‘INTERNATIONAL BUSINESS’
A glimpse at the ‘International Business’.
‘A
lesson learned is far better than a lesson read’.
The
word IB (International Business) as itself speaks; is an interaction of
business of one country with the other. But, it isn’t easy as it seems.
International
Business is vast, indeed very vast. A glimpse on ‘International Business’ to
understand the regulatory bodies involved in the process of doing business.
Imports & exports have norms which vary in every country. Countries that
appreciate certain commodities and/or services could be a violation of law for
the others. Henceforth, country or countries that one wants to enter should
look into their cultural & demographic factors, laws etc. to be precise.
Liquor could be one such example, which is banned in Arab countries but are a
part of dine for some west countries.
Entry
strategy elements are given lime light. There are various factors to look into
before doing business amongst countries. I would highlight the few, as IB is like;
‘the more you penetrate, the more you get in’.
Identifying
the foreign market could be said as the primary step. Until & unless you
identify that, you can’t walk your steps. Market research helps you understand
the consumer. But, what’s the need to understand your customer and/or say
consumer? I could rightly say, if you know your consumer and you offer exactly
what they want, than: “you know your business”.
Then
comes the regulatory environment as per specific industry and country- which
was briefly discussed above. Last but not the least; channel & entity
options and the way you launch the product in the overseas market were briefly
discussed. Channel plays an important role in delivering the products for final
consumption/usage. Many products that are good but failed to attract the
customer’s leads to failure, hence marketing and advertising comes into picture
i.e. how you launch the product.
To
conclude, I would say entering into other country would be a high risk
involvement. Thus, research is very important with the unison understanding norms
of businesses countries and the home country.
Author:
Rahul
Bhardwaj
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