like agreements that facilitate the trade of goods and services for other goods and services when they cannot be traded for money emerged as a

24、means purchasing imports during the1960s when the USSR and the Communist states of Eastern Europe had nonconvertible currenciesgrew in popularity in the 1980s among many developing nations that lacked the foreign exchange reserves required to purchase necessary importsnotable increase after the 1997

25、 Asian financial crisisWhat Are the Forms of Countertrade?There are five distinct versions of countertradeBarter - a direct exchange of goods and/or services between two parties without a cash transactionthe most restrictive countertrade arrangementused primarily for one-time-only deals in transacti

26、ons with trading partners who are not creditworthy or trustworthyWhat Are the Forms of Countertrade?Counterpurchase - a reciprocal buying agreementoccurs when a firm agrees to purchase a certain amount of materials back from a country to which a sale is made Offset - similar to counterpurchase - one

27、 party agrees to purchase goods and services with a specified percentage of the proceeds from the original saledifference is that this party can fulfill the obligation with any firm in the country to which the sale is being madeWhat Are the Forms of Countertrade?A buyback occurs when a firm builds a

28、 plant in a country or supplies technology, equipment, training, or other services to the countryagrees to take a certain percentage of the plants output as a partial payment for the contract What Are the Forms of Countertrade?Switch trading - the use of a specialized third-party trading house in a countertrade arrangementwhen a firm enters a counterpurchase or offset agreement with a country, it often ends up with counterpurchase credits which can be used to purchase goods from that countryswitch trading o