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International Trade

ArticleID 82  
Writer Grace Odinga
Category Personal Article

Guidelines for Success in International Markets

 Make yourself at home in all three of the world’s key markets – North America, Europe, and Asia. This will make it easy for you to identify emerging business opportunities even in a strange land

 Develop new products for the world market. If you want to go international with your business, develop products that will benefit the international scene as opposed to the local market.

 Familiarize yourself with foreign customs and languages to avoid conflict with international jurisdiction.

 “Glocalize” – make global decisions about products, markets, and management, but allow local employees to make tactical decisions about packaging, advertising, and service.

 Train employees to think globally, send them on international trips, and equip them with state-of-the-art communication technology. This not only motivates them but also makes your business stand out in the international scene.

 Hire local managers to staff foreign offices and branches. Do whatever seems best wherever it seems best, even if people at home lose jobs or responsibilities.

 Consider using partners and joint ventures to break into foreign markets you cannot penetrate on your own.

Barriers to International Trade

Though there are many benefits to international trade, the barriers cannot be ignored. If you bear the tact to avoid or bypass the barriers, then international trade is the thing for you. Some of these barriers are actually perceived as you will see below;

Domestic Barriers:

 Attitude – “My company is too small to export”

 Lack of information about how to get started

 Lack of export financing

International Barriers:

 Tariffs - Taxes a government imposes on goods and services imported into that country.

 Quotas - Limits on the amount of a product imported into a country.

 Embargoes - Total bans on imports of certain products.

 Dumping - Selling large quantities of a product in a foreign country below cost to gain market share.

 Political barriers - Rules, regulations and risks.

 Cultural barriers - Differing languages, philosophies, traditions, and accepted business practices.

International Trade,Barriers, Guidelines, Entrepreneur, Entrepreneurship
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