Topics: Modes of entry in International Business by a firm. Which one is best in your eye?

Give logics in favor of your answers.

The entry method suitable to firm requirement shall depend on a variety of factors, such as the
nature of firm product or service, the conditions for market penetration, entry and exit barriers
and financial commitment required for getting into international markets. There are several
methods used in globalised era for international market entry, such as-

Indirect Exporting: Companies can, while going international, use domestically based agents
who operate on commission basis without taking title to goods, or merchants who sell the
products of the company in international markets.
Direct Exporting: A company may decide to export its products itself. The company develops
overseas contacts, undertakes marketing research, handles documentation and transportation and
decides the marketing mix.
Direct Investment: The Company can
acquire a foreign manufacturer or facility, or
build a new facility. Direct investment means
that the company has control and significant
stake in its operations in other countries
Joint ventures: Joint ventures are market
entry options whereby firm and another
company or firm in target market may join
together to form a new incorporated company
for business operations in that market.
Licensing: Licensing operate in a way that it permits another company in the target country to
use its property as a licensee and in exchange, pays a fee or royalty on sales so incurred.
Franchising: Franchising is a type of licensing agreement where packages of services are
offered by the franchiser to the franchisee in return for a payment.

In my opinion the best mode of entry would be through joint venture. The foreign company
benefits from a local partner's knowledge of the host countries regarding the competitive
conditions, language, political systems, culture and business system, thus bringing the firm closer
to the international markets.

Advantages of Joint Venture 

 Both partners can leverage their respective expertise to grow and expand within a chosen
market.
 The political risks involved in joint-venture is lower due to the presence of the local
partner, having knowledge of the local market and its business environment
 Enables transfer of technology, intellectual properties and assets, knowledge of the
overseas market etc. between the partnering firms