ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Work with a business already established in another country.
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Move to the other country
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Sell the right to manufacture its products or use its trademark
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It’s not possible
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Detailed explanation-1: -An international licensing agreement allows a foreign company (the licensee) to sell the products of a producer (the licensor) or to use its intellectual property (such as patents, trademarks, copyrights) in exchange for royalty fees.
Detailed explanation-2: -Exporting is the direct sale of goods and / or services in another country. It is possibly the best-known method of entering a foreign market, as well as the lowest risk.
Detailed explanation-3: -The five most common modes of international-market entry are exporting, licensing, partnering, acquisition, and greenfield venturing. Each of these entry vehicles has its own particular set of advantages and disadvantages.
Detailed explanation-4: -All you have to do is submit an application for International Trademark Registration to the applicant’s trademark office. Under the Madrid Protocol, the person who wants to register a trademark must file an international trademark registration application with the trademark office, also known as the place of origin.
Detailed explanation-5: -A trademark is a word, a group of words, sign, symbol, logo or a combination thereof that identifies and differentiates the source of the goods or services of one entity from those of others. If you’re a business, distinguishing your goods or services from others gives you a competitive edge.