The overriding reason to go global, of course, it to improve your potential for expansion and

growth. Will the product sell well in the targeted culture? Think market research. Is your target market
familiar with your product or service? If not, be prepared to invest a lot of time and money in consumer
education. On the flip side, if you're the first one to introduce a new and exciting concept, "the product
then becomes synonymous with your company name or chain. Along with promise, going global carries
an equally heavy load of peril. From chasing too many opportunities to getting whacked by currency
fluctuations, the game of international expansion has many threats that domestic-only businesspeople
never see. You can grab the brass ring of growth by going global, but only if you avoid the pitfalls. Along
with promise, going global carries an equally heavy load of peril. From chasing too many opportunities
to getting whacked by currency fluctuations, the game of international expansion has many threats that
domestic-only businesspeople never see. You can grab the brass ring of growth by going global, but only
if you avoid the pitfalls.

 Failing to plan your strategy. "Small businesses are particularly vulnerable to this problem, but
larger ones are often guilty of the same mistake," says Cleek. "It takes far more time to extract
yourself from problems created by lack of planning than it would to do it right the first time."
 Chasing inquiries the world over. Just because dozens of countries show interest doesn't mean
you're ready to market your product everywhere. Patience is key. "It takes discipline to respond
to an inquiry from a country about which you know very little," Cleek says.
 Assuming if it works in America, it will work anywhere. Not true-you need to tailor your sales
and marketing efforts to each country. Don't ignore the cultural differences that shape the
marketplace. The same goes for pricing, shipping, payment terms and packaging.
 Assuming business will be done in English.Familiarize yourself with the local language. Says
Cleek, "It is the height of ignorance to expect other people to learn our language to buy from
us."

1. Start your campaign to grow by international expansion by preparing an international business

plan to evaluate your needs and set your goals. It's essential to assess your readiness and
commitment to grow internationally before you get started.

Conduct foreign market research and identify international markets. The Department of Commerce is an
excellent source of information on foreign markets for U.S. goods and services

1. Evaluate and select methods of distributing your product abroad. You can choose from a variety
of means for distributing your product, from opening company-owned foreign subsidiaries to
working with agents, representatives and distributors and setting up joint ventures.

Learn how to set prices, negotiate deals and navigate the legal morass of exporting. Cultural, social, legal
and economic differences make exporting a challenge for business owners
 1. Tap government and private sources of financing-and figure out ways to make sure you are
getting paid. Financing is always an issue, but government interest in boosting exporting and
centuries of financial innovation have made getting funding and getting paid easier than ever.
2. Move your goods to their international market, making sure you package and label them in
accordance with regulations in the market you are selling to. The globalization of transportation
systems helps here, but regulations are still different everywhere you go.

One big difference between doing business domestically and internationally is culture

 Do your research. Learn at least a few pointers and facts about the country; it shows you respect
your potential partners' cultural heritage. Also, get comfortable with the basic words in their
language.

As tricky as it can be to obtain financing for a global expansion program, finding foreign
business partners can be even tougher. If you can find foreign distributors for your
product, you will be able to simply sell them your products and let them worry about
reselling them at a profit in their domestic markets. Distributors are nice because they can
offer foreign customers top-notch service and are easier for you do deal with because
they typically buy enough of your product to build up an inventory.

Qualitative Research and Quantitative Research. Qualitative Research is

generally used to develop an initial understanding of the problem. It is non-
statistical in nature and the answers are derived from the data itself. It is used
in exploratory and descriptive research designs. Qualitative data can be
procured through a variety of forms like interview transcripts; documents,
diaries, and notes made while observing. Quantitative Research, on the other
hand, quantifies the data and generalizes the results from the sample to the
population.

There are two types of data:

  Primary Data – Data that is collected first hand by the researcher. This data is specifically
collected for the purpose of the study and addresses the current problem. This is original data
that is collected by the researcher first hand.
 Secondary Data – Data from other sources that has been already collected and is readily
available. This data is less expensive and more quickly attainable from various published
sources. Secondary data is extremely useful when primary data cannot be obtained at all.

The challenge lies in the case of method selection for collecting primary data. The
method has to be relevant and appropriate. This will be the most important decision
prior to beginning market research.

Statistical analysis plays a crucial part in identifying trends and developments in the market
in the context of local and international market. It involves in the constant collection of
market data from a sample population which is scrutinized and interpreted into useful
information that opens to new opportunities and prepares the organization for possible
threats. It allows the business to have a snippet about the current condition of the market
and provides objective evidence through numerical calculation and quantitative research.

A business can rely on reliable sources such as published industry research and trend
reports and use it to its competitive advantage. These sources can be from internal and
external which are the customers, prospect, businesses, products and services performance,
customer perception and opinions, up-to-date research data and analyses provided by the
universities, university influencers, social media, digital tools and analytics, observation of
the competitors, industry associations, world industry reports, newspapers and magazines,
other industry research such as the government, manufacturing, infrastructure and planning
information. These can be used to track the condition of the market.

Trend analysis is the process of forecasting projections and objectives for a product or
service based from recent trend data patterns. It is done through comparing data and
distinguishing constant result or trends over time and making predictions out of it. It is
based from the idea that a consistent result from the past might happen again in the
future. It involves in looking through current trends and predicting future trends
however it is not guaranteed to be correct due to the changes of internal or external
factors. Trends can be short, intermediate and long term. A business must be aware of
the changes in technological trend, psychographic trends, environmental and ecological
trends, economic, social and political trends. These factors can have an impact with
overall outcome of the analysis

As the world of business is continuously becoming interconnected and globalized it is

vital to be culturally sensitive in the international market. Due to having a diverse
cultural, religious and social background, a business must be aware and understand the
cultural differences and similarities between people in relation to their values, custom,
ethics, perceptions, language, professionalism, etiquette, negotiation procedures,
timeliness, organizational hierarchy, product and service aesthetics, taste and
preference, quality, relationship building, affiliation, attitude, environmental action and
sustainability. What seems to be normal to a consumer might offend and may seem
unusual to another.

The measures of central tendency and measures of dispersion are the two important
types of statistics wherein the former represents the middle point or center of a set of
values in a distribution. The common measures of this are the mean, median and mode.
The mean is the average of all the data set. The median is the number at the center
when arranged in order while the mode is the number/s the occur/s the most
frequently. The measures of dispersion indicates how spread out or dispersed the set of
data presented are. If the dispersion is large, the values are scattered widely and
otherwise. The statistics measure under this is the range which is the difference
between the greatest and least value in the set of data. Another is the standard
deviation which is the average distance of the values from the mean. These measures
are used to make the data collected concise or it summarizes the data and make the
condition of the market more understandable to the audience.

The measure of central tendency and dispersion can be applied through quantitative
data and data sets such as obtaining the market size, sales performance and customer
satisfaction.
Correlation is used to test the relationship between variables. It shows how things are
related with each other. Data correlations can identify possible connections between
variables which can predict future trends in the market. Correlation analysis can be used in
sales forecasting wherein for instance there might be a relationship between the sales and
factors which can affect it such as advertising, weather and demography of the consumers.
With the help of correlation analysis a business can determine whether there is a
relationship between variables such as the price demand, supply and other factors.

Qualitative research mainly deals with opinions, ideas and suggestions. It tackles the
issues, reasons and attitude behind an individual's behavior which can help in reviewing
the business performance, identifying threats and opportunities and understanding
market trends. It provides descriptive details which can be used in trend analysis and
comparative market analysis

Quantitative data provides information which helps business to business market (B2B).
Quantitative data are important components when it comes to competitor analysis,
customer perception and market analysis, product design and development, benchmarking
analysis, product and service offerings and market acceptance.

The competitors' products or services may be gathered through data collection method
such as surveys, observation, walkthrough, interviews, profiling, focus group discussion,
reading annual reports, internet research, reading industry journals, marketing collateral
and company reports, government issued reports, purchasing products and services to
analyze, news articles, price comparison and product or service comparison.

The analysis of competitors enables in the identification of the current position and
condition of the business in the marketplace. It also determines future opportunities
and threats which allows the business to have a competitive advantage against its
competitors. This allows the business to open rooms in innovating their strategies,
products or service quality.

Competitor analysis can also be done through Political, Economic, Socio-cultural and
Technological or the PEST Analysis which examines external factors that can affect the
business. This allows a business to see through their environment that they're exposed and
from this, they can spot opportunities and
be warned about possible threats.
Another one is the STEEP (Socio-cultural, Technological, Economic, Environmental
and Political factors) which can be used to scan the external macroenvironment of a
business. It provides wider issues that have an impact on the service area.

It is wise to prepare the gathered data through graphical presentation because it

provides a clearer illustration about the general behavior of the phenomenon and it
highlights the important factors.
It presents data that are easier to understand and helps compare the numerical data
which aid in the decision making. Graphs and charts summarizes the data collected and
gives a quick understanding in making interpretation and conclusion.

ts strength which keeps it going, weaknesses that need to be adjusted now that it is entering an
entirely new market, opportunities that ought to be grabbed and threats that have to be dealt with for
they can pull the company down. The SWOT analysis is, therefore, essential in knowing the current
stand of the company in light of the stated components of the analysis. The analysis gets to reveal
the internal and external factors that are in the enterprise.

A market analysis is a quantitative and qualitative assessment of a market. It looks into the size
of the market both in volume and in value, the various customer segments and buying patterns,
the competition, and the economic environment in terms of barriers to entry and regulation.

Demographics and Segmentation

When assessing the size of the market, your approach will depend on the type of
business you are selling to investors. If your business plan is for a small shop or a
restaurant then you need to take a local approach and try to assess the market around
your shop. If you are writing a business plan for a restaurant chain then you need to
assess the market a national level.

Target Market
The target market is the type of customers you target within the market. For example if
you are selling jewellery you can either be a generalist or decide to focus on the high
end or the lower end of the market. This section is relevant when your market has clear
segments with different drivers of demand. In my example of jewels, value for money
would be one of the drivers of the lower end market whereas exclusivity and prestige
would drive the high end.
Now it is time to focus on the more qualitative side of the market analysis by looking at
what drives the demand.

Market Need
This section is very important as it is where you show your potential investor that you
have an intimate knowledge of your market. You know why they buy!

Here you need to get into the details of the drivers of demand for your product or
services.

From a tactical point of view, this section is also where you need to place your
competitive edge without mentioning it explicitly. In the following sections of your
business plan you are going to talk about your competition and their strengths,
weaknesses and market positioning before reaching the Strategy section in which you'll
explain your own market positioning. What you want to do is prepare the reader to
embrace your positioning and invest in your company.

Competition
The aim of this section is to give a fair view of who you are competing against. You
need to explain your competitors' positioning and describe their strengths and
weaknesses. You should write this part in parallel with the Competitive Edge part of the
Strategy section.

The idea here is to analyse your competitors angle to the market in order to find a
weakness that your company will be able to use in its own market positioning.

As you would have guess barriers to entry are great. Investors love them and there is
one reason for this: it protects your business from new competition!

 Investment (project that require a substantial investment)

 Technology (sophisticated technology a website is not one, knowing how to
process uranium is)
 Brand (the huge marketing costs required to get to a certain level of recognition)
 Regulation (licences and concessions in particular)
 Access to resources (exclusivity with suppliers, proprietary resources)
 Access to distribution channels (exclusivity with distributors, proprietary network)
 Location (a shop on Regent's Street