Surviving International Competition in business

[Ayuba Ernest]

When expanding a business into new international markets, it is essential to keep a few key things in mind. First, it is important to do your research and understand the cultural landscape of the country you are doing business in. What are the customs and etiquette? What are the social norms? What are the religious beliefs? What is the political landscape? How does business work there?

Second, it is important to tailor your product or service to meet the needs of that specific market. Do not try to force your product or service onto the people there. Understand their needs and wants and create a product or service that appeals to them in order to be successful.

Lastly, It is important to research the competition and understand their strategies. It is also necessary to understand the cultural differences and how they may impact the business. In some cases, it may be necessary to partner with a local company in order to better navigate the market.

 

[Jasz]

In today's globalized economy, businesses must learn to adapt to the changing needs of their customers. For example, the demand for organic foods has increased around the world. In order to survive and thrive in this competitive environment, it is crucial for companies to understand the needs of their customers and offer products that meet those needs.

The first step in surviving international competition is understanding what type of business you are in. Some industries are more sensitive than others to changes in demand; however, every industry will be affected by changes in supply and demand at some level. In addition to being sensitive to economic conditions, certain industries are also sensitive to political changes or social trends (e.g., gay marriage).

The second step is figuring out how much competition exists within your industry and within each country where you do business. If there are several large companies competing with each other in one country, then they may have less incentive to lower prices or provide better service than if there were only one large company operating there. The third step is determining whether consumers have access to information about your product or service before buying it (i.e., how much information does a customer need before deciding whether or not they want it).