What is Expanding to the Foreign Market and Business Development?
With the effect of globalisation, it has become easier for companies to enter foreign markets compared to the past. Especially companies in developed countries aim to target international markets. There may be many reasons for a company to enter a foreign market; the implementation of laws that make it difficult to operate in the domestic market, recession in the domestic market, and the reduction of incentives provided for the foreign market are just some reasons.
There are many different methods to enter the foreign market. The first and most common is based on exports. In addition to exports, international mergers, acquisitions, and joint ventures are applied when entering the foreign market.
Globalisation makes it easier for businesses to carry out marketing and sales processes aimed at international markets. The main factors to be considered during these processes are as follows:
- Demographic and socio-cultural environment,
- The financial, economic and political environment,
- Legal environment,
- Competitive environment.
The information obtained from evaluations considering these factors should be used in deciding which foreign markets to target and in the business development processes in these markets.
Business development, which is another aspect of the process of entering foreign markets, includes processes such as developing new products and services, working on existing products and services, diversifying distribution channels for products and services, exploring new markets both domestically and internationally, carrying out joint projects with different businesses, and identifying customer needs. These processes must be completed along with the other necessary work for entering foreign markets.
What is International Market Entry and Business Development Consulting? A business entering foreign markets is a multidimensional process that requires expertise in different fields. Expertise in politics, economics, and law is needed during market identification. The business development processes to be carried out for the identified foreign markets are also strategic processes that require expertise and experience in the relevant field. It is possible to benefit from many governments’ support, especially from the Ministry of Trade, when entering foreign markets.
Obtaining professional consulting services for completing necessary legal processes when entering foreign markets, identifying potential foreign business partners, and conducting negotiations with these business partners is vital for these processes to run smoothly. In addition, marketing and sales support are also within the scope of international market entry and business development consulting services. Matters such as digital marketing activities, establishing a sales team performing performance management, and reporting activities are subjects that require experience to succeed in foreign markets.
At SUN&SUN Consulting, we are happy to provide professional services in international market entry and business development processes to businesses with a broad vision that want to continue growing globally with our 20 years of experience.
