notes 187 final - *First mover advantages ability to...

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*First mover advantages: ability to preempt rivals and establish a strong name quickly *Ability to build sales volume *ability of early entrants to create switcing costs *First mover disadvantages: Pioneering costs *Large companies prefer wholly owned subsidiaries because they get more controls *turnkey project- a kind of project constructed by a developer and sold to a buyer in a ready to use condition *Licensing: seller grants rights to intangible property to another person for a certain time for royalties *franchising:sells intangible property and gets more control *Information sources for exporting / importing: U.S Department of commece: International trade administration, united states and foreign commercial service agency; Or Trade commissions also *Export strategy principals:focus on a few markets, enter on a small scale, invest time and managerial commitment, hire a consulting firm *Letter of credit: issued by banks for importer, bank pays a sum to exporter when presented with it
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