What are the differences and similarities of exporting and importing?
What will be an ideal response?
Differences: Exporting involves the sale of products produced in the home country to customers in another country. This global strategy is very popular and provides a low-cost way to expand into the international arena especially with the Internet growth.
Importing is the opposite where products produced in another country are sold to buyers in the
home country. This global strategy has also been impacted by Internet growth.
Similarities: It is critical to have a good supplier (export) and good vendor (import). For both types, leaning about the culture and business practices will help avoid mistakes. Protection of any intellectual property is important. Work out transportation logistics ahead of time.
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