andmanagingeconomicexposure(跨國(guó)公司財(cái)務(wù)管理--文庫(kù)吧資料
2025-01-14 17:16本頁(yè)面
【正文】 ONAL MEASURE OF EXCHANGE RISK B. For firms incurring costs and selling products in foreign countries, the effect of currency changes may be less important in the long run. 23 AN OPERATIONAL MEASURE OF EXCHANGE RISK C. To measure exposure properly, you must focus on inflationadjusted or real exchange rates instead of nominal or actual exchange rates. 24 AN OPERATIONAL MEASURE OF EXCHANGE RISK D. It is difficult in practice to determine what the actual economic impact of a currency change will be. 25 PART VI. MANAGING OPERATING EXPOSURE I. INTRODUCTION Operating exposure management requires longterm operating adjustments. A. Real v. Nominal Changes 1. Relative price changes leads to marketing and/or production revisions 26 MANAGING OPERATING EXPOSURE B. Proactive Marketing and Production Initiatives 1. Marketing: market selection product strategy pricing strategy promotional strategy 27 MANAGING OPERATING EXPOSURE B. Proactive Marketing and Production Initiatives (con’t) 2. Production: product sourcing input mix plant location raising productivity 28 MANAGING OPERATING EXPOSURE II. Marketing Management Adjustments A. Market Selection 1. use advantage to carve out market share 2. Market segmentation 29 MANAGING OPERATING EXPOSURE B. Pricing strategy: Expectations critical 1. If HC value falls, exporter gains petitive advantage by increasing unit profitability and market share. 2. The higher price elasticity of demand, the more currency risk the firm faces by prod
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