Discussion Responses Required - 10 To 12 Hours At The Maximum
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Forum4.docxRunning head: Expanding into Global Markets 1
Running head: Expanding into Global Markets 6
Discussion Board Forum 4 Part 2: Expanding into Global Markets
Dr. Arthur Mazhambe
October 11, 2017
Key Term and Why You Are Interested in It
Expanding into Global Markets was the key term that I chose. I will like to learn how it works with doing international business. As I did some research on expanding into global markets, it was stated in Saige Driver article that businesses owners are expanding into global markets which is another way of making great money to help their businesses to grow. The United States business owners expands their businesses overseas because they want to go global to see how their products may sell international. As you read my paper I will explain the steps in expanding into global markets that a business owner needs to take and why it is good for business owners to go global market.
Explanation of the Key Term
Expanding into Global Markets is when company's do business activities into countries in several regions throughout the world. The concept includes maintaining an actual business presence in those countries (Business Dictionary 2017). Expanding into Global Markets its products that have universal demand such as automobile, hotels, food, clothing and electrics. Different countries import produces into their country so that business owner can sell within their country. There are 5 steps to expand your business globally according to Forbes which are Know your company and your industry, determine how your business model translates, Identify and investigate target markets, develop a business plan and Seek advice and assistance (Forbes 2013). The more countries a business owner can do business what the more money he can make. International is a way to go for doing business what the United States because we have that top technology system in the world. Even though Expanding into Global Market can be unique, hard and very challenging this is a way to go with upcoming businesses. It is all about convincing the international countries that your brand is better than theirs (Saige Driver 2017). According to modern market there are 6 steps global market domination (Heidi Lorenzen 2017). Another way business owners can expand into the global market is by doing so online. Online may be cheaper than exporting goods to other countries. It also makes it easier for the buyer to see what they are purchasing and so that products may reach faster to the buyers (Isabella Griffith 2013).
Major Article Summary
Many businesses are ready to expend their businesses in becoming known across the world. There are steps that businesses owners should take to be successful in expanding into the global markets. The First step you need to know your company and your industry. You must know if your company will do well in the global market. If it fails to do well you may need to change your products to fit the global market. Plan on what you need to do to make your business successful and keep up with the growing market and technology. Secondly, determine how your business model translates. Business owners need to know what they want to do with expanding into global market whether they want to import, export, licensing, off shore production or joint venture. Exporting in much easier and less risky for doing international business. Third, identify and investigate target markets. As a business owner, you need to make sure that you are targeting the right product and the right customers. What may sell good in the United States may not sell well international. The key is you must know the demands of your clients and customers. The Fourth step you must develop a business plan. When you first open a business, you have developed a business plan but you may want to revisit your business plan when it comes to doing international business. There are a few steps that must be in place to help you master expanding into the global market. The fifth step includes import and export pricing strategies, Initial financing streams and anticipated revenues, additional costs for marketing; shipping; inventory storage; storefront; travel, potential partnership or investment opportunities, if you are interested and legal, one of the most important aspect of a business is regulatory and licensure requirements. The final step, a business must have the cash flow to open up a business but when you are expanding into the global market one should seek advice and assistances. Business owner can seek assistances through their local banks, the International Trade Association and the U.S. Commercial Service which is ITA that focuses on helping SMBs find international partners. There are other programs that can help an upstarting business with their financial needs is Young Entrepreneur Council (YEC). The Young Entrepreneur Council is a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons. (Five Steps to Expand Your Business Globally Forbes 2013).
Discussion
a. The article helped me to understand the six steps that I needed to know on expanding into the global market. As I read about the different steps I found out that you have to clearly plan out which products and which market you will like to serve as a business owner. Expanding into the global market it takes a lot of planning. I learned that the key to a business is the funding stream. Doing international trades, you should have investors and apply for loans from your local banks. I learned what it takes to be a powerful global business owner. (Forbes 2013) It is all about convincing the international countries that your brand is better than theirs (Saige Driver 2017).
The cited work relates to the article, I learned that the best way a business can go is in doing international business. I article states that not every business is cut out to expand into global for that big challenge. With international business, you must make sure you have your clientele in the foreign market. As Saige Driver states running a business, you will run into some type of hurdles, but expanding internationally comes with its own unique set of obstacles (Saige Driver 2017).
The cited work relates to the article, expanding into international market online informed me on the importance of doing business online with the international countries. This is a way business owners can keep up with the needs of their clients. Clients can see their product online and it is a great way of purchasing produces quickly. Isabelle Griffith article also gave steps on what a business needs to do when expanding into global market. (Isabelle Griffith 2013).
The cited work relates to the article, 6 Steps in Global Market Domination explain the steps on going into the global market business. Your brand is the key is it what the international countries wants. Have your marketing team together It boils down on how you market your business. Heidi explains effective messages to the marketplace that engage global audiences (Heidi Lorenzen 2017).
The cited work relates to the article, Five Steps to Expand Your Business Globally explained the five steps for expanding into global business. Have a business plan. Identify your client and know what produce needed. Make sure business owner have funding and the cash flow to do export and import for the global market. Have great marketing for your business according to (Forbes 2013).
References
Business Dictionary (2017) Global Expansion. Web Finance Inc.
http://www.businessdictionary.com/definition/global-expansion.html
Forbes (2013) Five Steps to Expand Your Business Globally.
https://www.forbes.com/sites/theyec/2013/10/08/five-steps-to-expand-your-business-globally/#553670e56297
Heidi Lorenzen (2017) 6 Steps in Global Market Domination.
https://blog.marketo.com/2015/03/6-key-steps-to-global-marketing-domination.html
Isabella Griffith (2013) Expanding into International Market Online.
Saige Driver (2017) Going Global: How to expand your business internationally.
http://www.businessnewsdaily.com/8211-expand-business-internationally.html
