MRKT 405 INTERNATIONAL MARKETING HOMEWORK- NEW YORK INSTITUTE OF TECHNOLOGY
Five challenges you'll need to overcome to succeed in international business
Research tells us that all future international businesspeople must be able to have solutions for the following five challenges:
I. Before you dive into a foreign market, you need to do some research and learn about its economy, market trends, consumer behaviors, policies and trade agreements to help yourself plan. Hopefully your research will reveal any barriers to entry, as well as whether or not they can be avoided.
II. You need to learn about the culture, language, religion, body language and etiquette of the foreign market you are interested in pursuing.
III. Be aware that in some countries, the business does not move forward unless you are willing to offer a bribe. Prepare yourself to say no and walk away from the deal. Do not do something behind closed doors that you will regret afterward.
You need to follow your company's code of conduct, which probably prohibits such actions. More importantly, you need to follow the laws of your own country.
Building a long and lasting relationship is fruitful, but it needs to be based on trust and an understanding of the value each party brings. This is especially important in international trade due to the cost and effort associated with foreign market entry.
IV. You will face challenges with logistics (i.e. shipping, customs or transportation). Do not get frustrated; rather, put on your creative hat and shift gears into solution mode instead of blame mode. Too many people and processes are involved, so you just need to be positive and be prepared.
V. Similar to how you prepare for challenges, you also need to prepare for the good news of increased sales from your new foreign market. There is additional demand that needs to be fulfilled, but in ways which are not necessarily similar to what you do at home.
TRIVIA
a) By law, what is banned in Japanese restaurants?
b) Abraham Lincoln never does what in any photographs?
c) Who averaged 1 patent for every 3 weeks of his life?
d) What was the first USA CD ever pressed?
e) Where is the toothpick capital of the world?
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.