BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Indoor or outdoor structure where you can buy products and service from all around the world
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Institutional structure that permit people and organizations to exchange goods, service and labor
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A set of international agreements between global companies to exchange goods, service and labor
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Lidl
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Detailed explanation-1: -A market is an institutional structure that permits people and organizations to exchange goods, services and labor. The United States, for example, is a market. The United States, Canada, and Mexico form a quasi-free market governed by the US-Mexico-Canada Free Trade Agreement (USMCA).
Detailed explanation-2: -We define the global market as the system that allows commercial, financial and labor exchange between different countries without any type of restriction. Today, the economy moves in an interconnected way, so what happens in one country can affect another, so no one is isolated from an economic point of view.
Detailed explanation-3: -The Cambridge Business English Dictionary describes the global marketplace as, “All the customers or possible customers for a product or service in all areas of the world considered together.” In other words, it’s the sum of all the people in the world who want or might want your products.
Detailed explanation-4: -In terms of the global marketplace, there are three primary types of companies: international firms, multinational firms, and transnational firms.
Detailed explanation-5: -In today’s global economy, there are three broad buying and selling markets: consumer, business, and government.