ERP Implementation and Import Restrictions Essay

Open, View, and/or
Download this Document

Total Length: 720 words ( 2 double-spaced pages)

Total Sources: 4

Page 1 of 2

As postulated by David Ricardo, a system of perfectly free commerce translates to high benefits to participating trading countries (Ricardo, 1951). In this section, the paper engages trade barriers in the US during the 1980s. Furthermore, advantages and disadvantages of these factors are considered in this segment.

Primary Goods and Services Traded By the US Internationally

Around the 1980s, the US held a dominant position in many export markets. The latter was because of its economic prowess and advancements in the manufacturing and technology segments. Consequently, most of its export product groups included electrical and computer machinery, aircraft, and spacecraft, and vehicles (Baily & Bosworth, 2014). The country also exported educational, financial, and legal expertise in addition to military related services but imported crude oil, pharmaceuticals, machines, and engines. Lastly, people service imports such as installation, maintenance, and troubleshooting of parts and equipment were imported by the nation.

Trade Barriers

During the 1980s, import policies such as tariffs, quotas, and customs inhibited favorable trade between the US and its trading partners. Additionally, limits on foreign equity participation locked out American firms from having a significant stake in foreign industries (Baily & Bosworth, 2014). Besides, some nations restricted the extent of service provision by foreign professionals.

Stuck Writing Your "ERP Implementation and Import Restrictions" Essay?

View All Our Example ERP Implementation and Import Restrictions Essay

Have A Custom Example Essay Written

As a result, these factors slowed favorable trade between the US and its partners.

Pros and Cons of Trade Barriers

Pros of Import Policies

· Tax revenues for the government.

· Domestic producers receive higher prices for goods and services.

Cons of import policies

· Costlier imports were translating to higher prices for consumers.

· Increased cost of doing business in a foreign nation.

ERP

Enterprise resource planning (ERP) remains an integral element in smoothing business processes contributing towards the overall growth of firms (Schniederjans & Yadav, 2013). However, the success of this process relies on sufficient standardization of processes across a company’s segments through an understanding of existing gaps and intended goals. In this section, the implementation ERP in LG Electronics, a global electronics consumer’s giant is discussed.

Standardization of Processes across LG

LG Electronics focused on harmonizing the firm’s HR functions. This was meant to counter challenges that include high maintenance costs, inefficient decision-making, manual processes, and lack of transparency in local controls (Bradford, et al., 2014). In addition, the company faced issues with disengaged employees and limited….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"ERP Implementation And Import Restrictions" (2017, August 10) Retrieved May 18, 2024, from
https://www.aceyourpaper.com/essays/erp-implementation-import-restrictions-2165855

Latest MLA Format (8th edition)

Copy Reference
"ERP Implementation And Import Restrictions" 10 August 2017. Web.18 May. 2024. <
https://www.aceyourpaper.com/essays/erp-implementation-import-restrictions-2165855>

Latest Chicago Format (16th edition)

Copy Reference
"ERP Implementation And Import Restrictions", 10 August 2017, Accessed.18 May. 2024,
https://www.aceyourpaper.com/essays/erp-implementation-import-restrictions-2165855
   

Open, View, and/or
Download this Document
order custom essay example