What are some strategies and barriers to businesses going global?
Businesses can go global by expanding into foreign markets and by investing in foreign businesses, merging with foreign businesses, and acquiring foreign companies. Typical expansion strategies include opening branches offices, licensing products for companies in the target market to sell, and creating marketing campaigns initially targeting a diaspora group and using that as a point of entry into their home market.
One major set of barriers is regulatory. Many countries limit foreign investment or erect trade barriers against goods by imposing tariffs. Another barrier is cultural. Many products which appeal to one culture need to be reformulated, repackaged, or repositioned for other markets. Another barrier is lack of expertise in doing business outside one's own country and culture.
When technology allows us to start a business by trading anywhere in the world, it’s time to go global for every business. If one wants to do business globally then he/she needs to do some basic steps. These steps should be considered:
- Research the international market
- Build online website or e-store for business
- Promote your business online using various media
- Offer great and easy online payment systems
Provide top-class customer services