NMIMS BBA – B.Com International Business & Export Import Management Solved Answer Assignment

International Business & Export Import Management

NMIMS BBA – B.Com International Business & Export Import Management Solved Answer Assignment

1. Crompton Greaves, a manufacturer of Consumer Electrical products, wants to lower production costs without compromising with required quality standards. Should the company go for global sourcing? Analyze the situation with reference to the benefits and challenges of Global sourcing. (10 Marks)

Introduction:

Global sourcing is the process of obtaining goods and services from all over the world to suit a company’s demands. This might include everything from locating raw materials to outsourcing production to locating new suppliers or distributors. It is a method for businesses to get a competitive advantage by using the resources and competencies of multiple countries.

Level I is identified by domestic purchases.

Level II is characterized by as-needed foreign acquisitions.

Concept and application

Following are the benefits and challenges of global sourcing-

Challenges:

Notwithstanding the potential benefits of global sourcing, it has drawbacks. Political and economic volatility, language and cultural difficulties, legal and regulatory issues, and currency changes are all significant roadblocks.

• Legal and Regulatory Concerns

Various countries have different laws and regulations, and providers must follow them. When working with vendors from other nations, it is critical to exercise caution. This includes researching local rules and regulations and keeping an eye out for any problems with suppliers.

Conclusion:

In the present case, Crompton greaves should go for global sourcing. It will significantly lower the cost of production. The quality standards will not be affected if the company can communicate its values and product quality apprehensions to the vendors. Moreover, one should assess the company’s capabilities before embarking on a global sourcing plan.

NMIMS BBA – B.Com International Business & Export Import Management Solved Answer Assignment

2. “The enormous growth in international trade and business is a direct result of Globalization and increased connectivity and communication among countries of the world.” – Do you agree? Take the example of any Indian company of your choice and explain how it can take advantage of the growing significance of globalization. (10 Marks)

Introduction:

A continuous difficulty for all countries worldwide, regardless of economic development level, is ensuring financial stability, economic growth, and greater living standards. Numerous paths can be taken to reach these goals, and each country’s journey will be unique due to the differences in national economies and political systems. Yet, based on global experiences, certain fundamental principles appear to underpin higher wealth.

Concept and application

Economic “globalization” is a historical process resulting from human ingenuity and technical advancement. It refers to the increasing globalization of economies, particularly the flow of products, services, and capital across borders. The phrase also describes the movement of people (labour) and information (technology) across international borders. Globalization has larger cultural, political, and environmental implications. Global market expansion has aided in promoting efficiency through competition and the division of labour—specialization that allows people and economies to focus on what they do best.

Conclusion:

In conclusion, globalization has significantly impacted international trade by creating new opportunities for trade, increasing the volume of trade, and changing the nature of trade. While it has created benefits, it has also led to challenges, particularly for developing countries and workers in specific industries.

NMIMS BBA – B.Com International Business & Export Import Management Solved Answer Assignment

3. Abhijit has a carpet manufacturing unit in Ludhiana which was established ten years ago. He sells Silk and Woolen fans to several towns in Delhi & North India. Though the business is doing well, Abhijit started to feel that he should expand the business by attracting more customers. Abhijit has an opportunity to sell the carpets to Sri Lanka and Maldives. He has also been contacted by a party in Mumbai for sales. Also, it has been observed that worldwide demand for carpets is on the rise. Based on his production capacity, Abhijit can either take up the Mumbai market or plan for Exports.

4. What factors are to be considered by Abhijit to decide if he wants to go for exports in Sri Lanka and Maldives? (5 Marks)

Introduction:

Exporting is a significant activity that necessitates several considerations on the part of organizations. This should include examining the business’s location, rules and regulations, logistics, consumer perspective, capital and resources, cost, and insurance.

Concept and application

Abhijit should consider several factors before deciding whether to go for exports in Sri Lanka and Maldives. Some of these factors include:

1. Market potential: He should conduct market research to determine the potential demand for his product in Sri Lanka and Maldives. He should assess whether the market is large enough to support his business and whether there is a demand for his product in these countries.
2. Competition: He should also consider the competition in the market. He should analyze the existing competitors in Sri Lanka and Maldives and assess their strengths and weaknesses. He should also identify any barriers to entry, such as regulations or cultural differences, that may make it difficult for him to compete.

Conclusion:

It is vital to research the market in the destination country to determine the demand for the product or service being offered, the competition, and the regulatory environment.

1. If Abhijit decides to go for Exports, what procedure and documents are required? (5 Marks)

Introduction:

Exporting is a significant activity that necessitates several considerations on the part of organizations. This should include examining the business’s location, rules and regulations, logistics, consumer perspective, capital and resources, cost, and insurance. This can contribute to the successful export of goods and services.

Concept and application:

If Abhijit decides to go for exports, several procedures and documents are required to be fulfilled. Here are the key steps that he would need to follow:

1. Obtain an Import Export Code (IEC): He needs to obtain an IEC from the Director-General of Foreign Trade (DGFT). This code is a 10-digit unique number required for any import or export transaction.
2. Determine the Harmonized System (HS) code: He needs to determine the HS code for his product. HS code is a globally recognized system for classifying goods. The six-digit code identifies the product’s nature, form, and use.

NMIMS BBA – B.Com International Business & Export Import Management Solved Answer Assignment

Conclusion:

Export procedures and documents can vary depending on the products, countries involved, and other factors.

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