Question

Write the “Business Plan” of the Process of International Development-Internalization of a Start-up Firm. (use the stages of internalization of a firm, from any sector you choose, any foreign market you choose, use the best format of “business plan” or customize for your project)

Answer 1

To begin with, let's first understand the meaning of Internalization. Well, it simply means to expand the business operations globally or to a specific geographical location other than it's country of origin.

Since, it's mentioned in the question that it's a startup and wants to expand internationally. So, to begin with drafting a business plan for it's international development let's assume that it has become much popular in the locak market and has funds to expand it's market globally.

The following parameters have to be mentioned and utilised to make the project a success :

1. Analysation of the foreign market :

It is considered to be the very first step when any company thinks to expand it;s business operations internationally. To begin with, let's first decide the countries we need to expand our product. We may also need to analyse the similar competetive companies which are working currently in the chosen state/ country. We may also need to analyse their product advantages, it's features and the market share and the repo they have. We also need to analyse the importance of our product / service wether it is required in the location we have chosen. This also includes the analysation of the client base which our competitor company has.

2. Product Design and Development :

It's very important when you are planning to go internationally. You may analyse the competitors product and the unique feature you have before launching your product / service in the international market. You may first modify your product with more enhanced features and the interface of it. Please note: this also includes the analysation of the cost and the profit part.

Your product shoud be cost effective than that of the competitors otherwise it would be very much difficult to make the customer base and gain trust of them.

3. Marketing Strategy :

It is considered to be the most crucial factor while drafting a business plan of expansion. To make your product a success you need to make a strong and effective marketing strategy. THe following marketing plans can be used to expand your business operations globally :

a. Promoting through the ad agencies : Since you would be new to the international market and gaining trust of the consumers would be a challenge. Hence, if you can patner with the ad agencies which already have been renowend and has a huge customer base, and they promote your product then it would be very much easier to launch your services and gain market share very quickly.

b. Promotion by Digital medium : Since, almost everybody is on internet these days so you can choose a very effective way of promoting your product digitally i.e through digital marketing. You may run google ads targeting the partucular audience and location, fb ads, insts ads are also very helpful. You may also start with seo campaigns and rigrous pay per advertisement click campaigns.

c. Endorsement : If you have a good marketing budget then you may ask for an endorsement of your product by an famous personality which has a good masses followers in that state/ country. This would rigrously boost up your value in the market.

d. Partnership with the competitor company : Often, if the company has not much funds to spend for marketing, then it may partnership with any company in competiton over there. It would build a strong brand name plus would benefit the company to seek funding from various investors.

Following, this business plan effectively, the company can easily expand it's operations globally and become an international success.

Hope this helpe !!