EGT1 TASK 4 “Americas Best Tae Kwon Do expands into South Korea”. Martial Arts organization teaching men‚ Women‚ and Children in the United States desires to open a “Dojang” or “Training Hall” in South Korea offering World Class Martial Arts and Competition training. A. Cross Cultural Differences: 1- Language barrier. 2- Curriculum validation/certification. 3- Country of Origin of retail goods. Language Barrier for Americas Best staff. In order to be accepted by local citizens
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EGT1 Task 4 The world is changing in many different areas‚ and one of the many different ways it’s changing is how businesses change and continue to grow. When businesses grow and expanded there are possibilities of gaining access into new markets that need to be understood before entering. Business markets in China are completely different than markets over here in the United States. We need to take a look at some of those differences. A. There are three major cross cultural Differences in the
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References: Brighter‚ Mr. Made In China.Com. 2011. http://cntruck.en.made-in-china.com/ (accessed December 12‚ 2011). China‚ Neso. Social Norms‚ Saving and Losing Face. October 4‚ 2010. http://www.nesochina.org/dutch-students/preparing-your-stay/social-norms (accessed December 11‚ 2011). Economy‚ Macau. "Macau ’s Economy Grows 21.8 percent from January to September." Macau Hub Magazine on line. December 1‚ 2011. http://www.macauhub
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There are many advantages to expanding your business to China. Not only is China considered one of the largest economies in the world‚ it also has a vast emerging market that is still growing (Startup Overseas). Although China has embraced many Western Business ethics and practices‚ there are still numerous cross-cultural differences that can make it difficult to succeed without sufficient research and knowledge of the culture. Examples of these cross cultural differences include the Chinese’ attitude
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Stephan Everingham EGT1 Task 4 In a time of global commerce‚ new business ventures can take on many forms. What used to be local or even national companies have become world-wide. International growth of a business can be extremely beneficial but is not without its challenges. Different countries have different peoples and different cultures - different ways of doing business altogether. If a venture is to be successful‚ these differences must be well understood. Let us consider China
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EGT1 Task 1 In this paper I am going to define a few common economic terms and explain their relationships to other economic terms. I will also explain how profit maximizing firms determine their optimal level of output and how a profit maximizing firm will react to different levels of marginal revenue. Marginal revenue is the extra revenue that will be made by a firm when the firm sells one additional unit of a product. Total revenue is simply the sum of a firm ’s sales of a specified quantity
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EGT1 Task: 309.1.1.05‚ 06 In business there are certain factors that have to be evaluated before a company can see if a profit has been made. To even get to the point where a profit will be made there has to be a product that is sold whether it is a tangible or an intangible product. There has to be something that the business is selling in order to make that profit. The amount of profit that is attained is the outcome of the total revenue minus the total cost. This will then show the
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EGT1 Task 2 A) Elasticity of Demand pertains to the relationship of price and need of a product. If a price increases will the demand increase or decrease? When a demand is elastic‚ it means even a small change in price can cause a large change in the quantities consumers purchase. (McConnell‚ pg. 77) So for example in an elastic demand if you reduce the price of a good the demand will increase a large amount and revenue then increases. When the is inelastic‚ according to McConnell it means when
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A. Cross-Cultural Differences Company X is considering expanding its business to China. However‚ prior to moving into a new and foreign market‚ Company X must understand the various cross cultural differences that are relevant to properly conducting business in China. By being more sensitive to and understanding the cross-cultural differences‚ Company X’s transition into the new market should be less challenging and improve its chances of acceptance. Language‚ work ethic and material culture
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Marginal Analysis Economics & Global Business Applications‚ EGT 1‚ Task 1 A. Explanation of profit maximization The total revenue‚ TR‚ is the overall amount of all sources of a business’s income. It consists of total sales or profit‚ over a period of time. The TR can be calculated by taking the price and multiplying it by the quantity. For example‚ if a business decides to retail another product and the total revenue does increase‚ thus the marginal revenue would be greater than zero
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