Involves developing low cost products that will appeal to people with relatively low incomes, most of the time an early version of the product
Backward innovation
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Brazil, Russia, India and China
BRIC
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The raw materials that are traded in bulk, including ore, cotton and oil
Commodities
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Europe, Japan, USA, Canada and Australia. They have high incomes and high standards of living
Developed countries
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Low standards of living, limited infrastructure and low levels of investment
Developing countries
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Means selling more than one product or the same product in more than one market
Diversifying
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Reduction in average costs of production brought about by an increase in the size and scale of the busienss
Economies of scale
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Characterised by rapid economic growth. They have seen big increase in manufacturing output and standards of living are rising
Emerging economies
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Means following codes of practice that embody moral values, in the objective to do the right thing.
Ethical decision making
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Aim to extend the life of a product either by making small changes in it, finding new uses for it, or finding new markets
Extension strategies
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Means investing in a country other than one where the head office is. There is a good of ____ between the UK and the USA but increasing, emerging economies.
Foreign Direct Investment
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Other cards in this set
Card 2
Front
Brazil, Russia, India and China
Back
BRIC
Card 3
Front
The raw materials that are traded in bulk, including ore, cotton and oil
Back
Card 4
Front
Europe, Japan, USA, Canada and Australia. They have high incomes and high standards of living
Back
Card 5
Front
Low standards of living, limited infrastructure and low levels of investment
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