Topic 3_NonMarket and International Expansion

Topic 3_NonMarket and International Expansion - Topic 3...

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Topic 3: Non-Market Strategy and International Expansion REQUIRED READINGS: Genicon : A Surgical Strike into Emerging Markets” Online Genicon Case Discussion: 2/11—2/14 In-class Genicon Case Debriefing: 2/15
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Economic Profits Revenue: price times the quantity sold. Costs: explicit costs plus implicit costs. Explicit costs: when a monetary payment is made. Example: Wages paid to labor. Implicit costs involve the firm’s resources, but do not have a monetary payment. Example: Opportunity cost of the owner’s investment. Economic profit: Revenues minus all costs. Implicit costs are calculated as a normal rate of return. Normal rate of return: what firms could get by investing in businesses with similar risk.
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Entrepreneurs take risk in order to find what ventures are profitable. Entrepreneur: someone who tries to exploit opportunities that exist within markets. Offer New Products or Open New Markets. Create a Lower Cost Technology Find New Resourcs. Intrepreneur: an entrepreneurial individual that is employed by a firm. Needed to keep ahead of rival firms. Needed to improve overall efficiency. An effort to keep the brightest minds within the corporation.
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Topic 3_NonMarket and International Expansion - Topic 3...

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