Why Is Lack of Trust Such a Critical Issue for Firms

question 109

Essay

Why is lack of trust such a critical issue for firms engaged in international trade? How can firms engaged in trade reduce lack of trust issues?

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Definitions:

Competing Companies

Businesses operating in the same industry or market that offer similar products or services to the same customer base.

Proximity

The state or quality of being near or close in space or time.

Centre-of-Gravity

A method used in logistics and supply chain management to determine the best location for facilities based on minimizing transportation costs, considering the locations of suppliers, customers, and other factors influencing the total cost.

Quantitative Methods

A systematic empirical investigation of observable phenomena via statistical, mathematical, or computational techniques.