The paper “ Strategies for International Business” is an intriguing example of a business literature review. Strategies are designed by businesses in order to run efficiently in the industry they are involved in serving their customers. The internationalization strategies deal with how businesses should consider the market before actually choosing the entry mode option to proceed with their business activity. Every option is likely to have some amount of risk associated with it, but a company must decide, based on resources and management skills they have, how they could face the risk and achieve success in establishing their business in foreign countries.
There might be some cultural, political, geographical, and economic distances that the company might have to overcome. These are all factors that they must look into before establishing themselves in foreign lands to operate successfully. DiscussionOne of the most important parts of entrepreneurship is venturing into new business entities. This can be accomplished once a firm decides to enter a new or an existing market with new or existing products and services for its potential customers (Jones, 2009).
Expanding business operations in foreign countries helps a firm to spread risk from one nation to another. This process of operating in foreign countries is called internationalization and is helpful for a company in several ways. In order to succeed some internationalization strategies have to be made. The three basic internationalization market entry strategies are the timing of entry, entry mode, and market selection (Suder, 2009). Timing of entry is the time, after considering the competition in the market, to enter the industry. There are different reasons why a firm may enter early or late in an industry.
An early entrant does always have the advantage to penetrate the market and customers. This type of strategy gives a company an advantage to lead from the front. They have the advantage over their new competitors who have joined the industry after being attracted to profit (Lavin, 2011) & (Wunker, 2011).
List of References
Alon, I., 2012. Global Franchising Operations Management. London: FT Press.
Campbell, D., 2009. International Joint Ventures, Volume 30. Bedfordshire: Kluwer Law International.
European International Business Academy, 2009. Research on Knowledge, Innovation, and Internationalization. Bingley: Emerald Group Publishing.
Falkenreck, C., 2010. Reputation Transfer to Enter New B-to-B Markets. Monchebergstr: Springer.
Galpin, T. J., 2011. The Complete Guide to Mergers and Acquisitions. Hoboken: John Wiley & Sons.
Gopalaswamy, S., 2009. Combination Products: Regulatory Challenges and Successful Product Development. New York: CRC Press.
Grewal, S., 2011. Manufacturing Process Design and Costing: An Integrated Approach. London: Springer.
Henry, A., 2011. Understanding Strategic Management. New York: Oxford University Press.
Hill, C. W. L.
R. W. H., 2011. Global Business Today. New York: McGraw-Hill Irwin.
Jones, M. V., 2009. Internationalization, Entrepreneurship and the Smaller Firm. Cheltenham: Edward Elgar Publishing.
Khanna, T., 2010. Winning in Emerging Markets: A Road Map for Strategy and Execution. Boston: Harvard Business Press.
Koslow, L. E., 2009. Global Business. Houston: Routledge.
Lavin, F., 2011. Export Now: Five Keys to Entering New Markets. Hoboken: John Wiley & Sons.
Markman, G., 2011. The Competitive Dynamics of Entrepreneurial Market Entry. Cheltenham: Edward Elgar Publishing.
Massetti, R., 2012. Is Your Business Right for Franchising?. New York: Lulu.
Mathews, J., 2013. Street Smart Franchising. New York: Entrepreneur Press.
Peng, M., 2010. Global Business 2009 Update. Mason: Cengage Learning.
Seba, T., 2009. Building a Winner - 9 Rules of Business and Marketing. San Francisco: Seba Group.
Silverman, H. A., 2013. Studies in Industrial Organization. Oxon: Routledge.
Spencer, E. C., 2010. The Regulation of Franchising in the New Global Economy. Cheltenham: Edward Elgar Publishing.
Stonehouse, G., 2013. Business Strategy. Oxford: Routledge.
Suder, G., 2009. International Business. London: SAGE Publications.
Trost, T., 2011. Joint Ventures: The Benefits and Perils - Why Some Are Successful and Others fail. Norderstedt: Verlag.
Wunker, S., 2011. Capturing New Markets: How Smart Companies Create Opportunities Others Don’t. New York: McGraw Hill Professional.