International Business Development
International Business Development
Expanding into global markets requires strategy, adaptability, and strong partnerships. International business development focuses on market research, identifying opportunities, and tailoring products/services for global success.
Key Activities:
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Market Research – Identifying demand, competition, and consumer behavior
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Strategy Development – Defining market entry, pricing, and product adaptation
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Execution – Building partnerships, managing operations, and driving growth
Approaches to Expansion:
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Ethnocentric – Using domestic strategies internationally
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Polycentric – Customizing for each market
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Regiocentric – Targeting regions collectively
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Geocentric – Developing a unified global approach
Why It Matters:
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Drives Growth – Expands revenue and market share
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Diversifies Risk – Reduces reliance on a single market
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Sparks Innovation – Encourages new ideas through global insights
Successful international business development requires market intelligence, strategic execution, and strong relationship management.
