export

International markets expansion, challenges and solutions

Of what Importance are the Knowledge of Culture and Language when Evaluating Potential Export Markets?

Growth and success in today's global economy depend on being able to trade internationally. However, although the larger multinationals of the world have little or no trouble doing so, SMEs experience cultural barriers as well as language barriers among others when operating across borders.

 

Some of the most important foreign environmental information to know about a target export market are the political atmosphere, the economic stability, infrastructure, market potential, legal

considerations and the culture around exports. The success or failure of an export to a foreign market relies to a great extend on its cultural environment. The business world is littered with cultural gaffes that have had negative consequences. Having an insight into how another culture thinks and behaves allows one to tailor their approach and hence maximise their potential. Studies have shown that this aspect of export is heavily neglected when export managers are deciding on which markets to enter.

 

Market presence

You may want to have a presence in one or a number of the markets we cover; to satisfy existing customers and prospects, to manufacture, process or assemble products in a particular country, to protect against liability claims, and to minimize certain tax or custom duty-related costs.

Syndicate content