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Swimming Against The Currency Tide Eleanor Beaton

1063 Words5 Pages

In the article “Swimming against the currency tide”, written by Eleanor Beaton for the Canadian Business website, the author presents the process and challenges Canadian company Chrislan Ceramics went through in the late 1980s when they decided to sell its glassware business to join the market of selling premium ceramic handles for higher-end craft beers, and how they became successful at it. The Canadian B.C.-based organization faced competition from companies that offered cheaper products, a prized currency when dealing with exporting, as well as the challenge of changing its manufacturing process to become more efficient. This article will discuss and explore three challenges the Canadian company encountered on their way to success, focusing …show more content…

The effects of a change in the exchange rate. After entering the US market through exporting the company faced challenges regarding the value of its currency. When the value of the Canadian dollar started to rise, its exchange rate changed. “The exchange rate is the value of one nation’s currency relative to the currencies of other countries” (BUS1201 Custom Text 2012, p.71). When the value of a currency goes up against the value of another country’s currency it affects the role and the relationships a company has when exporting its products. For example, with the Canadian dollar rising in value against the US dollar the production costs for Chrislan Ceramics became higher which reflected on the products they sold, those were now more expensive comparing to American products than they were before. Which means that they could lose not only current costumers but also potential clients, losing space in the market. One solution the Canadian organization found to fight the lonnie’s rise was to start buying supplies from companies based in the USA. That way the company’s inputs and outputs would be in the same currency, the American dollar, and the impact of a higher value for the Canadian dollar would not affect Chrislan Ceramics as much. The companies ability to adapt and develop a strategy against the risks from currency volatility allowed them to maintain a competitive

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