19.Business cycle

The term business cycle (or economic cycle) refers to economy-wide fluctuations in production or economic activity over several months or years. These fluctuations occur around a long-term growth trend, and typically involve shifts over time between periods of relatively rapid economic growth (an expansion or boom), and periods of relative stagnation or decline (a contraction or recession).

Business cycles are usually measured by considering the growth rate of real gross domestic product. Despite being termed cycles, these fluctuations in economic activity do not follow a mechanical or predictable periodic pattern.

20.International trade

International trade is the exchange of capital, goods, and services across international borders or territories .In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history , its economic, social, and political importance has been on the rise in recent centuries.

International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture.

2.Management

Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.

5 Managment and cultural diversity

Managing a truly global multinational company would obviously be much simpler if it required only one set of corporate objectives goals policies practices products and globalization and localization has led to the invention of the word glocalization. Companies that want to be succesful in foreign markets have to peaware of the local cultural characteristics that affect the way business is done

A fairy obvious cultural divide that has been much studied is the one between, on the one hand, the countries of North America and north-west Europe, where management is largely based on analyses , rationality, logic and systems , and, on the other, the Latin cultures of southern Europe and South America, where personal relations, intuition, emotion and sensitivity are of much greater importance.

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companies have to develop good products or services , price them attractively , and make them accessible to their target customers. But this is not enough they also have to use various promotional tools to generate sales. According to a classification used in most marketing textbooks , advertising is only one four standard promotional tools . the others are sales promotionals , public relations and personal selling

marketing concept , marketing mix , public relations , sales promotions . .. personal selling