Saturday, May 7, 2011

Week 8

International Markets

If I had a product that I could market internationally I would certainly consider doing so. Depending on the product or service proper planning is critical. International business success relies on a well-designed strategic business plan. One of the first steps I would take would be to learn as much as I could about the cultural and financial context of all the countries in which my business would operate. The next part of my plan would be to conduct detailed market research. The United States Commercial Service Market Research Library is a great resource to use because it links to each country's commercial guides.

 I would also try to understand the legal framework and develop contingencies to resolve potential disputes that may arise. For example, import and export duties and documentation vary with the country of origin and the destinations so compliance with these types of regulations can prevent ruinous legal disputes. It is also generally a good idea to find advocates in your targeted culture. In addition, some markets may best be entered by contractual arrangements or partnerships with companies within your targeted country. 

Before beginning international operations I would also make sure timing was right for my company. Expanding too quickly can be a big mistake. If the proper groundwork is not laid problems with internationally market can be a drain on resources and time. Local, regional, or national markets may be more feasible to develop for a new company.


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