Asked by Nikki Congdon on May 21, 2024
Verified
Generally, companies hire other company to do some or all of the functions necessary to run their businesses. This is known as:
A) outsourcing.
B) exporting.
C) job developing.
D) hiring.
Outsourcing
The practice of hiring third parties to perform services or create goods that were traditionally done in-house, to reduce costs and improve efficiency.
- Understand the process and reasons for outsourcing in international business.
Verified Answer
WW
William WeisslingerMay 22, 2024
Final Answer :
A
Explanation :
The act of hiring another company to perform certain business functions is commonly known as outsourcing. It is a common business strategy that allows organizations to focus on their core competencies while saving costs and increasing efficiency in non-core areas. Option B (exporting) refers to the act of sending goods or services to another country, option C (job developing) is not a common term used in business, and option D (hiring) is too general and does not specify the delegation of business functions to another company.
Learning Objectives
- Understand the process and reasons for outsourcing in international business.
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