Topic 3 Questions

10 - 07 - 22
PACE 3: Business Elective 3

Topic 3 Questions

3.1 Businesses operating in international markets must identify and analyze trends or
developments that do, or will, impact on the business. What is trend analysis and why is this so
important?
Trend analysis is a type of comparative analysis that involves analyzing current trends in order to predict future ones.
This may entail attempting to ascertain whether a current trend in a market, such as gains in a specific market sector, is
likely to continue, as well as whether a trend in one market area may lead to a trend in another. There is no assurance
that the outcomes of a trend analysis will be correct, despite the fact that it may involve a substantial amount of data.
The premise of trend analysis is that traders can predict what will happen in the future based on past events. It is used
to keep track of metrics and how they change over time.

Trend analysis can help you improve your business by letting you know which parts of your organization are doing well
and which parts aren't. This way, it gives you useful evidence that will help you make better decisions about your long-
term strategy and how to protect your business in the future. Utilizing trend analysis to anticipate potential issues in the
future we can stop problems before they affect our business if we can figure out which trends affect potential
customers. In order to identify market trends and developments, we have to use trend analysis. By analyzing trends and
developments, it is possible to determine whether trends and development will be beneficiary or not. Finding these
trends that will assist in protecting our customers is always something to consider for our upcoming marketing
campaigns. Protecting our business interests is always a smart move.

3.2 What is the purpose of gathering and analyzing comparative international market
information?
By gathering and analyzing comparative international market data, you can determine where your organization stands in
relation to your competitors in the market. This will enable you to identify a market gap and understand your
competitors' strengths and weaknesses. As a result, you will be able to recognize how you can improve your own
business strategy. You will learn how you can out-do your competitors in these areas in order to keep your customers'
attention. Your organization will have the chance to strategically position what they offer by gathering and analyzing
comparative international market data.

3.3 What is the purpose of analyzing the international market performance of existing and potential
competitors and their products or services?
By analyzing the international market performance, similarities and differences are identified as well as trends.
A company can use the information gathered to assess its performance and identify new opportunities. This
will give marketers information that will help them make decisions. It enables you to reduce your risk by
ensuring that you are as prepared as possible for the numerous obstacles encountered when entering a
foreign market. You'll have a better understanding of your customers and what they want, be better prepared
to compete with your rivals, avoid legal problems, and have a strategy that works.

3.4 What sources of information and intelligence might provide advance warning of new products,
services, technology or markets?
To take advantage of opportunities and counter threats, innovative companies identify and tap intelligence sources for
early warning of new products, services, tech or markets. In order to gain a competitive advantage, they use information
and innovation.

There are many different sources from which information, intelligence, and early warning can be obtained, including:

 Facebook and other social media

 The world Trade Organization (WTO)
 Forecasts
 Sites for internet advertising
 Government publications
 Publications published by the government
 Government agencies- Whether at home or abroad
 The internet
 Research papers- Research conducted nationally and internationally
 radio, television, movies, other media
 Organizational R&D
 Market intelligence- A company's or a commercial service's research
 Networking contacts
 Academic Institutions
 Publications and promotional materials

Other sources can include:

 Websites
 Advertisements of competitors
 Predicting future consumer behavior by analyzing current consumer behavior.
 Use of:
 Near Field Communication (NFC)
 Click through counts
 Technologies for tracking media
 beacons, or iBeacons- small tracking devices

3.5a What legislation and restrictions do organizations bringing goods into Australia from
overseas need to know about?
The legislation and restrictions organizations must be aware of when bringing goods into Australia from overseas are:

 permits
 The quarantine and treatment process
 Importing and buying goods from overseas requires certain conditions
  Regulations on trade measurement
 Imports that are banned or restricted
 Duty taxes
 Restrictions for customers
 The Australian Border Force's powers and jurisdiction

3.5b What things, apart from the legislative and ethical requirements of the host country are
organizations that operate in an international markets advised to investigate?
Things that are advisable to investigate apart from the legislative and ethical requirements of the host country
that operates in an International markets are:
 Conduct stringent risk assessment that includes assessments of legal responsibilities, in order to develop risk
minimization strategies.
 Be aware that when attempting to resolve a business or commercial dispute, foreign legal systems are not
necessarily neutral or immune from political pressure.
 The legal system of a foreign country may not work like the one in your home country.
 Understand the functions and regulations of the World Trade Organization (WTO).
 Become familiar with any international treaties and regulations.
 Even if an organization does not have a physical location, it should retain a registered agent there: It is possible
to accept legal documents through a registered agent.
 Legislation related to taxation should be considered.
 Analyze changes or trends that could result in loosened or tightened legislative controls.
 Understand and comply with all laws pertaining to environmental interactions, protections, restrictions, and
conservation.
 Establish contracts with customers, suppliers, and distributors that describe their rights, obligations, and
responsibilities, as well as the methods for resolving disputes, applicable to the international marketing
complex.
 Understand the import/export, licensing, customs and tax laws in the countries where the business operates.
 To operate in a foreign country, you will need to obtain any necessary licenses or registration.
 Investigate and comply with Free Trade Agreements - Australia has free trade agreements in force with other countries and
these are legally binding commitments.
 Comply with all and any legal obligations that relate to marketing and marketing processes.
 Examine the differences between the legal systems here and abroad.
 Assess the impact of tariffs, tariff quotas, and export subsidies on the organization.
 Identify the requirements for product liability and the rules of competition.

3.5c What are some of the ethical dilemmas faced by companies operating overseas, or importing from
overseas.

 Work Conditions - Businesses that operate in international markets may have the challenge of upholding home
country labor laws while denying employees those same rights.
 The environment - Western businesses face ethical challenges in international markets due to their impact on
the environment. The environment is a problem in most nations, yet laws and standards vary from one nation to
the next.
 Foreign governments
 Intellectual property
 Political and legal issues
  Bribery and Corruption - When doing business in some countries, bribery and kickbacks are normal and
expected.
 Religion
 Business practices

3.6 COVID restrictions have brought both global economies and the travel industry to a standstill.
What is the benefit of the Common Pass initiative and what can it do for international markets and
global trade?
Using CommonPass to travel safely between countries, protect private data, and contain viruses can help jumpstart
economic recovery. Travelers can confirm their COVID status without disclosing detailed health information using this
secure and verifiable system. Additionally, travelers can access lab test results and vaccination records through existing
data systems or apps such as Apple Health and Common Health. It ensures that health records come from trusted
sources and meet the screening requirements of a country. Users' data is only shared with their explicit consent.

With CommonPass, government agencies can set and verify their own health criteria for travelers based on the
CommonPass Framework. Travelers and governments can have confidence in each traveler's verified COVID-19 status by
using CommonPass and the CommonPass Framework.