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Bomestic tiaue &

Inteinational Tiaue
Assiqnment for lnternotionol Business

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Submitted to: Bi. R.K. Shiivastav
Submitted by:Piateekuanoikai (A-)
Ameyauoubole (A-8)
Aipituoel (A-9)
Domest|c 1rade

uomesLlc Lrade ls Lhe exchange of goods servlces or boLh wlLhln Lhe conflnes of a naLlonal
LerrlLory 1hey are always almed aL a slngle markeL lL always deal wlLh only one seL of
compeLlLlve economlc and markeL lssues 1he Lradlng ls always wlLh a slngle seL of cusLomers
all Lhe Llme Lhough Lhe company may have several segmenLs ln a markeL
lnLernal Lrade or home Lrade or uomesLlc Lrade may be subdlvlded lnLo Wholesale Lrade and
8eLall Lrade
Wholesales Lrade ls concerned wlLh buylng goods from manufacLurers or dealers ln large
quanLlLles and selllng Lhem ln smaller quanLlLles Lo oLhers who may be subdealers reLallers or
even consumers Wholesale Lrade may be underLaken by wholesale merchanLs or wholesale
commlsslon agenLs 1he wholesale merchanL makes ouLrlghL purchases from dealers or
manufacLurers or ln wholesale commodlLy markeLs and arrange Lhelr reselllng Lo Lhe besL
advanLage on hls own accounL 1he wholesale commlsslon agenLs acL as selllng agenLs of
producers or dealers arrange Lhe sale of goods on besL posslble Lerms on behalf of Lhe
prlnclpal and earn a commlsslon for Lhelr servlces
8eLall Lrade ls concerned wlLh Lhe sale of goods ln small quanLlLles Lo Lhe acLual users or
consumers lL ls generally carrled on by a class of Lraders known as reLallers ln acLual pracLlce
however manufacLurers and wholesalers may also underLake reLall dlsLrlbuLlon of goods Lo
bypass Lhe lnLermedlary reLaller

Internat|ona| 1rade

1rade LhaL lncludes exchange of caplLal goods and servlces across naLlons ls called
lnLernaLlonal 1rade lL ls always a ma[or source of economlc revenue for any naLlon 1hls sysLem
ls ofLen much cosLller Lhan local Lrade slnce lL lncludes addlLlonal cosLs such as Larlffs and cosLs
assoclaLed wlLh counLry dlfferences such as Lhe legal sysLems or a dlfferenL culLure eLc
lndusLrlallzaLlon CloballzaLlon and CuLsourclng are Lhe producLs of lnLernaLlonal Lrade sysLem
lnLernaLlonal 1rade was regulaLed LradlLlonally Lhrough bllaLeral LreaLles beLween Lwo naLlons
where mosL of Lhe naLlons had hlgh Larlffs and many resLrlcLlons on Lhe same had llmlLed Lhe
Lrade from free flow aL Llmes ln course of Llme Lhe LreaLles llke Ceneral AgreemenL on 1arlffs
and 1rade (CA11) and World 1rade CrganlzaLlon (W1C) Lhough opposed wlLh clalms of unfalr
Lrade LhaL ls noL muLually beneflclal Lhey have aLLempLed Lo creaLe a globally regulaLed Lrade
sLrucLure Lhrough several oLher reglonal arrangemenLs such as ML8CCSu8 Lhe norLh Amerlcan
lree 1rade AgreemenL (nAl1A) eLc
1hose companles LhaL underLake Lhelr LransacLlons ln Lwo or more naLlons are known as MulLl
naLlonal LnLerprlses (MnL) or MulLl naLlonal CorporaLlon (MnC) or 1ransnaLlonal Company
(1Cn) or Clobal Companles

Scope
Scope ls qulLe wlde as Lhe buslness ls operaLed ln many naLlons AparL from Lrade ln
merchandlse exporLs lL also lncludes Lrade ln servlces llcenslng and franchlslng as well as
forelgn lnvesLmenLs

Advantages
1 CperaLlons ln Lwo or more naLlons always resulLs ln huge beneflLs MarkeL flucLuaLlons can
never be a hurdle ln Lhls sysLem from galnlng maxlmum proflLs
2 llrms can escape Lhe lnLense compeLlLlon ln domesLlc markeLs lmproved buslness vlslon has
good prospecLs for hlgher proflLs
3 CreaLlon of more employmenL opporLunlLles efflclenL use of domesLlc resources and
exchange of forelgn currency beneflLs Lhe naLlons
4 CrossnaLlonal cooperaLlon and agreemenLs are always posslble naLlons cooperaLe more on
LransacLlonal lssues whlch ln reLurn lmproves Lhe pollLlcal relaLlons among Lhem

D|sadvantages
1 1hls mode of sysLem leads Lo rapld depleLlon of exhausLlble naLural resources
2 ueal wlLh speclal llcenses and regulaLlons of Lhe dlfferenL naLlons really makes Lhe companles
Lo sLep back aL Llmes Lo carry on buslness
3 CounLrles may lnLerfere ln Lhe pollLlcal maLLers of oLher counLrles someLlmes ln here rlch
naLlons galn conLrol over weaker naLlons

D|fferences between Internat|ona| 1rade and Domest|c 1rade

Scope
Scope of lnLernaLlonal buslness ls qulLe wlde lL lncludes noL only merchandlse exporLs buL also
Lrade ln servlces llcenslng and franchlslng as well as forelgn lnvesLmenLs uomesLlc buslness
perLalns Lo a llmlLed LerrlLory 1hough Lhe flrm has many buslness esLabllshmenLs ln dlfferenL
locaLlons all Lhe Lradlng acLlvlLles are lnslde a slngle boundary

8enef|ts
lnLernaLlonal buslness beneflLs boLh Lhe naLlons and flrms uomesLlc buslnesses have lesser
beneflLs when compared Lo Lhe former
- 1o the nat|ons 1hrough lnLernaLlonal buslness naLlons galn by way of earnlng forelgn
exchange more efflclenL use of domesLlc resources greaLer prospecLs of growLh and creaLlon
of employmenL opporLunlLles uomesLlc buslness as lL ls conducLed locally Lhere would be no
much lnvolvemenL of forelgn currency lL can creaLe employmenL opporLunlLles Loo and Lhe
mosL lmporLanL parL ls buslness slnce carrled locally and always dealL wlLh local resources Lhe
perfecLlon ln uLlllsaLlon of Lhe same resources would obvlously reap Lhe beneflLs
- 1o the f|rms 1he advanLages Lo Lhe flrms carrylng buslness globally lnclude prospecLs for
hlgher proflLs greaLer uLlllzaLlon of producLlon capaclLles way ouL Lo lnLense compeLlLlon ln
domesLlc markeL and lmproved buslness vlslon roflLs ln domesLlc Lrade are always lesser
when compared Lo Lhe proflLs of Lhe flrms deallng LransacLlons globally

Market I|uctuat|ons
llrms conducLlng Lrade lnLernaLlonally can wlLhsLand Lhese slLuaLlons and huge losses as Lhelr
operaLlons are wlde spread 1hough Lhey face losses ln one area Lhey may geL proflLs ln oLher
areas Lhls provldes for sLablllzlng durlng seasonal markeL flucLuaLlons llrms carrylng buslness
locally have Lo face Lhls slLuaLlon whlch resulLs ln low proflLs and ln some cases losses Loo

Modes of entry
A flrm deslrous of enLerlng lnLo lnLernaLlonal buslness has several opLlons avallable Lo lL 1hese
range from exporLlng/lmporLlng Lo conLracL manufacLurlng abroad llcenslng and franchlslng
[olnL venLures and seLLlng up wholly owned subsldlarles abroad Lach enLry mode has lLs own
advanLages and dlsadvanLages whlch Lhe flrm needs Lo Lake lnLo accounL whlle decldlng as Lo
whlch mode of enLry lL should prefer llrms golng for domesLlc Lrade does have Lhe opLlons buL
noL Loo many as Lhe former one
1o esLabllsh buslness lnLernaLlonally flrms lnlLlally have Lo compleLe many formallLles whlch
obvlously ls a Ledlous Lask 8uL Lo sLarL a buslness locally Lhe process ls always an easy Lask lL
doesnL requlre Lo process any dlfflculL formallLles

urvey
rovldlng goods and servlces as a buslness wlLhln a LerrlLory ls much easler Lhan dolng Lhe same
globally 8esLrlcLlons such as cusLom procedures do noL boLher domesLlc enLlLles buL whereas
globally operaLlng flrms need Lo follow compllcaLed cusLoms procedures and Lrade barrlers llke
Larlff eLc

Shar|ng of 1echno|ogy
lnLernaLlonal buslness provldes for sharlng of Lhe laLesL Lechnology LhaL ls lnnovaLed ln varlous
flrms across Lhe globe whlch ln consequence wlll lmprove Lhe mode and quallLy of Lhelr
producLlon

o||t|ca| re|at|ons
lnLernaLlonal buslness obvlously lmprove Lhe pollLlcal relaLlons among Lhe naLlons whlch glves
rlse Lo CrossnaLlonal cooperaLlon and agreemenLs naLlons cooperaLe more on LransacLlonal
lssues



lnLernaLlonal buslness grew over Lhe lasL half of Lhe LwenLleLh cenLury parLly because of
llberallzaLlon of boLh Lrade and lnvesLmenL and parLly because dolng buslness lnLernaLlonally
had become easler ln Lerms of llberallzaLlon Lhe Ceneral AgreemenL on 1arlffs and 1rade
(CA11) negoLlaLlon rounds resulLed ln Lrade llberallzaLlon and Lhls was conLlnued wlLh Lhe
formaLlon of Lhe World 1rade CrganlzaLlon (W1C) ln 1993 AL Lhe same Llme worldwlde caplLal
movemenLs were llberallzed by mosL governmenLs parLlcularly wlLh Lhe advenL of elecLronlc
funds Lransfers ln addlLlon Lhe lnLroducLlon of a new Luropean moneLary unlL Lhe euro lnLo
clrculaLlon ln !anuary 2002 has lmpacLed lnLernaLlonal buslness economlcally 1he euro ls Lhe
currency of Lhe Luropean unlon membershlp ln March 2003 of 23 counLrles and Lhe euro
replaced each counLrys prevlous currency As of early 2003 Lhe unlLed SLaLes dollar conLlnues
Lo sLruggle agalnsL Lhe euro and Lhe lmpacLs are belng felL across lndusLrles worldwlde
ln Lerms of ease of dolng buslness lnLernaLlonally Lwo ma[or forces are lmporLanL
- Lechnologlcal developmenLs whlch make global communlcaLlon and LransporLaLlon
relaLlvely qulck and convenlenL and
- Lhe dlsappearance of a subsLanLlal parL of Lhe communlsL world openlng many of Lhe
worlds economles Lo prlvaLe buslness


1kADL AND INVLS1MLN1
ln order Lo undersLand lnLernaLlonal buslness lL ls necessary Lo have a broad concepLual
undersLandlng of why Lrade and lnvesLmenL across naLlonal borders Lake place 1rade and
lnvesLmenL can be examlned ln Lerms of Lhe comparaLlve advanLage of naLlons
ComparaLlve advanLage suggesLs LhaL each naLlon ls relaLlvely good aL produclng cerLaln
producLs or servlces 1hls comparaLlve advanLage ls based on Lhe naLlons abundanL facLors of
producLlonland labor and caplLaland a counLry wlll exporL Lhose producLs/servlces LhaL
use lLs abundanL facLors of producLlon lnLenslvely Slmply conslder only Lwo facLors of
producLlon labor and caplLal and Lwo counLrles x and ? lf counLry x has a relaLlve abundance
of labor and counLry ? a relaLlve abundance of caplLal counLry x should exporL
producLs/servlces LhaL use labor lnLenslvely counLry ? should exporL producLs/servlces LhaL
use caplLal lnLenslvely
1hls ls a very slmpllsLlc explanaLlon of course 1here are many more facLors of producLlon of
varylng quallLles and Lhere are many addlLlonal lnfluences on Lrade such as governmenL
regulaLlons neverLheless lL ls a sLarLlng polnL for undersLandlng whaL naLlons are llkely Lo
exporL or lmporL 1he concepL of comparaLlve advanLage can also help explaln lnvesLmenL
flows Cenerally caplLal ls Lhe mosL moblle of Lhe facLors of producLlon and can move relaLlvely
easlly from one counLry Lo anoLher CLher facLors of producLlon such as land and labor elLher
do noL move or are less moblle 1he resulL ls LhaL where caplLal ls avallable ln one counLry lL
may be used Lo lnvesL ln oLher counLrles Lo Lake advanLage of Lhelr abundanL land or labor
llrms may develop experLlse and flrm speclflc advanLages based lnlLlally on abundanL resources
aL home buL as resource needs change Lhe sLage of Lhe producL llfe cycle maLures and home
markeLs become saLuraLed Lhese flrms flnd lL advanLageous Lo lnvesL lnLernaLlonally

IN1LkNA1ICNAL LN1k CnCICLS
lnLernaLlonal flrms may choose Lo do buslness ln a varleLy of ways Some of Lhe mosL common
lnclude exporLs llcenses conLracLs and Lurnkey operaLlons franchlses [olnL venLures wholly
owned subsldlarles and sLraLeglc alllances
O Lxport|ng ls ofLen Lhe flrsL lnLernaLlonal cholce for flrms and many flrms rely
subsLanLlally on exporLs LhroughouL Lhelr hlsLory LxporLs are seen as relaLlvely slmple
because Lhe flrm ls relylng on domesLlc producLlon can use a varleLy of lnLermedlarles
Lo asslsL ln Lhe process and expecLs lLs forelgn cusLomers Lo deal wlLh Lhe markeLlng
and sales lssues Many flrms begln by exporLlng reacLlvely Lhen become proacLlve when
Lhey reallze Lhe poLenLlal beneflLs of addresslng a markeL LhaL ls much larger Lhan Lhe
domesLlc one LffecLlve exporLlng requlres aLLenLlon Lo deLall lf Lhe process ls Lo be
successful for example Lhe exporLer needs Lo declde lf and when Lo use dlfferenL
lnLermedlarles selecL an approprlaLe LransporLaLlon meLhod preparlng exporL
documenLaLlon prepare Lhe producL arrange accepLable paymenL Lerms and so on
MosL lmporLanLly Lhe exporLer usually leaves markeLlng and sales Lo Lhe forelgn
cusLomers and Lhese may noL recelve Lhe same aLLenLlon as lf Lhe flrm lLself underLook
Lhese acLlvlLles Larger exporLers ofLen underLake Lhelr own markeLlng and esLabllsh
sales subsldlarles ln lmporLanL forelgn markeLs

O L|censes are granLed from a llcensor Lo a llcensee for Lhe rlghLs Lo some lnLanglble
properLy (eg paLenLs processes copyrlghLs Lrademarks) for agreed on compensaLlon
(a royalLy paymenL) Many companles feel LhaL producLlon ln a forelgn counLry ls
deslrable buL Lhey do noL wanL Lo underLake Lhls producLlon Lhemselves ln Lhls
slLuaLlon Lhe flrm can granL a llcense Lo a forelgn flrm Lo underLake Lhe producLlon 1he
llcenslng agreemenL glves access Lo forelgn markeLs Lhrough forelgn producLlon wlLhouL
Lhe necesslLy of lnvesLlng ln Lhe forelgn locaLlon 1hls ls parLlcularly aLLracLlve for a
company LhaL does noL have Lhe flnanclal or managerlal capaclLy Lo lnvesL and
underLake forelgn producLlon 1he ma[or dlsadvanLage Lo a llcenslng agreemenL ls Lhe
dependence on Lhe forelgn producer for quallLy efflclency and promoLlon of Lhe
producLlf Lhe llcensee ls noL effecLlve Lhls reflecLs on Lhe llcensor ln addlLlon Lhe
llcensor rlsks loslng some of lLs Lechnology and creaLlng a poLenLlal compeLlLor 1hls
means Lhe llcensor should choose a llcensee carefully Lo be sure Lhe llcensee wlll
perform aL an accepLable level and ls LrusLworLhy 1he agreemenL ls lmporLanL Lo boLh
parLles and should ensure LhaL boLh parLles beneflL equlLably

O Contracts are used frequenLly by flrms LhaL provlde speclallzed servlces such as
managemenL Lechnlcal knowledge englneerlng lnformaLlon Lechnology educaLlon
and so on ln a forelgn locaLlon for a speclfled Llme perlod and fee ConLracLs are
aLLracLlve for flrms LhaL have LalenLs noL belng fully uLlllzed aL home and ln demand ln
forelgn locaLlons 1hey are relaLlvely shorLLerm allowlng for flexlblllLy and Lhe fee ls
usually flxed so LhaL revenues are known ln advance 1he ma[or drawback ls Lhelr shorL
Lerm naLure whlch means LhaL Lhe conLracLlng flrm needs Lo develop new buslness
consLanLly and negoLlaLe new conLracLs 1hls negoLlaLlon ls Llme consumlng cosLly and
requlres sklll aL crossculLural negoLlaLlons 8evenues are llkely Lo be uneven and Lhe
flrm musL be able Lo weaLher perlods when no new conLracLs maLerlallze

O 1urnkey contracts are a speclflc klnd of conLracL where a flrm consLrucLs a faclllLy sLarLs
operaLlons Lralns local personnel Lhen Lransfers Lhe faclllLy (Lurns over Lhe keys) Lo Lhe
forelgn owner 1hese conLracLs are usually for very large lnfrasLrucLure pro[ecLs such as
dams rallways and alrporLs and lnvolve subsLanLlal flnanclng Lhus Lhey are ofLen
flnanced by lnLernaLlonal flnanclal lnsLlLuLlons such as Lhe World 8ank Companles LhaL
speclallze ln Lhese pro[ecLs can be very proflLable buL Lhey requlre speclallzed experLlse
lurLher Lhe lnvesLmenL ln obLalnlng Lhese pro[ecLs ls very hlgh so only a relaLlvely small
number of large flrms are lnvolved ln Lhese pro[ecLs and ofLen Lhey lnvolve a syndlcaLe
or collaboraLlon of flrms


O Slmllar Lo llcenslng agreemenLs franch|ses lnvolve Lhe sale of Lhe rlghL Lo operaLe a
compleLe buslness operaLlon Wellknown examples lnclude lndependenLly owned fasL
food resLauranLs llke Mcuonalds and lzza PuL A successful franchlse requlres conLrol
over someLhlng LhaL oLhers are wllllng Lo pay for such as a name seL of producLs or a
way of dolng Lhlngs and Lhe avallablllLy of wllllng and able franchlsees llndlng
franchlsees and malnLalnlng conLrol over franchlsable asseLs ln forelgn counLrles can be
dlfflculL Lo be successful aL lnLernaLlonal franchlslng flrms need Lo ensure Lhey can
accompllsh boLh of Lhese

O o|nt ventures lnvolve shared ownershlp ln a subsldlary company A [olnL venLure allows
a flrm Lo Lake an lnvesLmenL poslLlon ln a forelgn locaLlon wlLhouL Laklng on Lhe
compleLe responslblllLy for Lhe forelgn lnvesLmenL !olnL venLures can Lake many forms
lor example Lhere can be Lwo parLners or more parLners can share equally or have
varylng sLakes parLners can come from Lhe prlvaLe secLor or Lhe publlc parLners can be
sllenL or acLlve parLners can be local or lnLernaLlonal 1he declslons on whaL Lo share
how much Lo share wlLh whom Lo share and how long Lo share are all lmporLanL Lo Lhe
success of a [olnL venLure !olnL venLures have been llkened Lo marrlages wlLh Lhe
suggesLlon LhaL Lhe cholce of parLner ls crlLlcally lmporLanL Many [olnL venLures fall
because parLners have noL agreed on Lhelr ob[ecLlves and flnd lL dlfflculL Lo work ouL
confllcLs !olnL venLures provlde an effecLlve lnLernaLlonal enLry when parLners are
complemenLary buL flrms need Lo be Lhorough ln Lhelr preparaLlon for a [olnL venLure


O Jho||yowned subs|d|ar|es lnvolve Lhe esLabllshmenL of buslnesses ln forelgn locaLlons
whlch are owned enLlrely by Lhe lnvesLlng flrm 1hls enLry cholce puLs Lhe lnvesLor
parenL ln full conLrol of operaLlons buL also requlres Lhe ablllLy Lo provlde Lhe needed
caplLal and managemenL and Lo Lake on all of Lhe rlsk Where conLrol ls lmporLanL and
Lhe flrm ls capable of Lhe lnvesLmenL lL ls ofLen Lhe preferred cholce CLher flrms feel
Lhe need for local lnpuL from local parLners or speclallzed lnpuL from lnLernaLlonal
parLners and opL for [olnL venLures or sLraLeglc alllances even where Lhey are
flnanclally capable of 100 percenL ownershlp

O Strateg|c a|||ances are arrangemenLs among companles Lo cooperaLe for sLraLeglc
purposes Llcenses and [olnL venLures are forms of sLraLeglc alllances buL are ofLen
dlfferenLlaLed from Lhem SLraLeglc alllances can lnvolve no [olnL ownershlp or speclflc
llcense agreemenL buL raLher Lwo companles worklng LogeLher Lo develop a synergy
!olnL adverLlslng programs are a form of sLraLeglc alllance as are [olnL research and
developmenL programs SLraLeglc alllances seem Lo make some flrms vulnerable Lo loss
of compeLlLlve advanLage especlally where small flrms ally wlLh larger flrms ln splLe of
Lhls many smaller flrms flnd sLraLeglc alllances allow Lhem Lo enLer Lhe lnLernaLlonal
arena when Lhey could noL do so alone


O lnLernaLlonal buslness grew subsLanLlally ln Lhe second half of Lhe LwenLleLh cenLury
and Lhls growLh ls llkely Lo conLlnue 1he lnLernaLlonal envlronmenL ls complex and lL ls
very lmporLanL for flrms Lo undersLand Lhls envlronmenL and make effecLlve cholces ln
Lhls complex envlronmenL 1he prevlous dlscusslon lnLroduced Lhe concepL of
comparaLlve advanLage explored some of Lhe lmporLanL aspecLs of Lhe lnLernaLlonal
buslness envlronmenL and ouLllned Lhe ma[or lnLernaLlonal enLry cholces avallable Lo
flrms 1he Loplc of lnLernaLlonal buslness ls lLself complex and Lhls shorL dlscusslon
serves only Lo lnLroduce a few ldeas on lnLernaLlonal buslness lssues

Ind|a 1rade Stat|st|cs
1he Lconomy of lndla ls Lhe LenLh largesL ln Lhe world by nomlnal Cu and Lhe fourLh largesL by
purchaslng power parlLy () 1he counLrysper caplLa Cu () ls $3339 (lMl 129Lh) ln
2010
Lxterna|
LxporLs $2474 bllllon (2010)
LxporL goods peLroleum producLs preclous sLones machlnery lron and sLeel
chemlcals vehlcles apparel
Maln exporL parLners uAL 1287 uS 1239 Chlna 339 (2009)
lmporLs $3393 bllllon (2010)
lmporL goods crude oll preclous sLones machlnery ferLlllzer lron and sLeel
chemlcals
Maln lmporL parLners Chlna 1094 uS 716 Saudl Arabla 336 uAL 318
AusLralla 302 Cermany 486 Slngapore 402 (2009)
lul sLock $336 bllllon (200910)
Cross exLernal debL $2371 bllllon (2010 esL)


Jor|d trade Stat|st|cs
1he sudden and sharp decllne ln world Lrade from uS $ 16 Lrllllon ln 2008 Lo uS$ 124 Lrllllon ln
2009 was followed by an lmpresslve recovery ln 2010 World Lrade reached uS$ 703 Lrllllon ln
Lhe flrsL half of 2010 wlLh a value growLh of 24 percenL World Lrade volumes whlch fell by an
unprecedenLed 107 per cenL ln 2009 have qulckly recovered wlLh a growLh of 12 per cenL ln
2010 as per Lhe lnLernaLlonal MoneLary lund's (lMl) World Lconomlc CuLlook (WLC) !anuary
2011 (1able 71) Whlle Lhls recovery ls parLlally due Lo Lhe base effecL Lhe plckup ln world
ouLpuL from Lhe negaLlve LerrlLory of () 06 per cenL ln 2009 Lo a poslLlve 30 per cenL ln 2010
backed by Lhe flscal sLlmulus of dlfferenL counLrles helped As sLaLed by Lhe lMl world Lrade
remalns below lLs precrlsls Lrend and for some economles parLlcularly Lhose hlL by a banklng
crlsls lL remalns below precrlsls levels CrowLh ln Lrade volumes of emerglng and developlng
economles ln 2010 was more robusL Lhan LhaL of advanced economles [usL as Lhe fall ln 2009
had been less severe








Sources
http]]d|||pchandra12hubpagescom]hub]Domest|c1rade
http]]wwwreferenceforbus|nesscom]management]GrInt]Internat|ona|8us|nesshtm|
wwww|k|ped|aorg

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