Question

What are some of the special features of competing in foreign markets? 150 words pls

Answer 1

The some of the features of competing in foreign markets are the company needs to know which strategy needs to be used while operating. There are different strategies available such as transnational strategy, multi-domestic strategy, and global strategy. The company also needs to customize the product or service it is selling to the customers in the foreign market. They need to concentrate on building strong partnerships with the local suppliers in order to understand the local market. They should also concentrate on integrating the technology used locally in order to maintain a balance in the technological approach. A new market means new customers so the chances of increasing the revenue are more and at the same time risks are also involved as the company might fail in its operations. They should concentrate on diversifying the investment in more than one country to makes sure that the investment they have made is safe even if they fail in one market.