Guide on How to Write University Essays, Courseworks, Assignments and Dissertations

Foreign Market Entry

Home
Articles Library
Medicine, Psychology and Sociology Articles
Business Articles
Economics Articles
Industry Lifecycle
Marketing Mix
McKinsey 7S Framework
Product Life Cycle
Ansoff Analysis
BCG Growth-Share Matrix
Value Chain
Porter's Generic Strategies
Scenario Planning
PEST analysis
SWOT Analysis
Porter's 5 Forces analysis
Sitemap
Comments about this web site
Favorite Links
How to write an Essay
How to Write the Coursework or Report
How to write the Marketing or Marketing Communications Campaign
How to write the Dissertation
Where to start?
How to choose an area of research
How to define Issue or Argument
How to define Issue or Argument
How and where to review the literature
Research Methods
Dissertation Structure
Some tips to survive your dissertation: some predictable crisis
Important tips to succeed the dissertation
Databases of Academic Journals and Publications; Market Data
Essay Sites
Student Tricks
Exam Preparation Tips
Company-Based Reports
BALANCED SCORECARD
Critical Success Factors
Competitor Analysis
Review

All research done on foreign market entry thus far remains restricted to large manufacturing firms. The foreign market selection as well as the choice of its entry mode significantly determines the performance of a particular firm. (Allbusiness, 1993). The expansion of a business in a bid to explore foreign markets requires substantial investments (money) and time and a fair amount of pre-planning. The idea of treading an unexplored territory, may involve a few challenges as not there is not a one-size-fits-all solution here.

 

 The process is rather intricate and at times may require refocusing on certain research aspects. The final result is always a reflection of the preliminary research, planning and having the right processes. These processes include globalization, internationalization, localization and translation. (Industry Wizards, 2007). Each step is vital in bringing a product to a fresh market. Let’s take a brief look at each of these processes:

 

Globalization

 

The process of Globalization involves the development, manufacture and marketing of the product for its distribution in the foreign market segment. The two main obstacles that any company needs to contend with when entering a foreign market; are language and culture. The process of globalization involves internationalization and localization and translation remains an inherent part of localization. (Industry Wizards, 2007).

 

Internationalization

 

Internationalization is the process of generalizing a product to prepare it for localization. (RFIDwizards, 2007). This in turn can be explained as a product to cater to a popular taste hence making it popular and then presented to the general public. This acts as a counterbalance for the product which in turn expedites the localization process. This process enhances product quality and significantly reduces the localization costs and the time to market it. With just one single step of Internationalization; makes it an easier task for the company to localize the particular product for various locations.

 

The internationalization process may involve the following tasks:

  • Reduce surplus or repetitive text.
  • Modify and/or settle on a final text before the localization and translation process.
  • Application of standard language/nomenclature.
  • Creation of a glossary containing original, technical or perhaps unclear terms.
  • Implementation of a coherent writing style.
  • Adherence to grammar rules
  • Flexible layouts that fit right-to-left or top-to-bottom scripts
  • Application of programming tools that support foreign language character sets. (RFIDwizards, 2007).

 

Localization

 

The next step involves localization which involves acclimatizing the product to fit the specific language as well as culture of a particular market. The aim of this process is to make the product as comprehensible and natural for the user.

The following aspects of different countries need to be taken into account during this process:

  • time and date formats
  • time zones
  • keyboard usage
  • currency conversion
  • paper size
  • units of measurement
  • graphics
  • colours
  • symbols
  • names and titles

Translation

 

This is an integral part of the localization process and involves translation of text from one language to another.

 

According to a research performed by the Common Sense Advisory, the “outsourced language services” market stands at $10 billion and this figure is expected to grow at a rate of 15-20% every year. (IndustryWizards, 2007).

 

References

 

D’Souza, Derrick E, Allbusiness (1993) “Venturing into foreign markets: the case of the small service firm”.

Available from: http://www.allbusiness.com/finance/403119-1.html 

Accessed: 10/24/2007

 

Nemec, Lauren, Translatus Inc (2007) “The steps to foreign market entry”.

Available from:

http://rfidwizards.com/index.php?option=com_content&task=view&id =194&Itemid=168 

Accessed: 10/24/2007

S/B/284. An appraisal of Chile on behalf of Geely Automobile Corporation as the site for a major manufacturing company and an appraisal on the sources of funds available in Chile for the venture

C/B/758. Market Entry Strategies: Literature Review

C/B/755. Analysis of Wal-Mart

S/B/270. Glen Sporran: Export to the US Market

S/B/250. Dresdner Spitzen: designing an entry strategy into Belarus

C/M/435. Marketing Management in a Globalised World: the case of MDT Ltd

S/B/229. Starbucks has been asked to consider expanding into new overseas markets. Describe Starbucks current strategies and explain how the expansion would fit into India

S/B/272. International Marketing: Taking Primark to the Czech Republic

E/B/281. Dissertation. Expansion of Thai jewellery business to UK

E/B/278. Environmental analysis for an American surf-wear retail brand considering entering UK market

C/B/503. Wal-Mart's German Misadventure

S/B/236. London Pride premium ale: entering Japanese market

C/B/488. Entering UK food market

C/B/404. Different Modes of Entering Foreign Markets

E/B/149. What are the benefits and drawbacks of adopting Franchising and Joint Venture as two different foreign market entry options for internationalisation within the hospitality industry?

E/B/139. Entering Indian tobacco market

E/B/132. Dieffenbacher╠s international strategy and expansion to China

C/B/441. Marketing Entry Plan: A Literature Review

E/B/106. UK Business Master Education entering foreign markets: Opportunities and Strategies

P/B/820. Barrat Homes’ expansion to Germany

P/B/797. Expanding into foreign markets: useful information

P/B/787. Should Sainsbury’s expand to Poland?

P/M/734. Advising Fat Face on international expansion: country choice and marketing plan

P/B/769. Expansion of 3W to China

P/B/684. Report on Titan’s expansion to Turkey

P/B/651. Mexican beer market entry: strategic analysis for InBev

P/B/646. Harris Tweed: planning to enter Chinese market

P/B/633. Latecomer firms in Korea, Taiwan, India and China: catching-up strategies

S/B/114. Titan Case Study: Expanding Branch to Thai Market

P/B/610. Report on Whirlpool’s expansion to China

P/M/566. Entering European wine markets: case study of Greek wine company

P/B/533. Trade barriers in entering export market and case study of Power Pumps, US

C/B/347. Political Risk and Foreign Market Entry: Analysis of the Political Risk for Foreign Businesses in India

P/M/506. Proposal for a foreign market entry for JPW Home Style

P/M/499. Selecting European markets for Greek wine export

P/B/490. Foreign market expansion project for Chocoprima

C/B/322. Europolis – Investment in Central and Eastern Europe

P/B/98. International Market Entry for ScotMed

Enter supporting content here