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Expanding one’s business internationally is one of the greatest strategic decisions for any business. This is one of the most potent ways of increasing the reach of one’s product and services in the greater market. But lo and behold! What works well in one’s domestic market might not even suit the foreign market. There are stalwart examples to prove the same. The most famous being the retail giant Walmart’s herculean withdrawal from Germany. There were two primary reasons associated with its failure in that market. First, it tried to operate on a pricing model that was causing losses to shopkeepers in the local market. Second, the way the customer service team was inducted to interact with the local shopkeepers with greetings at packing and checkpoints. This was similar to the company's failure in South Korea, the reasons being on similar grounds. So, it's evident from the case study that Walmart despite being a retail giant in US market couldn't make successful forays in other parts of the world owing to its stringent operational models and lack of adaptation to diverse markets. This puts a great deal of emphasis on a company's international business strategy.
So, if your company is planning for overseas business expansion, here are some of the challenges that you might face in the new geography and these are:
So, how to take on the challenges and transform them into opportunities? Here are some of the globally recognized best practices when it comes to crafting the winning international business strategy for your company.
From the above analysis, it is evident that business expansion in the international market calls for domain expertise. The most recognized way to acquire such expertise is by explore Executive Post Graduate Diploma in International Business Strategy by Indian Institute of Foreign Trade. The course has crafted specially to equip aspiring professionals with requisite tools and knowledge required to operate in the domain of international business. Across the three trimesters, the course focuses on empowering an individual with critical international business strategy concepts and recognized practices revolving around management, IT, marketing, ethics and regulations.
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