Terminology relevant for this pathway
IMPORTANT TERM
SIMPLE DEFINITION
Distribution channels
The network, from initial manufacturing through intermediaries and distributors , which takes a product to its final consumer.
Lead generation
The process of generating interest in a product or service with the goal of turning that interest into a sale.
Trade tariffs
A tax imposed by one country on the goods and services imported from another country.
Trade regulation
Government regulation of imports and exports and the nature of the products involved.
Sourcing
Identifying, evaluating, and selecting suppliers or vendors to obtain goods, services, or raw materials required for a business's operations.
Procurement
The entire end-to-end process of acquiring goods, services, or works from external sources.
Outsourcing
Employing another organization, typically low-cost, to obtain goods or services as opposed to using in-house production.
Reshoring
Transferring a business operation that was moved overseas back to the country from which it was originally relocated.
Nearshoring
Outsourcing work to a company in a neighboring country as opposed to a more distant one.
Supply chain management
The management of the entire flow of goods or services, from the raw materials and components to the final product delivered to the buyer
Strategic Partnerships and Alliances
An agreement between two or more companies to work together on a mutually beneficial project while maintaining their independence.
Mergers and Acquisitions
The consolidation of two companies into one (merger) or the purchase of one company by another (acquisition).
Product Development and Innovation
The process of creating a new product—or improving an existing one—to meet customers’ needs in a novel way.
Emerging Technologies
Technology such as AI, which is still in the process of development, but which is expected to have a significant impact on business.
Cross-border management
The management of trade flows between countries, across physical, legal and other barriers