Marketing Strategy Expert Witness On The Global Marketplace Part 1

In Creating a Sales Presence in the Global Marketplace, marketing strategy expert witness Glen Balzer writes:

Companies operating only in their home market or in a limited number of global markets understandably worry about entering a new foreign market. Risks are many and opportunities for problems are enormous. There is an additional risk of taking the corporate eye off the core business and revenue stream. What should a company planning to enter a foreign market do in order to protect itself from failure and improve its chances for success? A company can create an eight-step plan that includes:

1. Properly setting expectations 2. Developing a bank of resources 3. Studying local market norms 4. Hiring a country manager 5. Selecting a manufacturers’ representative 6. Negotiating a representative agreement 7. Preparing for fraud and scandal 8. Incorporating lessons from competitors