Question

What are the 5 main things to understand before attempting to conduct business in a foreign land? (International Business and Marketing Class)

Answer 1

When a company plans to do business in a foreign land, it can be understood that that company has already taken good control on the national land. Some of the things which are needed to understand while conducting international business are -

i) The first thing which is needed to understand is the cultural differences between the two countries.

ii) A country's political climate and legal and regulations are also needed to be taken care of so that there would be less barrier to entry in the foreign market.

iii) A business also needs to take care of the government regulations such as tariffs, currency exchange rate, etc.

iv) Before planning any international business, it is also needed to do a financial feasibility study so to understand its basic costs.

v) Besides cultural differences, there is also some issue arises due to language differences between two countries.

Hope this helps :)

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