List and describe three reasons why companies need to research their international markets.
List and describe at least three factors that a firm should consider when making an outsourcing decision.
Companies need to research their international markets because of following three reasons:
1. To understand whether or not there is demand for their products in international markets
2. To understand global or international demand for goods and services so that necessary changes can be made in the product
3. To check for profit margins and competition in international markets so that decision to sell is made appropriately
When outsourcing, three factors should be considered:
1. Cost of inputs and raw materials and labor in both countries
2. Cost of transportation and tax laws in both countries
3. Import and export duties in both countries
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