Above one of France's most recognized brand logos Louis Vuitton
Industry
In international business there are many industries. Industry is from the word industrial and associated with the mass production of the industrial revolution. An industry is the term for the basis of production of goods or offering of services.
Formally there are 4 textbook categories for industry:
1 - Natural resources, farming, mining, etc
2 - Refining, construction and manufacturing
3 - Service, inclusive of lawyers and doctors
4 - Knowledge application, inclusive of technology, marketing and programming
There is also a 5th category sometimes discussed for non-profits
In everyday life, people do not use the above formal categories but rather they simply describe their industry by the product type, such as the "automobile industry," or "fashion industry."And because there has been such an increase in the "entertainment industry," sometimes people also combine entertainment with travel, or other pleasurable service industries and label it all the "leisure industry," for production of good and services that are not necessary for survival.
So you can describe an industry and its product?:
Ex. Apple
Industry category: 4 - technology
Specific product type: personal computer devices
Global Business & Shared Values
-Shared values for all international businesses include profit, territory, employees, production, taxes/trade regulations, global advertising, global consumers
-A major goal of any business is profit, to maximize resources and shareholder value. They also pursue profit through lower costs in all areas.
-Expanding territory – an international must consider expanding territory through satellite offices and commercial spaces in international locations. The territory can also be expanded through trade relations and distribution.
-Employees - an international business will contend with exporting employees to foreign locations or outsourcing foreign employees
-Production – a business may become international because it needs to produce or obtain a product in a foreign location. A business may also build factories in foreign locations for cost reasons
-Taxes/ Trade Regulations - International businesses creates increased costs in taxes and in importing and/or exporting supplies. They must answer to trans-national regulations about product integrity, safety and other aspects.
-Global consumers – international businesses target the global consumer, which has created new challenges in language and communication
-Global advertising – in order for a business to reach foreign consumers it must advertise globally, this has increased with the internet
Global Business & Brands
-Branding is a business strategy most often described as beginning with the industrial revolution and mass production as a means of marketing mass-produced goods with similar packaging and presentation.
-A brand is a company name, a mark or logo which all called the brand identity. A slogan may or may not accompany a brand identity.
-A brand may try to place itself and promote itself through ads with brand strategy.
-The brand also has an idea associated with it that is a myth.
Ex. Nike
Industry/Product: Manufacturing sports shoes
Brand identity: Nike Swoosh
Slogan: Just Do it
Brand strategy: Celebrity athlete association
Myth: Success, winning
-Successful, large global businesses have the most recognized brands. The biggest brands have the most brand equity, which means perceived value in the public eye.
-Global brands seek to reach global consumers and have a visual presence internationally in ads and sponsorship – especially Olympics and World Cup where there are the biggest audiences
“Best Global Brands”
Thanks to Doug Ware and www.score.org and www.scoreorlando.org
Image The Louis Vuitton Logo, www.gammacurta.com and facts from www.wikipedia.org
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