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International Business International Business is the most preferable & essential phenomena in the modern world.

Majority of the people know that International Business is necessary for the prosperity of the world. No one can prosper without performing the business. Except business we cannot think a single moment in the modern world. We know that no country is self-sufficient with their resources. So, what can they do? If they want to be sufficiency they must perform business. And, what type of business can they perform? In this question we may suggest that, they can perform International Business which means Performing business across national boundaries. As a result, by performing International Business they become familiar with one another as well as fill up their country with necessary resources

Steps to Follow and analysis the decision

Steps to follow and analysis the decision to become a successful international marketer is very important and its purpose is to gauge which international market or markets offer the best opportunities for our products or services to succeed. The steps are briefly given below.

Country Identification The World is your oyster. You can choose any country to go into. So you conduct country identification - which means that you undertake a general overview of potential new markets. There might be a simple match - for example two countries might share a similar heritage e.g. the United Kingdom and Australia, a similar language e.g. the United States and Australia, or even a similar culture, political ideology or religion e.g. China and Cuba. Often selection at this stage is more straightforward. For example a country is nearby e.g. Canada and the United States. Alternatively your export market is in the same trading zone e.g. the European Union. Again at this point it is very early days and potential export markets could be included or discarded for any number of reasons.

Preliminary Screening At this second stage one takes a more serious look at those countries remaining after undergoing preliminary screening. Now you begin to score, weight and rank nations based upon macro economic factors such as currency stability, exchange rates, level of domestic consumption and so on. Now you have the basis to start calculating the nature of market entry costs. Some countries such as China require that some fraction of the company entering the market is owned domestically - this would need to be taken into account. There are some nations that are experiencing political instability and any company entering such a market would need to be rewarded for the risk that they would take. At this point the marketing manager could decide upon a shorter list of countries that he or she would wish to enter. Now in-depth screening can begin.

In-Depth Screening The countries that make it to stage three would all be considered feasible for market entry. So it is vital that detailed information on the target market is obtained so that marketing decision making can be accurate. No one can deal with not only micro-economic factors but also local conditions such as marketing research in relation to the marketing mix. what prices can be charged in the nation? - How does one distribute a product or service such as ours in the nation? How should we communicate with are target segments in the nation? How does our product or service need to be adapted for the nation? All of this will information will form the basis of segmentation, targeting and positioning. One could also take into account the value of the nation's market, any tariffs or quotas in operation, and similar opportunities or threats to new entrants. Some steps should be taken. These are Select your market o Know the market's requirements o Assess your target customers o Examine your competitors o Be prepared to compete against lower-cost, lower-price local companies o Know the market's requirements

Evaluate your market o Have a list of tasks you want to complete o Arrange a meeting with the trade commissioner and several meetings with prospective buyers o Visit a few stores selling products similar to yours o Review competitor's prices and analyses their pricing policy o Know current affairs and a little history and geography o Learn a little language

Understand that every market has different demands and changes every few years "Position and Modify your products o Develop an export plan for each market export readiness analysis o Market research o Product development o Trade regulations and barriers assessment o Export strategy o Pricing o Terms of trade and payments o Logistics and distribution o Financing

After-sale strategy o Export sales forecast o Implementation plan

Set up export prices for each market o Marketing strategy o Product uniqueness, quality and brand recognition o Quantity o Market trends and demand o Target customers and so on.

Build a network

Final Selection Now a final shortlist of potential nations is decided upon. Managers would reflect upon strategic goals and look for a match in the nations at hand. The company could look at close competitors or similar domestic companies that have already entered the market to get firmer costs in relation to market entry. Managers could also look at other nations that it has entered to see if there are any similarities, or learning that can be used to assist with decision-making in this instance. A final scoring, ranking and weighting can be undertaken based upon more focused criteria. After this exercise the marketing manager should probably try to visit the final handful of nations remaining on the short, shortlist.

Direct Experience Personal experience is important. Marketing manager or their representatives should travel to a particular nation to experience firsthand the nation's culture and business practices. On a first impressions basis at least one can ascertain in what ways the nation is similar or dissimilar to your own domestic market or the others in which your company already trades. Now you will need to be careful in respect of self-referencing. Remember that your experience to date is based upon your life mainly in your own nation and your expectations will be based upon what your already know. Try to be flexible and experimental in new nations, and don't be judgmental.

Conclusion Finally, International business is important as it gives businesses greater scope to sell the goods or services they produce. When a business is reliant on just the home market, it is really wide open to failure should this market decline. Selling internationally greatly decreases the chances of such failure as it is unusual for all markets to decline at the same time. Not only must a company address culturally issue outwardly but they must focus on their own internal cultural structures. A business organizational culture is vital. The organizational culture is basically the fundamental assumptions members of a company share. This is an ever-increasing topic to be concerned with as companies relate to global competitiveness. In addition, the challenge of managing culture changes should not be reactive if they are to triumph in this theme. Some companies try to have closer contact with managers in different countries or rotate managers from country to country in an attempt keep managers abreast of cultural issues. Companies must pull out all the stops for victory.

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