Business etiquette

This refers to the mannerisms and customs by which business is conducted in different parts of the world.

Cultural exports

This refers to the extensive availability and consumption of traditionally domestic products in overseas markets.

Direct investment

This involves a business setting up operations in other countries, such as production facilities or distribution services.

E-commerce

This refers to the buying and selling of goods and services via electronic means, most notably the Internet.

Exporting

This method of entering international markets involves a business selling its products to overseas customers without having to physically establish production or distribution facilities abroad.

Franchising

This involves international marketers seeking a third party organization (the franchisee) to supply the goods and services of another business (franchisor).

Globalization

This is the process of the integration and interdependence of the world’s economies, in terms of social, political and economic convergence.

Joint venture

International marketers use this method to sell their products in overseas markets by two or more parent companies forming a new business entity in its own legal right.

International marketing

This refers to the marketing of an organization’s goods and services in overseas markets.

Legal constraints

These rules and regulations of a country set the permissible parameters that international marketers can operate within, such as consumer protection laws.

Operational implications

This refers to the daily operations of a business, e.g. monitoring of exchange rates and conducting market research in order to remain competitive.

Opportunities

These are factors in the external business environment that create prospects or openings for a firm’s growth and development.

Strategic alliance

This method is used by international marketers to sell their products in overseas markets by using partner firms in other countries, working in collaboration on a specific project.

Strategic implications

This refer to the longer term operations of a business, e.g. the formation of a strategic alliance or joint venture as part of an international marketing strategy.

Threats

These are the external factors that create challenges for an organization wishing to expand in overseas markets.