Two discussions

Anonymous

Question Description

I have updated my all requirements and files. The reading material just need to understand the primary meaning, no need to read reading materials carefully. Please use critical thinking to write your opinion.

Unformatted Attachment Preview

Discussion 1 https://www.youtube.com/watch?v=wnOj3hP4hlE (Links to an external site.)Links to an external site. PDF documents: 20 factors to consider before going global 8 things to consider before going global Market research 3.1 In the reading materials there are many different considerations to be made when considering expanding internationally in business. Pick what you consider to be two of the most important considerations and discuss them. Discussion 2 https://www.youtube.com/watch?v=BY8PdSm5a7A (Links to an external site.) PDF documents: What business do you want to start International business plan outline. Developing an international business plan. How does developing a domestic business plan differ from that for international business expansion? Select two major areas of difference, provide examples, discuss and post them. 20 Factors to Consider Before Going Global Never in the history of the world has the entrepreneurial spirit-the spirit of adventurebeen more alive or in a more favorable position to reach out to the world for business. International trade increases sales and profits, enhances a company's prestige, creates jobs, and offers a valuable way for business owners to level seasonal fluctuations. But one thing gets tricky: what factors to consider or develop before going global. As with any new business plan, the first step you should take before crossing borders is to do your homework. Take these 20 critical factors into account before you begin: 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 locate customers first. Factor 11: Establish a direct or indirect method of export. It all boils down to export strategy and how much control you wish to exercise over your ventures. On the other hand, readiness to seize an opportunity is more important than having your whole strategy nailed down beforehand. Factor 12: Hire a good lawyer, a savvy banker, a knowledgeable accountant and a seasoned transport specialist, each of whom specializes in international transactions. You may feel you can't afford these professional services, but you really can't afford to do without them. Factor 13: Prepare pricing and determine your landed costs. Be ready to test out your price on your customer. See what reaction you get and then negotiate from there. Factor 14: Set up terms, conditions and other financing options.Agree on terms of payment in advance, and never, ever sell on open account to a brand new customer. No ifs, ands or buts. Just don't. Factor 15: Brush up on your documentation and export licensing procedures. If you find it too time consuming, hire a freight forwarder who can fill you in on the spot. Ask a lot of questions. Use their expertise to your advantage. Factor 16: Implement an extraordinary after-sales service plan. The relationship between your company and your overseas customer shouldn't end when a sales is made. If anything, it should be just the start of a long relationship which requires more of your attention. The "care and feeding" of your customers will determine if they keep coming back for more. Factor 17: Make personal contact with your new targets, armed with culturespecific information and courtesies, professionalism and consistency. Your goal should be to enter a different culture, adapt to it and make it your own. Factor 18: Investigate international business travel tips. The practical aspects of international business can make or break the success of your trip. In preparing to go boldly where you've never gone before, plan accordingly. Factor 19: Explore cross-border alliances and partnerships. In charting your global strategy, consider joining forces with another company of similar size and market presence that's located in a foreign country where you're already doing business, or would like to. Gauge your readiness-or willingness-to take on a 50/50 partnership and what it can and cannot do for you. Factor 20: Enjoy the journey. Never forget that you are the most important and valuable business asset you have, and that the human touch is even more precious in our age of advanced technology. Take the best possible care of yourself, your employees, your suppliers and your customers, and your future will be bright, prosperous and happy. Going global doesn't have to be a scary proposition. By considering and developing these twenty essential factors before going global, your organization can realize the full potential of globalization and capture dramatic revenue growth. SOURCE: https://www.entrepreneur.com/article/75138 8 Things to Consider Before Going Global 1. Standardization of Products The first thing you need to consider is the quality of your products and services. If you are planning to expand internationally, you will need to provide the high quality of goods and services to your foreign clientele. Furthermore, every market has its own standards of quality and assurance that need to be met in order to cre ate a strong position for yourself and your company. Along with the best quality of products, you also need to be able to maintain a certain amount of consistency in your standards of quality. The manufacturing process should be able to produce the same high-quality goods every single time as inconsistencies will make your reputation unreliable in a new market. In order to ensure quality, rigorous testing of your product quality should be conducted to ensure that you can always perform up to your mark and live up to your name and customers’ expectations. 2. Flexibility Adaptability and flexibility are a vital part of business operations. Every entrepreneur needs to be open to change and adaptation when it comes to business plans, products, and marketing stra tegies. When you enter a new foreign market, you might face a lot of challenges that may demand drastic changes in order to allow your business to grow. Rigidness of a business owner can lead the company towards a sharp decline. Hence, be open to new ideas and suggestions as every market will have its own forms of producing and marketing goods. You will need to adapt to the local culture and business trends and find a balance between the aims you want to achieve and the means of accomplishing them. 3. Language and Cultural Differences Within local markets, expansion can be quite easily accomplished as there are no language and/or cultural barriers to overcome. However, for international markets, overcoming this obstacle can become very challenging if a properly organized plan is not followed. To make your mark in a foreign market, you and your employees need to either learn the new language or find a representative who can guide you and promote your business accordingly. Having adequate information about the local market of the country where you wish to expand your business is also necessary as cultural differences can often hinder business growth. For instance, there are many cultures where outright and bold marketing strategies can fail but subtle hints can work wonders for retail businesses. Hence, if you are selling a product that is forbidden in certain religions or culture, or if you are promoting your products in a certain way that is not considered appropriate by the locals, they will not be motivated to buy your goods and services. You can only find out about these details from studying your targeted international markets and by conversing with local representatives who have a better grasp of the business trends prevalent in the area. 4. Market Considerations In addition to monitoring your product quality, you also need to consider whether the product you are trying to sell has a demand in your targeted foreign market. There are two things that you need to discover: Firstly, the suitability of the product in the market and its demand . Promoting your product in a market where there is no demand for it, will not be very profitable for your enterprise. Hence, you need to be careful when choosing your location for global expansion. Secondly, availability of similar products locally at cheaper rates. If a country produces a good quality product in its local factories and is providing it to the people at cheaper rates, they will be less likely to opt for imported items. This means that you should analyze the pro ducts available in your target market. Is there a local product that is similar to the one you are offering? At what price is it being sold and what does your product have that will make people opt for it over the local variety? Plan your marketing strategy and set your cost of goods accordingly. 5. Dedication and Commitment Global expansions can be tough to accomplish if you are not completely dedicated to the task at hand. You will need to take one step at a time and be clear about the aims you wish to achieve by exporting your products internationally. You will also need to find local employees who are as dedicated to this cause as you are or perhaps you would prefer transferring your existing employees to a foreign office base. Whatever your choice may be, if you are not committed to your goal, you will have a hard time in achieving it. 6. Organizational Structure Businesses cannot progress without proper organization and business plans. Your global expansion needs to have a clear and comprehensive strategy to implement. This includes finding buyers for your products, setting up a foreign branch office, hiring of local employees and representatives, checking the availability of raw materials if you are planning on producing locally, etc. As a business owner, these decisions of strategizing the expansion fall onto your shoulders but if you require assistance, you can seek the counsel and help of your existing employees as well as local representatives within the new market. 7. Rules and Regulations Every government has its own set of rules and regulations that companies need to follow when they are importing their goods into a foreign country. There are tax laws and legal considerations that must be taken care of before the expansion and production process can go underway. Find good legal counsel in your country as well as your targeted international markets to help you with these formalities to provide your business with a smooth road to success. 8. Investments and Capital Global expansion does not happen overnight, and it most certainly is not a cheap process. Time and money are needed to take your business to the next level across geographical borders. Thus, for an international expansion, you need to have enough capital to be able to successfully invest it in another country’s business market. If you do not have an adequate amount of capital, find investors or shareholders who can provide you with the funds you need to go through with this expansion plan. Ultimately, these considerations along with the right amount of time, money, dedication and local market awareness; can give new heights to your company as it grows on an international level with the help of your global expansion plans. Going global doesn’t have to be a scary proposition. By considering and developing these twenty essential factors before going global, your organization can realize the full potential of globalization and capture dramatic revenue growth. SOURCE: http://choosewashingtonstate.com/wpcontent/uploads/2013/06/10_Reasons_to_go_International.pdf ...
Purchase answer to see full attachment

Tutor Answer

Robert__F
School: Rice University

Please let me know if there is anything needs to be changed or added. I will be also appreciated that you can let...

flag Report DMCA
Review

Anonymous
Top quality work from this guy! I'll be back!

Similar Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors