The international business development has heightened the importance of international market selection (IMS) of companies, especially for their exporting strategy. However, not many companies really comprehend the geographical, social, economic characteristics of foreign countries in comparison with their home countries (Cavusgil, 1985). This fact has challenged many studies to create the optimal approach for IMS. The major question is: Which foreign market should a company enter? Thus, this report focuses on providing a practical consultancy to evaluate and determine its most appropriate foreign markets.
The report suggests the specific recommendations through a logical three-stage process. It is constructed to define the targeted markets. These stages are closely linked together as they look at different levels of the business environment to offer firms a complete map of market’s prospect and the company’s condition. Managers will be able to approach a comprehensive evaluation of the future marketplaces and prioritise which market is the optimal destination.
In this report, discussions aim to assist an Irish SME to optimise its analysis and assortment of the BRICS countries (Brazil, Russia, India, China, and South Africa) - the developing or newly industrialised nations. The term ‘company’ herein mainly refers to small and medium enterprises rather than the large international enterprises. Besides, the exporting aspect is the main concern in this context. Furthermore, the entry mode to each market is presumed to be the subsequent decision of a company after identifying the market. Thus, it would not be covered in this report.
The BRICS “has come to symbolize the growing power of the world’s largest emerging e...
... middle of paper ...
...arrell, P. N. & Wood, P. A. (1994). International Market Selection by Business Service Firms: Key Conceptual and Methodological Issues. International Business Review, 3(3), 243-261.
Porter, M. E. (1979). How Competitive Forces Shape Strategy. Harvard Business Review, 57(2), 137-145.
Rahman, S. H. (2003). Modelling of International Market Selection Process: A Qualitative Study of Successful Australian International Businesses. Qualitative Market Research: An International Journal, 6(2), 119-132.
Rahman, S. H. (2006). International Market Selection Process: An Investigation of the Relevance of Business Operating Environment. Journal of International Business Research, 5(1), 73-86.
Sakarya, S., Eckman, M. & Hyllegard, K. H. (2007). Market Selection for International Expansion - Assessing Opportunities in Emerging Markets. International Marketing Review, 24(2), 208-238.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- General Motors is an automobiles company that has been in operation since 1930’s. It was founded in Detroit, Michigan and has done business with about a hundred and forty countries. In America, General Motor has an uphill and downhill history of sales. Five years ago General Motors was doing really well and their highest sales were trucks and jeeps. The last three years with the market and economy struggling the way it has been, sales have dropped. During cash for clunkers there was a small spike but as soon as it ended the sales went down again.... [tags: International Business]
1242 words (3.5 pages)
- Consider to what extent International Financial Reporting Standards allow for comparability between Financial Statements. Overview Accounting gives companies, investors, regulators and others with a standardized way to explain the financial performance of an entity. Accounting standards present preparers of financial statements with a set of rules that they have to follow when preparing an entity’s accounts, making sure this standardization is across the market (Robert 2008). Many Companies are required to publish their financial statements in accordance with the relevant accounting standards.... [tags: International Financial Reporting Standards]
707 words (2 pages)
- Introduction Firms exist with the purpose of create and deliver economic value (Bensaco et al 2010, p. 365); therefore, business that create better economic value than its competitors will attain an advantage position in market place. Companies might try to improve its sales (profit) through domestic expansion, product diversification or by internationalisation; this report will focus on the reasons of espressamente Illy to expand internationally; additionally, its sources of competitive advantage and, the analysis of three markets in which company want to participate.... [tags: Market, Product]
1950 words (5.6 pages)
- 2.3 Evaluate the effectiveness of the recruitment and selection techniques in two organization Recruitment: By the Task 2.2 comparison set forward, we can clearly state that ACI has five levels and UNILEVER has six levels of recruitment policy. 1. ACI holds a very good perspective for the initial stage of recruitment compared to UNILEVER. Mr. Biplop of ACI’s HRM goes through the man power that is required for the position help for ACI and then does the job analysis that is required. Job analysis is done through various stages.... [tags: Recruitment, Employment]
1565 words (4.5 pages)
- Introduction: As we known, Recruitment and selection decisions are always being major issues for human resource specialists. Much of many human resource practitioners time were spent with the job recruitment and selection decisions. It is often heard that employees are the backbone of the company. Therefore, the role of human resource department has become more and more important during the decade, which can be describe as a strategic partner in business decisions. Some global companies, will put great emphasis on the process of selecting and orienting new recruits for the different field for example executive leadership and front line sales.... [tags: Human resources, Employment, Recruitment]
1196 words (3.4 pages)
- Starbucks International - Foreign Market Entry Strategy Starbucks International has gone beyond the normal philosophy of Starbucks, to create a re-birth of their product line in foreign countries. Typically in the United States, Starbucks owns its entire line of coffee-bar stores outright with no franchise investments or partnerships. However, their international operations are quite the opposite. Starbucks International has adopted a strategy of partnerships to create its line of international coffee-bar stores.... [tags: GCSE Business Marketing Coursework]
1018 words (2.9 pages)
- Entering International Markets Measuring a potential business venture has many aspects which the international manager must be aware of in order to convey the correct information back to the decision makers. Being ignorant to any of the aspects can lead to a false representation of the project, and hence an uninformed decision being passed. In order for a business to survive it must grow. For growth to be optimal, management must first be able to identify the most attractive prospective leads.... [tags: GCSE Entering A Foreign Market]
2609 words (7.5 pages)
- I. INTRODUCTION The current business environments require firms to be highly aware of expansion of the global market. Entering a new market without sufficient understandings and preparation is never a good choice of companies to further their endeavor. Accordingly, a firm should take deliberate steps to analyze and recognize promising targets. For a company, especially an SME, the market research is an important issue that firms need to deliberate due to the limitations of its resources and capabilities.... [tags: business environment, global market, ]
3313 words (9.5 pages)
- The company we chose to do our project on is Old Navy. Old Navy's mission is to be the Provider, Partner, and Employer of Choice. Their values, which were decided upon by 600 leaders of the Company, are: Service Excellence: Serving others our reason for existing. We continually seek to understand the needs of all those who depend on us (our patient, doctors, and our fellow teammates) and then to exceed all their expectations. Integrity: We say what we believe, and we do what we say. We are trusted because we are trustworthy.... [tags: Business Case Study]
1849 words (5.3 pages)
- 1. Introduction The escalating liberalization of international trade that occurred during the decades following World War II under the impulse of various multilateral agreements and organizations has brought about a dramatic change in the geographic scope of logistics and freight transportation systems. While new trade ties have emerged with East Asia, long-time trading partners such as the United States and European nations have also intensified their trade relationships, to the point that the European Union is the largest trading partner of the United States and this trade represents 4% of U.S.... [tags: Research Analysis ]
1669 words (4.8 pages)