Foreign Markets
Running Header: Foreign Market Entry and Diversification
Week 7 Assignment 3
Foreign Market Entry and Diversification
Strayer University
BUS: 599
Dr. Melinda Swigart
November 24, 2013
Abstract
There aren’t too many non-profit organizations that enter foreign markets due to the unfamiliar territory. Before a company enter into international markets to conduct business it is important to understand the country’s culture, customs, needs, and unspoken rules that will ultimately help better and tailor your concept for that market (Bias, 2011). Our company will need to complete research and examine our domestic marketing strategy in place to ensure it is tailored to positively receive in the proposed international territory we plan to enter. Five steps recommended for non-profit organization to use when entering the foreign market are:
1. Educate yourself on the customs and business etiquette of the international market. When entering a foreign market make sure you know the country’s history, the proper way to greet someone, the ordinary times for lunch (or prayer in many African, Asian and Middle-Eastern countries). Make sure you are communicating with them in the expected way within their society — e.g: with the appropriate salutation. (Bias, 2011)
2. Gather historical data on the country’s currency value fluctuation and import/export timelines. This is crucial. The deal you discuss today may not be executed in time to reap the full potential of the opportunity. You could be negotiating a deal that may cost 15 percent more in a few months when the transaction is finalized. Worse yet, you may offer a promotion that costs you significantly more a week into the offering. Lock in currency rates and delivery dates in advance whenever possible. The less speculation, the better. (Bias, 2011)
3. Become an expert on the country’s laws governing business. Have local representation if possible, someone who can help you
Week 7 Assignment 3
Foreign Market Entry and Diversification
Strayer University
BUS: 599
Dr. Melinda Swigart
November 24, 2013
Abstract
There aren’t too many non-profit organizations that enter foreign markets due to the unfamiliar territory. Before a company enter into international markets to conduct business it is important to understand the country’s culture, customs, needs, and unspoken rules that will ultimately help better and tailor your concept for that market (Bias, 2011). Our company will need to complete research and examine our domestic marketing strategy in place to ensure it is tailored to positively receive in the proposed international territory we plan to enter. Five steps recommended for non-profit organization to use when entering the foreign market are:
1. Educate yourself on the customs and business etiquette of the international market. When entering a foreign market make sure you know the country’s history, the proper way to greet someone, the ordinary times for lunch (or prayer in many African, Asian and Middle-Eastern countries). Make sure you are communicating with them in the expected way within their society — e.g: with the appropriate salutation. (Bias, 2011)
2. Gather historical data on the country’s currency value fluctuation and import/export timelines. This is crucial. The deal you discuss today may not be executed in time to reap the full potential of the opportunity. You could be negotiating a deal that may cost 15 percent more in a few months when the transaction is finalized. Worse yet, you may offer a promotion that costs you significantly more a week into the offering. Lock in currency rates and delivery dates in advance whenever possible. The less speculation, the better. (Bias, 2011)
3. Become an expert on the country’s laws governing business. Have local representation if possible, someone who can help you
References: Bias, M. L. (2011) “A 5 Step Prime for Entering International Markets. Retrieved on November 25, 2013 from: http://www.forbes.com/sites/yec/2011/09/22/a-5-step- primer-for-entering-an-international-market/ Mexico Non Profit Organizations (2013) Retrieved on November 27, 2013 from: http://www.mexonline.com/noprofit.htm The Mexico Report (2013) Retrieved on November 27, 2013 from: Mexico Non Profit Organizations (2013) Retrieved on November 27, 2013 from: http://www.mexonline.com/noprofit.htm