Expanding Into New Worlds

Expanding Into New Worlds

DOI: 10.4018/978-1-7998-0957-9.ch001

Abstract

International business communities will not automatically accept the tenets of a foreign nation's business ideals. It is imperative for business owners to truly understand the environment that they wish to communicate their business efforts to in an effort to garner consumers. Through market research strategies like environmental scanning and descriptive research, companies can better understand their potential customer base and build strategies towards gaining market share. Business leaders must strategize the systems used and tailor their efforts to specific audiences. Communities are different and global market strategies should differ as well according to audience. In this book, readers will learn the fundamentals of global market research and its relationship to the business-to-consumer market while gaining access to a number of resources.
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Introduction

In this chapter, you will learn:

  • What a global market is

  • How to use various marketing research frameworks

  • How to encounter and better understand global challenges

Globalization is the process by which a local business begins to operate on an international scale. Some notable global businesses are Exxon Mobile, Apple, Microsoft and Google. Anyone wanting to enter the global market must align his or her business with a series of steps in order to be successful. A business plan is essential. Business leaders also need a foreign market research plan. Identification of foreign partners and a distribution method is also vital. Leaders should determine the type of global market strategy that will work best for their business or service. Let’s take a look at a prominent business that began in New York and eventually made its way to the global environment.

Key Terms in this Chapter

Joint Venture: A business venture between two or more parties that allows them to retain their identity. For example, BMW and Toyota work together on research related to fuel cells yet retain their identity.

Licensing: To authorize the usage of and rights to business intangible property in exchange for a fee. For example, some companies are allowed to use cartoon characters on their clothing and in turn pay a royalty fee.

Marketing: The process of promoting a business or services through various mediums such as billboards, social media, or door-to-door sales.

Globalization: The practice of developing a business or organization on an international scale.

Market Entry Strategy: The method used to deliver goods and services to a new market.

Partnering: The joining of two partners to advance mutual interests.

Franchising: An arrangement that allows a franchiser the opportunity to allow another party to use trademark and other business practices according to specifications.

Direct Exporting: The practice of selling directly to customers in another country without an intermediary.

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