There is a lot of insights that I take after I watched the video provided “International Marketing: How to Sell Products Internationally.” It gives me a lot of hints and ideas on how this works in an international setting. In my viewpoint, I know that doing business internationally is tough just when you first penetrating an unfamiliar terrain. Some of the business that stays still nowadays in the international market has a solid foundation developed through the march of time and gone through in the toughest battle in the business world before they attain victories in global settings. This is not easy to establish business internationally because a lot of challenges waiting for the organization to finally step into the global market. They must take a risk on the situation to survive on the battlefield. Overcoming these challenges can lead to business success and the great opportunity to know the product globally not only in the country where it came from but to the other countries intend to penetrate. They must strive hard to fully know what kind of market they are entering and discover the more complex issue in doing business internationally because there is a big possibility that the potential difficulties came into the scene and they have to prepare or better deal with it.
One of the challenges is cultural differences in every nation. Every country has a diverse culture different from what we know about its practice. So, if a company wants to extend business in other countries, they must have intense research for specific cultures and know the background of the market to thoroughly know the behavior of consumers and their actions towards purchasing a product. Another risk that the company may encounter is economic. This is important to understand the company exploring internationally because this may cause financial harm to the business if the country where it operates changes its status. Some of the other factors are the inflation rate, availability of financial resources, and the like. A company should have to prepare themselves because it can affect the stability of the business. They must hire an agent or merchant who has advanced knowledge and experience in the local market that they can work with to help them analyze and understand what are the implications of economic and financial risk to the business and how to minimize its effect so that the company may not greatly affect of its sudden changes.
