Business Marketing Strategies for Global Markets Assignment

Business Marketing Strategies for Global Markets - Assignment Example Some of the market entry options include direct export that entails producing products in the home country and selling them to overseas customers. Licensing, where licensor will provide an organization in the foreign market a license to manufacture the product or use the brand name and in return receive a payment. In addition, the use of joint venture that involves two organizations coming together to share the risk of market entry into a new foreign market (Root & Mark, 2006). The strategic significance of global market participation includes the following. The expansion provides the opportunity to increase sales as well as make profits; moreover, it leads to lower prices for goods and services to the customer due to the economies of scale derived from a larger global base and to bring down barriers to world trade and providing some protection in some countries and industries. There are the types of international strategies. The Multi-domestic strategy emphasizes product customization for each market. In addition, there is the Global strategy where products are the same in all countries where the business is involved. Lastly, the transnational strategy that tries to balance the efficiency while adjusting to the local preferences of various countries. Finally, the components of international strategy include the distinctive competence, the scope of operations and the resource deployment and