International Market Entry and Development

International Market Entry and Development

Introduction

The business world of today calls for expanding sales and profits in order to achieve ever-increasing earnings. Business owners and managers must look for any available opportunities to keep their market share and expand into new markets. According to the financial analysts of Wall Street, international business is always favorable for companies. In the last ten years we have witnessed extensive piece of growth in the local and international markets. It is due to the effect of globalization which enables business to enter into new horizons. Especially the Asian businesses have witnessed extensive growth for example: Tata Motors, Mittal Steel etc (Phillips et al, 1994, p. 469-487).

In order to enter in the international business or foreign market a business should focus on the market i.e. a complete assessment plan is needed in order to enter in the market. When a company plans to enter in the internal or any of the other market they need to bear some challenges along with a bunch of risk attached to it. Risk is evident and universal therefore it cannot be avoided but it can be minimized through proactive approach i.e. through complete market and product assessment and market research (Johanson & Vahlne, 1977, p. 23-32).

Discussion

Business Analysts has defined a proper market research process through which assessment of international market and product scope can be justified.

Market research to assess Foreign Market Potential

Defining the Problem

What are the problems which a business need to face in order to enter the iunternational market. Define the problems accordingly in developing the business scope.

Situation analysis to identify sources

It is necessary to find out what information is needed to deal with, which ones are available and which must be subsequently determined.

Collection of Information

Here ...