Entering Global Markets - Explained
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How do businesses globalize or enter foreign markets?
The primary manners by which businesses expand into foreign markets include:
- Global Sourcing - Taking advantage of efficiencies of foreign markets for supply and labor.
- Import/Export - Purchasing goods from outside of the country or selling goods outside of the country.
- Licensing/Franchising - Selling rights in ones intellectual property rights (such as name brand and operational plans) to individuals operating the business in foreign countries.
- Strategic Alliance - Aligning with existing foreign businesses to sell your product or services.
- Joint Venture - Forming a new business entity with a foreign company to operate in the foreign jurisdiction.
- Foreign Subsidiary - Opening or purchasing a business in a foreign country. The business is owned by the parent company in the home jurisdiction.
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