This text was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 0 License without attribution as requested by the work’s original creator or licensee
What You Should Know Before Going Global
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15.2 What You Should Know Before Going GlobalLEARNING OBJECTIVESLearn about the different ways that a business can export. Understand the importance of an industry analysis. Understand that it is important to carefully assess a business. Learn about the marketing decisions that must be made. Learn about the kinds of legal and political issues that will affect the exporting activities of a business. Understand why the currency exchange rate is important to determining price. Learn about the different sources of financing. Although expanding into global markets offers many important benefits, not the least of which is increased profits, it will also introduce new complexities into the operations of a small business. There are several key decisions (see Figure 15.1 "Factors Affecting the Decision to Go Global") that will need to be made, including the following: [1] Determine which foreign market(s) to enter. Analyze the expenditures required to enter a new market and determine the source(s) of financing. Determine the best way to organize the overseas operation in concert with the US organization. Determine the extent to which, if any, the marketing mix will need to be adapted to the needs of the foreign market(s). Figure out the best way for the business to get paid. These decisions, and others, will be based on an assessment of the ways to export, an analysis of the industry and the business, marketing and cultural factors, legal and political conditions, currency exchange issues, and sources of financing. Video Link 15.2A Family Business Goes Global A small business specializing in leather-care products gets a lesson in expanding beyond its old fashioned clientele. money.cnn.com/video/fsb/2008/09/10/fsb.pecard.makeover.fsb Figure 15.1 Factors Affecting the Decision to Go Global 
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