International Entrepreneurship
Everyday, the world is becoming a smaller place. Thinking global is not an option anymore. It’s a requirement for survival. The shrinking marketplace has made it absolutely necessary for each and every company to be hypercompetitive in the global economy.
In such an environment, a successful entrepreneur will be the one who will be able to differentiate and implement strategies tailored towards the global environment. Much homework will need to be done to carefully assess the market and the needs. The following is an effort to accumulate information for strategizing International market entries.
Environmental Analysis
• What are the unique characteristics of the each unique market?
• Can the national markets be clustered together for operation and planning purposes?
Strategic Planning
• Who should be involved in decision making?
• What are the major assumptions about the target market?
• What needs are satisfied by the company’s products in the target market?
• What customer benefits can be had from the target market?
• What are the conditions used under which the products are used in the target markers?
• How great is the ability to buy the products in the country?
• What are the strengths and weaknesses from the existing competition?
• Should the company extend, adapt or invent products for the target market?
• What are the current currency and economic situations in the target markets?
• What are the opportunities, risks and company capabilities?
Structure
• How should the organization be structured to optimally achieve the established objectives given the company’s skills and resources?
Operational Planning
• Given the above conditions, how effectively can a operational marketing plan be implemented?
Controlling the Marketing Program
• How does the company monitor performance?
- Market characteristics
- Stage of development
- Stage of product life-cycle
- Buyer Behaviors
- Social factors
- Physical environment
• Marketing Institutions
- Distribution systems
- Communication media
- Marketing services
• Industry Conditions
- Competitive size and practices
- Technical development
- Legal Environment
- Resources – personnel and money
- Political environment