INNOVATION, CHANGE AND ENTREPRENEURS
"Is going international something that only large and established firms should pursue after they have achieved success in its domestic market or should entrepreneurs think about international markets 'right of the bat?' which sorts of products are more amenable to going international by small and new firms?" BY : DIVITA AGARWAL
Entrepreneurs should think about the international market as “right of the bat”. .
NATU DEVELOPERS PVT. LTD is a premier builder & developer of real estate sector in Jaipur. The company has made significant gains and achieved its shorts team goals and objectives. Now looking towards the future NDPL has decided to target a large and more diversified market segments with newer and more of real estate development in the residential and commercial sectors.
The company wishes to forget ahead, experiment with new ideas and challenge new frontiers. NDPL will endeavor to achive excellence in all their undertaking and intend to provide customer satisfaction by being efficient and competitive.
We are planning to expand our business in Dubai as real estate market is growing there presently. Entrepreneurs should think about the international market as “right of the bat”. But before going internationally one should consider these following factors: Factor 1: Get company-wide commitment. Every employee should be a vital member of your international team, from the executive suite to customer service through engineering, purchasing, production and shipping. You're all in it for the long haul. Factor 2: Define your business plan for accessing global markets. An international business plan is important in order to define your company's present status and internal goals and commitment, but it's also necessary if you plan to measure your results. Factor 3: Determine how much you can afford to invest in your international expansion efforts. Will it be based on ten percent of your domestic business profits or on a pay-as-you-can-afford process? Factor 4: Plan at least a two-year lead-time for world market penetration. It takes time and patience to build a great, enduring global enterprise, so be patient and plan for the long haul. Factor 5: Build a website and implement your international plan sensibly. Many companies offer affordable packages for building a website, but you must decide in what language you'll communicate. English is unarguably the most important language in the world, but only 28 percent of the European population can read it. That percentage is even lower in South America and Asia. Over time, it would be best to slowly build a site that communicates sensibly and effectively with the world. Factor 6: Pick a product or service to take overseas. You can't be all things to all people. Decide on something. Then stick with it. Factor 7: Conduct market research to identify your prime target markets. You want to find out where in the world your product will be in greatest demand. Market research is a powerful tool for exploring and identifying the fastest-growing, most penetrable market for your product. Factor 8: Search out the data you need to predict how your product will sell in a specific geographic location. Do you want to sell a few units to a customer in Australia or ten 40-foot containers on a monthly basis to retailers in France? Doing your homework will enable you to find out how much you'll be able to sell over a specific period of time. Factor 9: Prepare your product for export. You should expect to adapt your product to some degree for sale outside your domestic markets before you make your first sale. Packaging plays a vital role in enabling international connections. Make yours the best in its class, and you'll be able to sell it anywhere in the world. Factor 10: Find cross-border customers. There is no business overseas for you unless you can...
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