AFM131 Study Guide - Midterm Guide: Mass Customization, Target Market, Smartphone

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Manhhung David Nguyen Ha

Document Summary

Module 1: competing in global markets (global market and why countries trade) chapter 3. The global market: (how globalization affects you as a(n: consumer. Increased access and connectivity leads to more choices: mass produces products for cheaper, since other countries make it more efficiently, employee. Interact with customers, clients, or business partners with companies around the world: travel for business, job: marketing products in other countries, finding resources in other countries, sourcing material from other countries, business owner, global competition drives innovation. Increased access to resources allows businesses to focus on what they do best (find help from other: e-(cid:272)o(cid:373)(cid:373)e(cid:396)(cid:272)e: sell (cid:272)o(cid:373)pa(cid:374)(cid:455)"s p(cid:396)odu(cid:272)ts o(cid:374)li(cid:374)e. Global market vs canadian market: bigger, more customers, more opportunity for profit, more competition, more innovation, more drive (ex. Exporting: selling products (goods and services) to another country. Balance of trade: relationship between exports and imports: favorable balance of trade (trade surplus: exports>imports, unfavorable balance of trade (trade deficit: exports