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International Market Entry and Development - Essay Example

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Companies in today’s competitive environment can not operate and expect to achieve sales growth unless they expand beyond their domestic marketplace. Technology along with the internet has compressed the global market due to the fact that e-commerce has become a widespread trend among global players…
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International Market Entry and Development
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International Market Entry and Development

is the 4th highest exporter and the top importer worldwide. Due to the amazing growth of many emerging economies companies must target these foreign nations to achieve further growth in the long term. The purpose of this paper is to analyze foreign marketplaces and the strategies that must be used to penetrate these markets. Market research about a country is necessary in order to determine if the target market is adequate for penetration. One of the first things a company must evaluate about a country is its economic condition. There are multiple socio-economic variables that the management staff of a company must consider. Two of the economic variables that must be evaluated are average income of the population and the gross domestic product of the country. The United States has a gross domestic product per capita of $46,300, while its average salary is above $41,000 per year (CultureGrams, 2011). When a country is searching for expansion opportunities it must consider both develop economies and emerging economies. The top five emerging economies in the world are the members of the BRICS. The acronym BRICS stands for Brazil, Russia, India, China, and South Africa. The two most intriguing economies from this group are the economies of India and China. India and China have more than 1/3 of the world’s population. Another important demographic variable to consider is population. Countries with a high density of population per square mile are excellent candidates for expansion. Japan is a develop country with one of the highest population per square miles with a total population of 127 million and a population per square mile of 867 inhabitants. Companies that are looking to achieve growth with the develop nation should target the countries belonging to the G8 organization. The G8 is composed of United States, Germany, Japan, Italy, United Kingdom, Canada, Russia, and France. When penetrating a foreign market it is essential to study the culture of the firm since the culture of a country can affect the acceptance of a product in the international market. Sometimes companies have to make adaptations to their products in order to make a product suitable for certain markets. For instance Burger King cannot enter India using its normal menu due to the fact that the cow is a sacred animal in that country. Hamburgers made of beef patties are not acceptable by the culture of the country. In order to succeed in such a market they must change their menu accordingly in order to attract Indian customers. Environmental laws can also affect the ability of a company to enter a specific market. Chinese companies that want to penetrate the U.S. market must change their processes and make adaptations in order to comply with the EPA regulations. In terms of marketing companies must also adapt to the culture of a country in order to ensure they do not disrespect the customs of a particular group of people. It is imperative to develop a strategy to enter a foreign market. There are different market entry strategies that can be used to penetrate a foreign market. Four of those strategies are exporting, joint ventures, strategic alliances, and wholly owned subsidiaries. The most basic and simplest market entry strategy is exporting. Exporting entails shipping production from one country to another to be sold in the foreign market. Often they are intermediaries in the exporting value chain. These intermediaries import the goods to then sell the ... Read More
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