Times have certainly changed, and the world has gotten smaller. We no longer have to wait for months for ships to return with products from far away lands to use with our domestic goods or to sell indecently. We have solve the question on how to overcome the issue of paying in local currency. So much so, we now measure the strength of a country’s economy by measuring how much it imports verses how much it exports. We’ve come a long way from all markets being local (some of which still remain), to markets that are global. Many of the hurdles of doing business outside your country has been resolved. QUESTION: The module shared five ways to enter the global marketplace. Pretend for a moment that you are the owner of a successful domestic business that you would like to grow out to international locations. Which of the five options would you choose to use and why? Also pick another option and explain why you believe it would be more challenging for you and why? Give a little background of the company and the product or service it offers.. Share on Facebook Tweet Follow us Sample Answer Expanding a Domestic Business into the Global Marketplace As the owner of a successful domestic business looking to expand internationally, the choice of entry strategy into the global marketplace is crucial for sustained growth and success. Among the five options outlined in the module, the two options I would consider are Exporting and Direct Investment. Exporting: Chosen Entry Strategy Background: My company, XYZ Electronics, is a leading manufacturer of innovative consumer electronics such as smartphones, tablets, and smart home devices. With a strong reputation for quality and cutting-edge technology in the domestic market, the next logical step is to tap into international markets to leverage our competitive edge. Why Exporting: 1. Low Risk: Exporting allows us to test international waters without heavy financial commitments. By selling products to foreign markets through distributors or retailers, we can minimize risks associated with direct investments. 2. Market Diversification: Entering new markets through exporting enables us to diversify our customer base and reduce dependence on the domestic market. This strategy can help mitigate risks associated with economic fluctuations in a single market. Direct Investment: Challenging Entry Strategy Why Direct Investment: 1. Strategic Control: Direct investment, such as setting up manufacturing facilities or subsidiaries in foreign countries, offers greater control over operations and distribution channels. This control can enhance efficiency and customization for local markets. 2. Market Penetration: Establishing a physical presence in international markets through direct investment can lead to better market penetration and brand recognition. By directly engaging with customers, we can build trust and loyalty more effectively. Challenges: 1. Capital Intensive: Direct investment requires significant financial resources for setting up infrastructure, hiring local staff, and complying with foreign regulations. For a mid-sized company like XYZ Electronics, this initial investment may pose financial challenges. 2. Cultural Barriers: Adapting to diverse cultural norms, consumer preferences, and business practices in foreign markets can be complex and time-consuming. Overcoming these cultural barriers may require extensive research and resources. In conclusion, while exporting offers a low-risk entry into international markets for XYZ Electronics, direct investment presents challenges due to its capital-intensive nature and the complexities of navigating cultural differences. As we aim to expand our reach globally, a strategic combination of both entry strategies may be considered, starting with exporting to test the waters and gradually transitioning towards direct investment as the business grows and matures in international markets. This question has been answered. Get Answer
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