Introduction
All businesses are established with the sole aim of conquering the market. It is therefore very necessary for the organizations to come up with elaborate plans to be used to implement the set goals. Growth is one achievement that is an indicator of success and it can only be realized with proper planning and systematic implementation.
Global Market
The global market is one competitive field which offers limitless windows of opportunities, firms need to target the global market since it can accommodate gigantic business ventures and growth. This, however, can only be realized with clear quality corporate objectives that take into consideration the market requirements and needs as well as the firm’s interests. There is a big difference between the international market and the local market, therefore firms venturing out need to have clear policies and practices that will make them accepted in the foreign arena at the same time allowing considerable returns.
Study
It is also important to study the market trends, practices and buyer behavior to understand it and formulate practical and workable entry tactics. The theory of customer and company driven goals should be balanced. Wong (2010) argues that the comparative advantage where the investor capitalizes on their prowess is crucial since it will assist in making the best investment decisions. Despite that many countries often woo foreign investors; there are usually rules and regulations set to cushion the domestic players from ‘perceived’ unfair advantages from foreign investors. In many situations the local players are ever seeking government subsidies calming that foreign investors are favored, this leaves the foreign investors at a tighter position since the trading ground is tilted.
Calamities
Planners ought to prepare the investor on unforeseen eventualities since they are bound to occur, investments collapse, governments are toppled or even international laws and standards change, there will be hindrances from different quarters; political interference, corruption amongst government departments, underhand dealings, and other unpredictable circumstances. To counter this it is important to accustom one to the local social-economic needs and trends since they define the market needs and practices. Different markets offer different social-economic terms and conditions. This calls for innovative planning so that measures that the firm gains acceptance. This must also include corporate social responsibilities that will endear it the local’s acceptance.
Target Audience
An investment firm venturing into the global market is supposed to put into consideration the firm’s goals and objectives as well as taking into consideration the host market needs and trends.
Host Country
According to Gumpert (2000). A business plan should be easy to read since a complex plan will be meat with resentments from the host market as well as the implementing body. Many countries will have a line in investment line that will be on offer and mostly it has a catch. The investment firm needs to try as much to fit into laid plans to elicit support from the host fraternity.
The situations are different between strong and weak target markets, in most cases, the former will dictate the terms while the latter is most likely to comply with the investor’s pre-qualification. However there are lots more in terms of the actual customer needs, there should be a distinction between the government position and the market requirements, the two should be merged for they constitute two of the three respondents that complete the triangle of targets, consumers, government and the investor in the venture.
Market Survey
Many at times the official position might not be the position on the ground and to effectively address the individual needs, a market survey is mandatory. This is an effective way of communicating since it gives feedback. The directors are supposed to consume the results for better planning; financiers and partners will use the report in considering financial involvement, while the rest of the team like the sales and marketing departments will have a basis to launch their activities.
It is important to consider the recipient’s preferences since that will facilitate entry into the market. Consumer needs are important for they are the final determinant of the investor’s success. There are laid down company procedures that should be followed whether in local or international markets. These rules have aimed to safeguard the corporate image, as well as facilitate easy acceptance in the foreign market and success in the endeavor. Before entering into a new market one of the biggest hurdles is to enlist the acceptance by the hosts and hence a workable plan must have the two factors into consideration. A huge budget goes to programs on improving public relations.
Operational Process
Good paperwork alone does not guarantee success, it must be followed by a competent and implementation endowed team. In all foreign investments, the management is based on shareholding, it is important to know the set thresholds of individual markets labor force on the occupation of various jobs in foreign markets since the chosen team at is an indicator of the investing company’s caliber. It is not always that the investor will be allowed a freehand in expatriate staff importation. Locals are allotted a chunk of jobs available. Brown & Gutterman (2003) argue that there should be proper information gathering to avoid having crucial personnel being technically locked out of an occurrence that could jeopardize the whole investment program.
Challenges
The investing company should seek ways to overcome challenges offered by the international market; some of them include strict government measures, low levels of education, lack of access to basic amenities, supplies, and hostility amongst others. The entry into the market could be direct or through a franchise, where a local player will act on behalf of the investor; either of the methods is to be applied depending on the situation on the ground.
It is important for the investing company to factor and anticipate political changes in the host market; the investor ought to cultivate goodwill amongst all political players across the divide, this is achieved by employing restraint from meddling into the local political scene. At the same time, the team needs to prepare for any eventuality since politics change and that comes with change on policies including that on foreign investments.
Preparation
There should be adequate planning and preparation to facilitate the smooth start of operations; the implementation team should be well conversant with the whole process to ease operations. There should be clear steps on the implementation of the plan, this involves quarterly assessments that aid in assessing and reviewing plans. Adjustments should be made in line with the findings from continuous surveys.
Conclusions
The planners should be able to convince the board that the presented plan is workable in a given market environment and hence it is viable. The investor should have the capacity to handle the task undertaken as well as create a trusted and acceptable brand in the foreign market. Since individual markets have distinct trends, the venture should address a certain market need depending on the demand bending at times depending o the sway of the market without losing the original goal.
References
Brown,R & Gutterman,A.( 2003). A short course in international business plan: Chatting strategy for success in Global commerce. World Trade Press. California USA
Gumpert, D. (2000). Pick the Target Audience, and then tailor your plan. Growco. Web.
Wong, J. (2010) Global Management Perspective. Among the Stars. Web.