Patricias Business Trip to Japan - Essay Example

Identifying potential markets require an understanding of the products or services to be launched internationally. Patricia focused too much on securing an international connection instead of gaining knowledge about the product which resulted in the immediate sense of failure once a business meeting underwent. The initial approach of requesting information from home offices located internationally and conducting research via email is something that is commonly followed by businesses however such inquiries are usually improper and may result in irrelevant inquiries. It is, therefore, better to visit local trade offices of foreign consulates residing in the home country and seek information from them regarding businesses operating in their country. Another way of gathering information about potential targets is by accessing trade websites that provide useful information including the credibility of potential businesses. However, the selection of targeted businesses should be made against the criteria based on the assessment of product or service offerings. Before conducting a meeting it is important that mutual understanding is achieved between parties so that situations of despair are not faced. The biggest mistakes that business typically makes must be learnt and avoided however it requires thorough research and well-directed efforts if there is no prior experience.
Case Question #2
Regarding Patricia business trip to Japan few major weaknesses could be identified regarding her overall understanding of the potential market and interaction with the possible business partner. Most importantly she seemed unprepared for the business trip which was made all of a sudden without any written understanding of each other’s business and products to be offered. Any such international business trip should be backed with the establishment of the business objective and an intensive study of the market which is targeted. The study of the potential market does include a survey of the market which is served by the machinery offered. The obvious mistake made by Patricia was not gaining enough information at home and attempted to achieve a business deal that did not have solid footings and possibilities in the targeted market. Estimations regarding the output of such a market should be substantiated by seeking reports from the local trade office of that country. Guidance must have been sought from the local trade office in Canada regarding the business norms and culture. The information sought from these local offices could provide useful information regarding the terms and conditions of trade normally practised by businesses in the existing relationships with companies in the host country. Differences in language could create major communication problems therefore in most cases written communication plays a major role in establishing an initial understanding with the potential customer. The planning could also involve seeking assistance from independent research companies that specialize in investigation, gathering and development of market reports. This information has the advantages of being up to date, timely and less costly. In this way, Patricia could have been much more prepared for the international business meeting.