Adopting To International Markets

ADOPTING TO INTERNATIONAL MARKETS BY Course Name Professor’s Name University City, State Date of Submission  Adopting To International Markets Businesses yearn to grow and reach full potential as a means of earning profits and building market share. Although a brand might be doing well in its domestic market, venturing into the international market can prove to be a huge hassle. Before venturing into international markets, entrepreneurs need to consider various factors and require a strong management strategy to help handle the increased responsibilities that accompany the expansion. Factors such as differences in culture and lifestyle across nations have made it difficult for companies like Best Buy and McDonald's to succeed overseas despite their local success (Ms. International, 2019). Despite the products being highly successful in the American market, the difference in tastes among the people in other markets such as Europe has made it difficult for the companies to succeed internationally. Unlike the local markets, the international business environment is highly uncertain and unpredictable, mainly because of globalization, which has made it easier for local companies to compete on a global scale. Competing in a global environment requires preparation, risk assessment, and strategy. Local companies that venture into international markets need first to understand the risks involved. The international environment is highly risky due to the increasing volatility, shifting political environment, and stock market fluctuations. Assessing such risks is essential for a local company to understand the current situation and develop means of venturing such markets without losses. To succeed in such an environment, agility and speed are highly essential (Ionescu, and Dumitru, 2012, p. 86). Companies need to act quickly in volatile situations and develop highly nimble processes that help them to quickly respond to new opportunities and challenges. For instance, a company needs to find means of gathering information from customers on the product offered in international markets, and use the information to quickly change the product to suit the needs of the target market. Having short term and long term goals is also important for a brand. Venturing into foreign markets can open up new opportunities for product improve...