www.slu.cz/opf/cz INTERNATIONAL TRADE OPERATIONS Ing. Radka Bauerová, Ph.D. 26. 2. 2026 Lecture No. 2: THE PHASES OF THE BUSINESS OPERATION The role of the preparation and the plans for entering chosen market Types of business negotiations Business negotiations from the international perspective Specification of documents types in business relations from the national perspective Specification of documents types in business relations from the international perspective Explanation of Incoterms CONTENT OF THE LECTURE SLEZSKÁ UNIVERZITA THE PHASES OF THE BUSINESS OPERATION ➢ Trading on foreign markets is carried out through individual trading operations, which can take different forms of entry into the international market. ➢ They are specific in content and consist of a preparatory and implementation phase. Preparatory part Implementationpart Preparatory phase Contract phase Implementation of the business operation Acceptance and payment phase Finalisation phase • Market research • Transaction planning • Conclusion of a negotiated contract • Transport insurance, insurance of goods • inspection, shipment of goods, invoicing, customs procedures • Buyer accepts (receives) and pays for the goods • Accounting liquidation of receivables • final calculation • settlement of conflicts and claims PREPARATORY PHASE – MARKET RESEARCH ➢ In the case of capital inputs to the markets, it precedes the contract conclusion phase ➢ The stage of deciding on the profitability of entering the intended market ➢ The process of targeted search and gathering information about the conditions, trends, opportunities and risks of the monitored market ➢ Decision-making based on a set of surveys of a given foreign market ➢ The survey allows the selection of a suitable country Czech Export Magazine www.exportmag.cz Large companies Small businessesVS. It is appropriate to use the support of state institutions(CZECHTRAD E, Czech Export Bank, Export Guarantee and Insurance Company – EGAP, Czech Invest, Czech Tourism), associations, unions, the help of experienced exporters The Specific Areas of Survey Focus when Conducting International Business Operations Territorial survey Commercial-political research Commodity survey Competition research Consumer survey Price survey Tax survey Examination of Payment conditions and instruments Survey of product quality and its technical level Logistics-Transport survey Exploring intercultural differences and social practices ➢ Before the final decision → conduct a risk analysis of the foreign trade operation The Specific Areas of Survey Focus when Conducting International Business Operations It is important to carry out analyses in these specific areas for business operations (Svatoš, 2009): ➢ Territorial survey - focuses on the specifics of the area (country) in terms of macroeconomic, political, its trade policy and demography, including the country's creditworthiness (discussed in more detail in the second lecture). ➢ Commercial-political research – is an analysis of information on any autonomous market protection measures in use, tariffs, quotas, documents required and the stage of contractual instruments, including the examination of legal aspects. ➢ Commodity survey - focuses on the analysis of the market situation of a particular commodity, monitoring the development of prices, opportunities and tenders. ➢ Competition research - gathering information about the distribution of forces in the competitive market of the country (current and potential competitors), analysis of trends and further development. ➢ Consumer Survey - focusing on the consumer's purchasing behaviour and looking for factors that affect him, identifies the specific needs and desires. The analysis should identify who its customers (consumer, distributor, retailer) and specify the closer social, economic, age, gender and income characteristics of the market segment. In the case of the industrial market, know its country specificities and business partner profile. ➢ Price survey - has a key impact on pricing and acts as a marketing communication tool. ➢ Tax survey - finds out how the set tax level translates into higher prices of exported products, or how it affects business when opening branches abroad. The Specific Areas of Survey Focus when Conducting International Business Operations It is important to carry out analyses in these specific areas for business operations (Svatoš, 2009): ➢ Examination of payment conditions and instruments, including currency selection for the concluded contract - is important to reduce insolvency or exchange rate risks. ➢ Survey of product quality and its technical level - prevents problems with the product market and ensures compliance with country regulations in the field of technical standards, sanitary and health regulations. ➢ Logistics-Transport Survey - focuses on identifying transport options, their costs, transport organizations or forwarding services and geographic specific areas. ➢ Exploring intercultural differences and social practices - involves identifying factors whose respect and use can significantly affect the marketability of a product or service. It manifests not only as linguistic, religious or communication differences, but also as differences in approach to business conduct, different meaning of verbal or written agreement, understanding of time, respect for authority, straightforward or tactical negotiation, individual or group decision making and business and private access in a personal meeting (business negotiations). Knowledge of national customs and their respect is a prerequisite for longterm business ties. All information collected will be assessed by the exporter, importer, or FDI implementer either by their own expert team or with the help of external consultants. An important part preceding the final decision should be the elaboration of a risk analysis of the foreign trade operation. (Mulačová et al., 2013) „ONE COUNTRY, MANY ANGLES “ Time: 15 min (10 min work + 5 min sharing) Objective: To map the key factors of market entry in a flash and to decide "yes/no" for the pilot delivery of goods. Country of entry under consideration: Ireland Product: Premium Kettle with Control temperature ("smart kettle") Assignment: 1. Write down the Top 2 findings (specifically) within your survey type. 2. What impact the finding may have on the decision (what this means for entry: it facilitates/complicates). 3. Indicate the sources from which you have drawn. Resource Tips: CzechTrade / MPO, ITC Trade Map/UN Comtrade, World Bank Data, OECD, WTO, EU Access2Markets (tarify, DPH, celní sazby), National statistical offices, large carriers (transit times), banks (payment instruments), local eCommerce/retail price lists. Would you like to have tea? 1 POINT ASSIGNEMENT SHARING AND SYNTHESIS HELPS COMLICATES • Strong tea culture • It is part of the intra-EU market (duty is not paid) • SEPA payments, OA preferences • Low corporate taxes • Developed infrastructure (airports, ship hubs) • Create an innovative USP • Large price range of the product in the target market • High purchasing power • Smart home preferences • Friendly communication during negotiations, does not tolerate official/artificial negotiations • High customer price sensitivity (price vs. quality) • Strong preference for established brands • Required certifications (CE) and compliance with specific standards, HS certification, strict technical documentation, EMC directive, ROHS certification • NSAI Approval • Longer maturity (30-60 days), risk of late payments – credit insurance • Higher VAT (23%) • High rent and energy costs • Saturated market (established brands) • Very small market (5 million inhabitants) • A large number of holidays • Be careful – do not mention that we have English business partners Decide whether the company should enter the market and justify your decision. To create a comprehensive analysis of the Irish market prior to entry, it is essential to combine official government sources with international market research and local chambers of commerce. BUSINESSNEGOTIATIONS TYPES OF BUSINESS NEGOTIATIONS As mentioned earlier, at the stage of preparation of a trade operation, it is important to find out the process of business negotiations in the country to prepare the trader as best as possible for the actual negotiation process. Millions of international business deals are negotiated worldwide every day carried out by managers, business people, financiers, lawyers, engineers and sales and marketing executives. Many negotiations are carried out in face-to-face meetings. But, in addition, a wide range of alternative communication methods are used (text messaging, phone calls, emails, videoconferencing, virtual negotiation). Some of the factors that lead to success in both domestic and international business negotiations are the same, included (Maude, 2014): ➢ Preparedness of the negotiators ➢ Negotiating skills of the negotiators ➢ Quality of information acquired But in many other ways international business negotiation differs from domestic negotiation and requires a different set of skills and capabilities – for instance, the ability to deal with complexity. The obvious complicating factors in international business negotiations are language and cultural barriers (Maude, 2014). International business negotiation can be divided into micro and macro level negotiation (Weiss, 2006): ➢ Micro-level negotiation occurs between individuals, and is often focused on simple buying/selling transactions. Numerous small-scale buying-selling transactions are carried out every day by individuals who are in business for themselves. ➢ Macro-level negotiation takes place between organisations such as two international companies, or between a company and foreign government. Some macro-level negotiations are very large in terms of the values and the number of issues SPECIFICS OF NEGOTIATIONS IN CHINA International negotiators should consider three key aspects of China's negotiating culture that are usually critical to effective trade negotiations: "guanxi" – relationship, "mianzi" – face, "kegi" – Chinese polite and cultured behavior ➢ Long-term acquaintances and relationships built on mutual trust play an important role in closing deals ➢ The Chinese are tough negotiators, very well equipped with arguments and a great deal of patience ➢ They prefer the method of negotiation in the spirit of conformity and collective cooperation, i.e. in the "win-win" style ➢ A good time for a meeting is from 9:00 a.m. to 11:00 a.m., or in the afternoon between 14:00 and 16:00. The most favorable climate: The period for the Beijing region is September - October, or May - June Business cards play a special role in business meetings, which should always be kept in stock in English and Chinese ➢ business cards are usually picked up and handed with both hands SPECIFICS OF NEGOTIATIONS IN THE UNITED STATES OFAMERICA In 2023 – opening of a CzechTrade branch to help Czech companies establish themselves in Texas. More here:https://www.businessinfo.cz/clanky/nova-pobocka-czechtrade-pomuze-ceskym-firmam-prosadit-se-v-texasu/ An accompanying feature of American business culture is the pursuit of simplicity and directness, it is better to use short and clear statements in presentation and negotiation without unnecessary explanations and descriptions of complex contexts. During the negotiation itself: ➢ maintain direct eye contact to build trust, ➢ it is appropriate to organize teleconferences in the presence of three or more people – they must be taken as seriously as personal business meetings, ➢ At the beginning, clarify what the parties are entering the negotiations with and what their expectations are. A suitable time for impersonal meetings from the Czech Republic is the time between 22:00 and 24:00. BUSINESS NEGOTIATIONS FROM THE INTERNATIONAL PERSPECTIVE Worldwide examples: Brazil business negotiation culture -the official language of Brazil is Portuguese, which is clearly preferred in trade negotiations, although some traders have a partial command of English or Spanish. Increased emphasis should be placed on the preparation of an interview with a business partner, which may to a certain extent predetermine the success or failure of their own business dealings. It has a very positive effect if at least part of the promotional documentation is prepared in Portuguese. If another language needs to be chosen, English is definitely better than the possible use of the Spanish version of the materials. It is advisable to arrive in time for the appointment in advance, although later arrivals of 10 to 15 minutes are usually tolerated. It is customary to address a business partner by first name, possibly with a supplement to the position he holds. Business cards are exchanged after the introductory performance. One of the prerequisites for success in the Brazilian market is respect for the fact that Brazilians like to deal with business issues during business lunch or dinner, so etiquette also plays a role. With regard to the relatively free working hours, it is recommended to use the interval between 10 am and noon or the afternoon after 3 pm as the most suitable hour for a business meeting. Russian business negotiation culture -for trading with this country there are some specific practices, which states that the language of negotiation is Russian, important personal contact, business offers to be prepared in different delivery parities and in different currencies, negotiation of business conditions is sharp, the risk of contracts that it is not possible to influence, it is important to help in the territory from representatives or companies already operating on the market, the background materials must be in Russian language (or in Russian-English version), knowledge of not only federal but also local legislation, goods description and instructions in Russian , the dates of negotiations are often delayed. BUSINESS NEGOTIATIONS FROM THE INTERNATIONAL PERSPECTIVE -Worldwide examples in short Country Perception of negotiation time Type of clothes Language of negotiation Preferred way of communication Interesting facts in business negotiations China Appointment time preferably between 9-11 a.m. and 14-16 p.m. hours Suit Chinese Personal meeting The key is in the negotiations the role of a company owner or CEO. Inviting to lunch or dinner is a common part of a business meeting. Usually several courses are served. The invited partner is also expected to make a few toasts. Russia There is frequent delays in business negotiations Business suits Russian, but the management of large corporations and companies can also speak English Personal meeting Gift exchange, frequent toasts. Negotiations, which are often complicated by various bureaucratic constraints, are usually difficult, requiring patience and purposefulness. Brazil Appointment time preferably between 10-12 a.m. Suit and formal shirt with tie Portuguese. English and Spanish are also possible. Personal meeting It is usual to call a business partner by first name. Brazilians like to deal with business issues during business lunch or dinner. Corruption also occurs. USA In case of impersonal contact it is best to plan between 22-24 p.m. (in the case of the Czech Republic) Conservative English Teleconference (Skype, videoconference ) Attendance of a company attorney in a business meeting. They badly tolerate silence in the meeting. Sports issues are perceived very positive and sporting verbal bargains can also be used (expressions like slam dunk, drop the glove). Czech Republic Appointment time preferably between A conservative yet stylish suit is Czech, English, other with the help Personal meeting If invited to a Czech home, it is appropriate to bring a gift. Good quality wine or spirits, chocolates and Succesful Interaction Cultural Types – The Lewis Model EXAMPLES AND PRACTICAL IMPLICATIONS OF CROSS-CULTURAL DIFFERENCES WHAT THE BRITISH SAY WHAT THE BRITISH MEAN WHAT FOREIGNERS UNDERSTAND I hear what you say I disagree and do not want to discuss it further He accepts my point of view With the greatest respect You are an idiot He is listening to me That´s not bad That´s good That´s poor That is a very brave proposal You are insane He thinks I have courage Quite good A bit disappointing Quite good I would suggest Do it or be prepared to justify yourself Think about the idea, but do what you like Oh, incidentally/by the way The primary purpose of our discussion is.. That is not very important I´ll bear it in mind I´ve forgotten it already They will probably do it You must come for dinner It´s not an invitation, I´m just being polite I will get an invitation soon PREPARING FOR THE NEGOTIATIONS IN FRANCE Ways to success Ways to failure Try to get into French discussion regarding a free market and social guarantees Talk only English Show respect to French culture Ignore French intellectual experience Be sure that your French guests gets good food and drinks Curse and drink too much Keep the formal communication till you suggested to address by names Decreasing importance of French language in a modern world Be logic and consistent while negotiating and keep up with your decision Refuse a proposal to have lunch or diner together Icebreakers Icebergs Marvellous regions of France Comparison of unemployment rate in France and EU Food and wine Old French – English conflict Six Nations rugby Championship Decision to choose a new world wine instead of French one The Global Negotiation Process Figure 1: The global negotiation process “The Fish” Source: Requejo and Graham, 2014 The new rules in international business negotiation were created by Requejo and Graham, 2014 to efficient and creative international commercial negotiations. These rules help to transform international negotiations from traditional competitive and/or problem-solving activities into truly creative and innovative processes and include these simple rules: Notes: N = formal negotiations n = informal negotiation K = contract/definitive agreement rba = relationship building activities tsn = technical side bar negotiations csn = creative side bar negotiations 1. Accept only creative outcomes 2. Understand cultures 3. Don´t just adjust to cultural differences, exploit them as well 4. Gather intelligence and reconnoitre the terrain 5. Design the information flow 6. Invest in personal relationships 7. Persuade with questions 8. Make no concessions until the end 9. Use techniques of creativity 10.Continue creativity after negotiations THE GLOBAL NEGOTIATION PROCESS – PLANS AND PREPARATION 1 POINT ASSIGNEMENT Time: 15 min (10 min work + 5 min sharing) Objective: Prepare documents for the negotiation process Assignment: 1. Draw lots for the country for which you will process the documents for the negotiations 2. Fill in the assignment 3. Present your results CONTRACTS IN INTERNATIONAL TRADE Contracts in International Trade For the actual conduct of business operations, the legal framework establishes contractual relations that are specific because their entities are from different countries and the legal relations extend across borders. Therefore, there must be agreement on the choice of law governing the contractual relationship. (Mulačová et al., 2013) In addition to contractual relations, certain business practices, representing certain rules that are known and observed in business circles, are respected in trading (Machková, 2010). These can be, for example, practices in ports, trading in certain commodities, or interpreting contracts. Given that international trade and economic relations are governed by both international and private and public law standards, international trade law is defined as a purposeful set of legal norms from different legal sectors and of different origins that combine their common purpose to regulate legal relations arising in international trade (Svatoš et al., 2009).Contracts used in international trade include, for example (Machková et al., 2014; Looney, 2018): ➢ Purchase Contract ➢ Dealership Agreement ➢ Other contracts related to purchase contracts (contract for opening a letter of credit, contract for collection, lease contract) ➢ Contracts of transport ➢ Intermediary contracts ➢ Bilateral agreements Purchase Contracts in International Trade The purchase contract is concluded between the seller and the buyer and its content defines the basic rights and obligations of both parties. Form, method of closure and differences in legislation may give rise to possible problems and difficulties. For this reason, great attention should be paid to their preparation. When executing a business operation, there is a great risk of ensuring the agreed conditions, in particular the timeliness of delivery, quality and the correct assortment composition on the part of the supplier, but also does not remove the goods or their non-payment. Therefore, payment instruments that are proportionate to the level of risk should also be chosen. Exchange rate risks may also arise. (Mulačova, 2013) Purchase contracts are concluded in two stages (Machková, 2009): • Submission of the offer - draft purchase contract by the seller, usually in writing, which the buyer accepts (confirmation of the offer) • Buyer's order and its confirmation by the seller The purchase contract is a basic contractual relationship whose signature is the culmination of negotiation activities. It is an agreement on essential attributes that includes the following particulars (Mulačová, 2013): ➢ Contracting Parties ➢ Subject (identification of goods and their quantity, packaging, special requirements, country of origin, EAN marking, etc.) ➢ Price ➢ Payment terms and their security ➢ Delivery time ➢ Delivery parity ➢ Means of transport The delivery clauses (parity) Purchase contracts in international trade usually include delivery parity, which expresses the obligations of the contracting parties in connection with the delivery and takeover of goods (Mulačová et al., 2013). The delivery parity determines the obligations of the seller and the buyer related to the delivery and takeover of the goods, in particular (Machková, 2010): ➢ method, the place and time of delivery of goods to the purchaser ➢ the method, place and time of transfer of expenses and risks from the seller to the purchaser ➢ other obligations of the parties in providing transportation, loading and unloading of goods, accompanying documents, inspection, insurance, customs clearance, etc. The delivery parity significantly influences the amount of the price in foreign trade, because it determines what part of the circulation costs associated with the delivery of goods is paid by the seller and what part the buyer. In general, the longer the delivery term, i.e. the greater part of the circulation costs are paid by the seller, the higher the prices may be. Delivery clauses have arisen in business practice on the basis of business practices, which have often been used inconsistently according to local conditions, thus becoming a brake on the development of international trade. At present, the use of International Interpretation Rules INCOTERMS (International Commercial Terms) clearly prevails worldwide. Only when trading on the American continent can we exceptionally meet other rules, namely RAFTD (Revised American Foreign Trade Definition). (Machková, 2010) The standard rules of reference for the interpretation of the most commonly used trade terms in international trade are Incoterms. The basic purpose of the rules is to define how each Incoterm, as agreed in the sales contract, should be dealt with in terms of delivery, risks and costs, and specify the responsibility of the buyer and seller. When choosing the appropriate terms of delivery, deciding factors (from the seller´s perspective) include (Grath, 2016): ➢ The mode of transport and the transportation route, the buyer and the nature of the goods ➢ Standard practice, if any, in the buyer´s country or any regulation set by the authorities of that country to benefit their own transport or insurance industry ➢ Procedures, where the seller should avoid terms of delivery, which are dependent on obtaining import licences or clearance of goods to countries they cannot properly judge ➢ The competitive situation, where the buyer often suggests their preferred terms of delivery and the seller has to evaluate these terms in relation to the risks involved. Trade Terms INCOTERMS ➢ INCOTERMS regulate delivery parity issues, they were created to facilitate the conclusion of international contracts and to reduce the risk of disputes and uncertainty of different interpretations of delivery clauses in different countries during the handover of goods, transport, unloading, storage or customs clearance. ➢ They are binding only on the basis of the agreement of the contracting parties – they are therefore not an international treaty or international trade practices. ➢ They are prepared and published by the International Chamber of Commerce in Paris They are generally divided into four types into E, F, C and D according to their content. The always up-to-date rules are available on the official website of the International Chamber of Commerce:https://iccwbo.org/business-solutions/incoterms-rules/incoterms-2020/ The latest rules are called: RULES SPECIFICATIONS „E“ ➢ It puts the lowest level of responsibility on the seller. ➢ It is most often used when the buyer picks up the goods by truck or rail. ➢ EXW conditions are common in Europe, where goods often move across national borders by land transportation. ➢ If the buyer did not request this condition, but it was set by the seller, it may mean that the seller is not really interested in exporting and is not willing to comply with the foreign buyer (by setting a different delivery condition). Example: A buyer in the Netherlands places an order with a vendor in Albany, New York. The buyer states that its American subsidiary will pick up the goods at the Albany plant and arrange for the export. Therefore, the seller is likely to list its price in the terms of the EXW plant in Albany. Under this condition, the seller only has to make the goods available at his plant (or mill, farm, warehouse or other place of business) and present the buyer with an invoice for payment. The buyer must arrange all transportation and bear all risks and costs of traveling from this location. The buyer must also clear the goods for export by obtaining export licenses from the U.S. government. SPECIFICATION OF RULES "F" ➢ These are contracts of carriage, according to these rules, the seller must deliver the goods to the designated place of shipment "without" the cost of the buyer's risk. ➢ Only at the moment of delivery does the risk of loss pass to the buyer. ➢ The buyer arranges the transport and pays all transport costs (if the parties agree, the seller can pay the freight fee and add it to the invoiced price already stated) ➢ They are used when the buyer believes that it can get better shipping rates than the seller. For example: A buyer in the Netherlands wants to arrange their own sea freight. An Albany seller wants to deliver goods to a carrier near him to transport them to the Port of New York, which requires various forms of transportation. For example, the seller can deliver the goods to a carrier on a barge for a trip on the Hudson River or to a rail or truck company. The seller may want to hand over the goods to the operator of a multimodal terminal nearby and let them continue to handle the goods. This inland transport is already provided by the buyer. In this case, it is possible to use CIF (with insurance) or CFR (without insurance) conditions. SPECIFICATION OF RULES "C" ➢ They also fall under the area of transport contracts. ➢ The letter "C" indicates that the seller is responsible for certain costs after the goods have been delivered to the carrier, however, the risk of loss passes to the buyer at the moment the goods are on board the vessel or carrier. Example: The Dutch buyer requests pricing information from Albany. As an experienced exporter, the seller can understand that the buyer has little interest in arranging transportation, let alone coming to pick up the goods. The buyer simply wants the goods to be delivered to the port of entry in their country that is closest to their company. If sea freight requires it, the seller will prepare a quote for CFR Port of Rotterdam or CIF (with insurance) Port of Rotterdam. For the specified price, the seller delivers the goods to the sea carrier, arranges the transport, pays the freight to the agreed port of destination in advance, obtains a clean on-board bill of lading (bill of lading) with the payment for transport and hands it over together with the invoice to the buyer for payment. If the seller intends to arrange sea transport but delivers the goods to a road or rail carrier on inland waterways or to the operator of a multimodal terminal for transit to a seaport, the seller may indicate CPT Port of Rotterdam. In this case, the risk of loss passes to the buyer when the goods are delivered to the first carrier. The terms of the CIP are the same as in the case of CPT, with the requirement for the seller to provide insurance to cover the risk of loss of the buyer. SPECIFICATION OF RULES "D" ➢ These are Designation/Arrival Agreements and are becoming increasingly popular due to an increasingly competitive and globalized market. ➢ Freight forwarders often have to provide credit terms to their customers (they send shipments to an open account and give the customer time to pay) as part of a competitive struggle. Example: A seller in Albania is willing to enter into a designation agreement, then he must be willing to accept much more responsibility than under other conditions. For the price specified in the contract, the seller must deliver the goods to the port of destination and bear the risk of loss throughout the journey. Therefore, if the goods are lost during transport, the Dutch buyer will not be entitled to an insurance claim, although he may lose the profit he hoped for from the goods. QUESTIONS? www.slu.cz/opf/cz THANK YOU FOR YOUR ATTENTION DO YOU HAVE QUESTIONS? SUMMARY ➢ Trade operations in planning and managing sales focuses on the creation of sales plans and all processes associated with sales, when managers must consider demographic factors, transport and availability, retail competition, location and costs. ➢ Sales planning includes assessing the current situation, setting goals, determining market potential, forecasting sales, choosing strategies, budgeting and implementing a managing sales. ➢ Companies can choose various method of forecasting and planning, which can be divided into qualitative (e.g. the Delphi method, sales force calculating method) and quantitative (trend designing and causal models) methods. ➢ There is three general approaches to planning sales: top-down method, bottomup method and two-way planning method. ➢ The sales plan is a part of a number of functional plans developed in a business company, e.g. marketing plan, finance plan, business plan. ➢ Pricing and costing in international trade are crucial for expanding into new foreign markets and managing operations in existing markets. ➢ Reasons for inconsistent prices include imperfect competition, regional closedmindedness, and monetary and political factors. ➢ A company's pricing policy affects its cash flow, profits, and is shaped both by the company itself and by external factors. ➢ Internal and external factors such as cost, competition, product exclusivity, elasticity of demand, strategy, and contractual adjustments affect prices. ➢ Price adjustments in international contracts, such as rebates and calculations, affect the final price. Calculations are made for individual orders with regard to market specifics, including the costs of acquisition operations, transport and financing. ➢ In international trade, we differentiate between calculations according to the type of operation and according to the method of compilation. ➢ One of the most common methods of calculation is cost-oriented calculation, which is based on increased export costs. The final price is referred to here as the "bottom up". ➢ Price research gathers information about the market, regulations, demand, price elasticity, and other factors. It assists companies in planning marketing and sales activities in various markets and provides a comparative view of the territory. POUŽITÉ ZDROJE A LITERATURA 1. BRIGHAM, E.F., and J.F. HOUSTON, 2016. Fundamentals of Financial Management. 2nd ed. Boston: Cengage Learning. ISBN 978-1- 305-88721-3 2. GRATH, A., 2016. The Handbook of International Trade and Finance: The Complete Guide for International Sales, Finance, Shipping and Administration. 4th ed. Croydon: Kogan Page Publishers. ISBN 978-0-7494-7599-4. 3. HINKELMAN, E.G., 2003. A Short Course in International Payments: How to Use Letters of Credit, D/P and D/A Terms, Prepayment, Credit, and Cyberpayments in International Transactions. 2nd ed. California: World Trade Press. ISBN 978-1-885073-64-8. 4. LEVY, A., BOUHENI, F.B., AMMI, C., 2018. Financial Management: USGAAP and IFRS Standards. London: John Wiley & Sons. ISBN 978-1-119-52239-3. 5. LUK, K.W., 2011. International Trade Finance: A Practical Guide. 2nd ed. Kowloon: City University of Hong Kong Press. ISBN 978- 962-937-185-2 6. MULAČ, P and V. MULAČOVÁ, 2007. Podniková ekonomika. České Budějovice: Vysoká škola technická a ekonomická. ISB 978-80- 903888-0-2. 7. MULAČOVÁ, V. and P. MULAČ, 2013. Obchodní podnikání ve 21. století. Prague: Grada. ISBN 978-80-247-4780-4. 8. NEE, P.W., 2014. 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