The world watched as globalization progressed significantly over the past years, expedited by modern transportation and communication; improved infrastructure; and international trading and financing fiats defining the global rules of trade and supporting global trade capacity. In fact, a report by The Institute of Technical Education (ITE) in Singapore reveals that within a span of more than forty years, the world has seen a 1500% increase in the globalization of businesses, with two in every 6 products crossing borders as part of their international business marketing strategies.
A Business Briefing Series report by Ernst & Young cites that the trend towards global expansion is poised to continue in the years to come. The research depicts an international trading landscape that enables organizations to execute their international business marketing strategies rapidly. In addition, businesses are projected to have a strong desire to capitalize on flourishing developments in the global arena.
Efforts to geographically broaden product or service reach are facilitated by various objectives. With change being a constant business development facet, businesses are lured to go for overseas operations because larger markets can mean greater profit, and present even bigger opportunities for the expansion of an existing range of goods.
In some cases, businesses in a particular industry shift to serving overseas market to make global expansion desirable. There are companies deciding to go international that specifically target particular regions to dominate certain markets before a competitor does.
In order to achieve increased expansion and generate additional revenue, taking the business offshore might just be the answer. While potentially lucrative, the decision to expand abroad, however, can also be very costly when improperly managed from the get-go. Aided by modern technology, businesses turn to the Internet for geographic advantage and massive reach. Today, the potential internationalization of a retailer can be determined through online beginnings – communicating with customers across the globe via the World Wide Web.
Global business success with online marketing comes with it an enormous challenge. Needless to say, developing business and software strategies that can actually result in successful international business programs necessitate systematic preparation and exhaustive planning that cover the business and legal fronts. While global business expansion now a rising trend, there can be no guarantee that success in one’s own turf can be equally great in the foreign market.
For most businesses, the idea of expanding trade internationally is far from being an overnight phenomenon. It requires decision makers research, identify and recognize the impact of cultural differences, and strategize when it comes to managing the sensitive cross-cultural risk process. Companies need to practice and implement business processes that uphold adaptability, perceptiveness, cooperativeness and objectivity – all without risking self-awareness of the brand and its identity.
Crucial to the efficiency and effectiveness of business and software strategies for international business marketing is a thorough understanding of global synergies and the worldwide economies of scale that help define ways to connect with customers and collaborate with partners across borders. Increased complexities such as geographic, stakeholder, organizational and cultural complexities come into play.