4F - Technological and Global issues

Global issues

Matters taking place overseas that could potentially impact a business in Australia.

Changing technology

An invention, innovation, or process development that improves business efficiency and effectiveness.

Customer database

An organised collection of customer details like contact info, purchases, and preferences.

Loyalty cards

A common method businesses use to collect and collate customer database information.

Primary benefit of customer databases

Allows businesses to target specific marketing to groups of customers and increase profitability.

Benefits of overseas suppliers

Access to cheaper materials and unique resources that provide a competitive advantage.

Risks of overseas suppliers

Fluctuating exchange rates, high transport costs, and potential corporate social responsibility issues.

Sea freight delivery time (China to Australia)

On average, a transport ship takes 22 to 26 days.

Exporting

Selling and sending locally manufactured goods to other countries.

Product adjustments for exporting

Modifying packaging, marketing, or design to adapt to foreign laws and customs.

Benefits of exporting

Access to an increased number of potential customers in global markets.

Drawbacks of exporting

High initial expenses to research and develop products for overseas markets.