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... a foreign market such as legal, political, environmental, economical and social factors. It is significant to really acknowledge how the factors influence a company’s business plan, rules, and the strategies needed to successfully enter a new market. Furthermore, I understood that insignificant planning and assumptions are expensive. It is crucial for companies to do their work, in addition to engaging experts who possess a verified track record and solid reputation offering guidance on how to conduct business in new and foreign markets.
Additionally, several lessons may be learnt from this case. For instance, cultural differences can be more stimulating and challenging than predicted. One must acknowledge that culture values be significantly different which in turn can generate conflicts and creates the need for an action plan to address issues as they take place.
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