International Business Environment

International Market Entry and Development

Introduction

It is the dream of every business to enter in the international market and to diversify its revenues. 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.

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.

Discussion

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

a) Defining the Problem

Define the problem and determine the goal of the research is the most important part of the entire marketing research. Then prepare a plan or project that contains the aforementioned research objective, methods, techniques, the sample size, method of processing information, etc. not miss of course the price and the terms in which the individual steps are made.

b) 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.

c) Collection of Information

Here we obtain primary information which means, using basic research methods such as: observation, inquiry or experiment. Which type you use depends on the nature of the problem, but also on the time and financial possibilities. For example, quantitative research is mainly measured factual data, which in the next phase can explore dependencies and relationships. This research may also yield insights about the lifestyle, pricing, purchase intentions, etc. In contrast, qualitative research uses analysis of the relationships, dependencies and causes and their generalizations. Often seeks answers to the question why. Even from this perspective, qualitative research is time-consuming and recovered funds.

d) Data Analysis

After the data obtained, processed and analyzed to isolate