With technology constantly evolving and the unreliability of external factors, the company that understands it and also adapts its operations will have the upper hand to conquer the market. Companies need to consider that technology becomes obsolete in the blink of an eye and therefore need to easily adopt its new forms in order to gain a competitive advantage. VRIO analysis refers to the analytical technique used to assess an organization`s resources that further helps analyze the company`s competitive advantage in the industry (Frue, 2017). The following table gives an overview of the different terms: SWOT analysis is one of the most important business analysis tools that helps to understand the internal and external business environment of a company. SWOT analysis refers to the framework that involves the analysis of the company`s competitive position, which is useful in the strategic planning of a company. Therefore, SWOT analysis is a strategic planning tool that helps identify the company`s internal and external environmental factors. The company`s internal environmental analysis includes the analysis of the strengths and weaknesses of a company organization, which are also under the company`s control. External analysis includes the analysis of opportunities and threats to the sales organization that lie outside the company. Thus, it was found that by applying SWOT analysis, companies can identify various skills and characteristics of the sales organization. Below is a detailed analysis of the different elements of the SWOT analysis: The article is very informative. This helped me properly structure my international trade mission.

The descriptive analysis of various factors related to Woolworth`s business is an added benefit. Different tax policies and food licensing requirements also affect grocery store operations. In addition, Woolworths must comply with various Fair Work Act employee regulations and guidelines in order to satisfy its employees with various labour policies („Employment & labour law in Australia| Lexology”, 2019). Woolworths has also developed a number of guidelines to comply with changes to various laws relating to employment, competition, product safety, environmental protection, etc. Many economic factors that have a direct impact on international trade include: Technological factors drive economic growth and social change. Therefore, they have both positive and negative effects on countries due to cross-border transactions. In addition, it could threaten the existence of local companies to extinction or raise their level to global standards. Hofstede`s model proposes four dimensions of cultural values, which are as follows: Substitutes refer to goods that can be substituted in place of other products and services.

The availability of substitutes increases the risk that companies will face a substitute. The availability of substitute products also determines the price of the goods invoiced by the company. The cultural environment is one of the crucial components of the international business environment. This is the most difficult to understand because the cultural environment is invisible. It has been described as a shared and shared set of common values and beliefs that determine what is good for a group, according to Kluckhohn and Strodtbeck. The cultural environment in which international trade must operate is itself very complex, as fundamental values and attitudes differ from country to country. It should be noted that the crop is a by-product that extends over a long period of development and dispersal. It can raise major conflicts. The following types of international trading environment can be grasped as follows: The last decade of the twentieth century saw significant technological advances, and this continues into the twenty-first century.

Technology often gives companies a competitive edge. As a result, organizations compete for access to the latest technologies, and international organizations transfer technologies to compete globally. Note: You can view the Index of Economic Freedom. It evaluates and compares countries based on how policies affect trade decisions in those places. The factors that encourage or push companies to engage internationally can be divided into two parts: pull factors and incentive factors. Pull factors are proactive reasons that attract a company to foreign markets in order to achieve relative business growth. Push factors are constraints related to the prospects of the domestic market, such as market saturation, that push companies to internationalize. Many factors really influence the international business environment. Some of them include the political and legal environment, the technological environment, and the social and economic environment, which have a direct impact on the operations of multinational corporations. Economic factors exert a great influence on international companies.

The economic environment includes the factors that influence a country`s attractiveness for international companies. Everything you need to know before starting a clothing store in India The political environment means political risk, the relationship of the government with a company, and the type of government in the country. International trade involves dealing with different types of governments, levels of risk and relationships. For example, in a highly individualistic country, individual tasks, goals, and reward systems are supposed to be effective, while the opposite would be true in a country that has little individualism. When analyzing cultural factors, the organization should consider the following aspects: A term called „country attractiveness” is often discussed in the international business world. It is important to consider attractiveness before discussing environmental factors. Some of the key factors that are essential for a constructive approach that executives should take when expanding their business into a new jurisdiction or adapting strategies to hard-to-exploit locations are: International trade includes trade in services, foreign trade, portfolio investment and direct investment (FDIS) Woolworths operates in an economically sound working environment and stable, which contributes to the stabilization of the company`s sales and profits.