Panax Ginseng Essay

EXPORT BUSINESS PLAN OUTLINE: WISCONSIN PURE GINSENG, INC.

Christine Conley

LeTourneau University

BUSI3613, Section A

February 8, 2018

Professor Lois Hammond, Ph.D

Abstract

For thousands of years, the Chinese culture has been using ginseng root for well-being. Panax Ginseng was discovered in China's Manchuria region thousands of years ago, but the popular panacea eventually fell victim to overharvest. However, in the 1700s, Jesuit missionaries followed the thread from Asia to North America, along the 45th parallel, to Panax Quinquefolius, a cousin plant with similar cure-all claims among some Native American tribes. Then around the dawn of the 20th century, the wild root moved from forest to farm in Wisconsin, cemented trade partnerships and earned a gold standard reputation.

In addition to

Work Culture

Hong Kong employees work six days per week (half day Saturday from 9 a.m. to 1 p.m.) and receive 12 paid public holidays (stores and shops may also be closed) and up to 14 days paid vacation.

Outline Action Item: Wisconsin Pure Ginseng, Inc. to ensure to schedule shipments so as to avoid being impacted by Hong Kong's 12 paid public holidays.

c. Religion

The majority (fifty-seven percent) of Hong Kong's population identifies with no religion with the remaining forty-three percent practicing Buddhism, Taoism and, Confucianism. Consequently, there are no foreseeable conflicts in exporting ginseng to Hong Kong (internations.org)

Outline Action Item: None at this time.

III. Financial Forces

a. Currency

The currency name of Hong Kong is the Hong Kong Dollar. The Hong Kong Dollar (sign: $; code: HKD). The HKD is the ninth most traded currency in the world. (listofcurrencynames.com).

b. Rate of Exchange

The Hong Kong / U.S. Dollar rate of exchange is $1 HKD - $.13 USD (U.S. Dollar).

c. Tariffs

According to the Hong Kong Trade Association, companies exporting products into Hong Kong may incur the following taxes:

1. Value-added