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Topic : International trade law
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International Trade Theories

Created by : nadendla naveen kumar, Student Of PG Studies, Emerald's Business School,PGDM  | 02 25 2011 15:18:48 +0000
Industry : Human Resources (HR) ConsultingFunctional Area : India(Markets)
Keywords : mba international hrm
Activity:  187 views;  last activity : 02 25 2011 16:04:00 +0000

Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.

  
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General Trade Vs Specific Firms
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n economics, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.[1][2][3][4][5][6] Adam Smith first described the principle of absolute advantage in the context of international trade, using labor as the only input. Since absolute advantage is determined by a simple comparison of labor productivities, it is possible for a party to have no absolute advantage in anything;[7] in that case, according to the theory of absolute advantage, no trade will occur with the other party.[8] It can be contrasted with the concept of comparative advantage which refers to the ability to produce a particular good at a lower opportunity cost. The main concept of absolute advantage is generally attributed to Adam Smith for his 1776 publication An Inquiry into the Nature and Causes of the Wealth of Nations in which he countered mercantilist ideas.[7][9] Smith argued that it was impossible for all nations to become rich simultaneously by following mercantilism because the export of one nation is another nation’s import and instead stated that all nations would gain simultaneously if they practiced free trade and specialized in accordance with their absolute advantage.[7] Smith also stated that the wealth of nations depends upon the goods and services available to their citizens, rather than their gold reserves.[10] While there are possible gains from trade with absolute advantage, the gains may not be mutually beneficial. Comparative advantage focuses on the range of possible mutually beneficial exchanges.
By nadendla naveen kumar, Student Of PG Studies, Emerald's Business School,PGDM  | 02 25 2011 16:04:00 +0000
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General Trade includes theories like Merchantilism, Theory Of Absolute Advantage, Theory Of Comparative Advantage, Factor Endowement theory.

Firm specific involves Product Life-Cycle Theory, New Trade Theory, Comparative Advantage Theory etcetera.


By nadendla naveen kumar, Student Of PG Studies, Emerald's Business School,PGDM  | 02 25 2011 15:18:48 +0000
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Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry. Achieving competitive advantage strengthens and positions a business better within the business environment. Resource-based view perspective Competitive advantage is a theory that seeks to address some of the criticisms of comparative advantage. Michael Porter proposed the theory in 1985. Competitive advantage theory suggests that states and businesses should pursue policies that create high-quality goods to sell at high prices in the market. Porter emphasizes productivity growth as the focus of national strategies. Competitive advantage rests on the notion that cheap labor is ubiquitous and natural resources are not necessary for a good economy. The other theory, comparative advantage, can lead countries to specialize in exporting primary goods and raw materials that trap countries in low-wage economies due to terms of trade. Competitive advantage attempts to correct for this issue by stressing maximizing scale economies in goodsservices that garner premium prices (Stutz and Warf 2009).
By nadendla naveen kumar, Student Of PG Studies, Emerald's Business School,PGDM  | 02 25 2011 16:00:46 +0000
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In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.
By nadendla naveen kumar, Student Of PG Studies, Emerald's Business School,PGDM  | 02 25 2011 15:22:50 +0000
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