To succeed in international trade, it is crucial to know what to sell and how to sell it. For example, a company that specializes in pork-based products likely would not find a willing trade partner in Muslim countries, in which the consumption of pork is outlawed. The cable news outlet CNBC is an example of international trade done well. The network offers a source of journalism that is unique to particular regions throughout the world. In addition to the US broadcast, CNBC offers local channels that focus on the business issues that are pertinent to each region in the local language. At most times, the only similarity between the various iterations of CNBC are aesthetic, i.e., the network logo and set design. Through this approach, CNBC has created an increasing level of awareness of its brand throughout the world and established a reliable source of revenue within an industry that is in the midst of a revolution thanks to digital media.
Solution
Based on this case, what is an effective way of developing a sense of where to sell your products?
Based on the case, the effective way of developing the sense of selling product is the business intelligence. The business manager has to integrate with markets or regions to derive the needs and insights. The company management cannot sell the same product or service line in all regions, and there is a need to make some changes when targeting different regions. Through this competitive intelligence, the company can come up with the effective decision regarding sales of products (Turton, 2017).
What is an effective way of developing a sense of how to sell your products?
The effective way to develop the sense of how to sell the product is creating and sustaining the brand image. Despite containing different products or services for different regions, the company management has to depict the reputation or image. The brand image makes or develop the sense with the perspective of customers, and finally, they make positive buying decisions. The example of CNBC is in the limelight, as due to its image, people make preference in different regions (Turton, 2017).
Given the variety of strategies that may be needed to reach multiple markets, how will you decide which market is worth entering, and which is not?
In today’s business era, the best strategy to reach multiple markets is the integration with the digital media. For Instance, the company management can derive insights or gather the data regarding customers through these digital channels. The management predicts the world of the market through customer demand, competition and makes the decision. I would like to decide on the suitable market through comprehensive market analysis, which can help me to derive pertinent information. For Instance, if I am selling pork burgers, I will not enter in any Muslim country, as pork is prohibited (Turton, 2017).
Are there instances in which you think that successful international trade can occur by emphasizing American values and norms?
It is a fact that American values and norms have been adopted by many countries or communities. These values and norm are accepted in many countries, and of course, through emphasizing, the success of the international trade can be enhanced. The most important thing is to come up with values and norms, which can be aligned, as it ensures the success of the international trade (Turton, 2017).
Reference
Turton, A. (2017). The International Business Archives Handbook. Routledge.
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