Premium Essay

Going International

In: Business and Management

Submitted By renz909
Words 835
Pages 4
Going International
Exporting and international business can be interesting, exciting and in many cases challenging. In every case it should be a profitable choice as this is what fuel’s the business’ growth (Trade Start.CA, n.d.). Doing business internationally is not the same as doing domestic business. New skills are needed to learn in regards to laws and regulations, customers have different buying habits, and changes would need to be made to marketing strategies to appeal to the new market you are entering (Trade Start.CA, n.d.).
Before entering a foreign market it is essential to clearly identify the motivations behind the decision to explore in the new marketplace. Determine what your domestic marketing strategy has been and how the plan employed by your company on local level might need to change in a positive way to tailor to the international territory (Forbes Woman, Sept. 2011). There are a few different things a business could do to prepare to leap in to the international market: educating yourself on the customs and business etiquette of the international market, gather historical data on the country’s currency value fluctuation and import/export timelines, becoming familiar with the country’s laws governing business, conducting a focus group to test the waters in the prospective international market, and find out what your competition is doing in the same market space (Forbes Woman, Sept. 2011).
When entering a foreign market be sure to know the country’s history with the basics as far down to the proper way to greet someone, the average time citizens go to lunch. Be sure you are communicating with them in a way that caters to their culture, not your own (Forbes Woman, Sept. 2011). Gathering historical data on the country’s currency value fluctuation and import/export timelines is very crucial. The deal that might be discussed in one of the…...

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