International Market Development Strategies for Enhancing Global Expansion in the Export Industry
Article Sidebar
Main Article Content
Abstract
This research paper explores a range of international market development strategies that companies can adopt to enhance global expansion in the export industry. The study emphasizes the significance of conducting comprehensive market research, which enables businesses to identify target markets with high demand and subsequently improve market penetration and increase export sales. Furthermore, the findings highlight the importance of market segmentation in tailoring offerings to meet specific market needs, resulting in higher customer satisfaction and a larger market share. The research also reveals that conducting competitive analysis is crucial for companies to differentiate their offerings, develop competitive advantages, and improve their market positioning, ultimately leading to increased market share. The study underscores the importance of selecting the appropriate entry mode, such as direct exporting, licensing, or joint ventures, as it significantly impacts the success of global expansion efforts. Additionally, the research emphasizes the significance of developing efficient distribution channels to ensure timely and cost-effective delivery of products, thereby enhancing customer satisfaction and facilitating market penetration. The findings also stress the importance of adapting branding and marketing strategies to align with local cultural preferences and linguistic nuances, which helps establish a strong brand presence, foster customer loyalty, and gain market acceptance. Moreover, the research highlights the role of government support, trade agreements, and financial incentives in facilitating global expansion. Leveraging these resources provides companies with valuable market insights, resources, and financial assistance, thereby bolstering their international expansion endeavors.
Downloads
Article Details
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
How to Cite
References
Abugattas, L., & Zarrilli, S. (2011). Challenging Conventional Wisdom: Development Implications of Trade in Services Liberalization. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1280877
Ahmed Qureshi, T., & Shah, A. (2020). Trade Agreements and Export Creation: An Empirical Analysis of Pakistan’s Exports at Industry Level. THE LAHORE JOURNAL OF ECONOMICS, 25(2). https://doi.org/10.35536/lje.2020.v25.i2.a4
Anner, M. (2019). Predatory purchasing practices in global apparel supply chains and the employment relations squeeze in the Indian garment export industry. International Labour Review, 158(4). https://doi.org/10.1111/ilr.12149
Barrientos, S. W., Asenso-Okyere, K., Asuming-Brempong, S., Sarpong, D., Akua Anyidoho, N., Kaplinsky, R., Leavy, J., Barrientos, S. W., Asenso-Okyere, K., Asuming-Brempong, S., Sarpong, D., Akua Anyidoho, N., Kaplinsky, R., Leavy, J., Anyidoho, N., Kaplinsky, R., Leavy, S., Akua Anyidoho, N., Kaplinsky, R., & Leavy, J. (2008). Mapping sustainable production in Ghanaian Cocoa. Report to Cadbury Schweppes plc. In Report to Cadbury Schweppes plc.
Chavarry Galvez, W. P. (2021). Role of export industries in the economy of Latin America. Vestnik Universiteta, 7. https://doi.org/10.26425/1816-4277-2021-7-137-142
Dugassa Mamo, G. (2022). Determinants of Export Performance of Honey Industries in Ethiopia. European Business & Management, 8(2). https://doi.org/10.11648/j.ebm.20220802.12
El-Khayat, M. M., Yasso, K., & Abdl-Rahman, M. (2012). An assessment for mediterranean solar plan on electricity market in Arab countries. 44th International Conference on Large High Voltage Electric Systems 2012.
Fitra Basri, R., Karimi, S., & Zulkifli, Z. (2020). Export orientation of Indonesia’s manufacturing industry. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 8(2). https://doi.org/10.22437/ppd.v8i2.8817
Fleming, P. A., Wickham, S. L., Dunston-Clarke, E. J., Willis, R. S., Barnes, A. L., Miller, D. W., & Collins, T. (2020). Review of livestock welfare indicators relevant for the Australian live export industry. In Animals (Vol. 10, Issue 7). https://doi.org/10.3390/ani10071236
Hämäläinen, E., Hilmola, O. P., & Tolli, A. (2016). North European Export Industry and the Shadows of Sulphur Directive. Transport and Telecommunication, 17(1). https://doi.org/10.1515/ttj-2016-0002
Han, X., & Webber, M. (2020). Extending the China water machine: Constructing a dam export industry. Geoforum, 112. https://doi.org/10.1016/j.geoforum.2020.03.010
Iizuka, M., & Gebreeyesus, M. (2017). Using functions of innovation systems to understand the successful emergence of non-traditional agricultural export industries in developing countries: Cases from Ethiopia and Chile. European Journal of Development Research, 29(2). https://doi.org/10.1057/s41287-016-0004-0
Iqbal, T., Huq, F., & Bhutta, M. K. S. (2018). Agile manufacturing relationship building with TQM, JIT, and firm performance: An exploratory study in apparel export industry of Pakistan. International Journal of Production Economics, 203. https://doi.org/10.1016/j.ijpe.2018.05.033
Joshi, M., & Dixit, S. (2012). Enhancing Competitiveness of Indian Automobile Industry: A Study Using Porters Diamond Model. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1977444
Kabir, S., & Ali, M. Y. (2020). An exploration of the Halal food export potential for Bangladesh. Journal for Global Business Advancement, 13(6). https://doi.org/10.1504/JGBA.2020.113128
Khodakarami, P., Zakaria, Z., Jamil, R., Teck, T. S., Mohammed, H. D., & Najmaei, M. (2022). The Effect of Business Technology Strategy on Inward Export Performance in the Malaysian Higher Education Industry. Sustainability (Switzerland), 14(15). https://doi.org/10.3390/su14159307
Kuntamas, N., & Shoommuangpak, P. (2020). Structural equation modeling of guidelines to enhance the potential of tapioca starch export processing industry. International Journal of Entrepreneurship, 24(1).
Li, J., Zhao, L., & Zhang, F. (2023). Development status of the used car export industry. Journal of Innovation and Development, 2(3). https://doi.org/10.54097/jid.v2i3.6923
Li, Y., Zhang, H., Liu, Y., & Huang, Q. (2020). Impact of embedded global value chain on technical complexity of industry export-an empirical study based on China’s equipment manufacturing industry panel. Sustainability (Switzerland), 12(7). https://doi.org/10.3390/su12072694
Mastny, L. (2010). Renewable energy and energy efficiency in china: Current status and prospects for 2020. In Worldwatch Paper (Issue 182).
Meldona, M., Sudarmiatin, S., & Bidin, R. (2022). SMEs’ Internationalization Strategy in Export Creative Industry: Case Study from Kendang Djembe Creators at Blitar, East Java, Indonesia. International Journal of Educational Research & Social Sciences, 3(2). https://doi.org/10.51601/ijersc.v3i2.363
Morris, M., Plank, L., & Staritz, C. (2016). Regionalism, end markets and ownership matter: Shifting dynamics in the apparel export industry in Sub Saharan Africa. Environment and Planning A, 48(7). https://doi.org/10.1177/0308518X15614745
Naglič, A., Tominc, P., & Logozar, K. (2020). The Impact of Industry 4.0 on Export Market Orientation, Market Diversification, and Export Performance. Organizacija, 53(3). https://doi.org/10.2478/orga-2020-0015
Ou, J., Huang, Z., Klimont, Z., Jia, G., Zhang, S., Li, C., Meng, J., Mi, Z., Zheng, H., Shan, Y., Louie, P. K. K., Zheng, J., & Guan, D. (2020). Role of export industries on ozone pollution and its precursors in China. Nature Communications, 11(1). https://doi.org/10.1038/s41467-020-19035-x
Pan, K., He, F., & Liu, R. (2022). Does High-Tech Industry Agglomeration Promote Its Export Product Upgrading?—Based on the Perspective of Innovation and Openness. Sustainability (Switzerland), 14(13). https://doi.org/10.3390/su14138148
Paul-Majumder, P., & Begum, A. (2000). The Gender Imbalances in the Export Oriented Garment Industry in Bangladesh. Policy Research Report on Gender and Development, Working Paper Series No. 12, 12.
Pedamallu, L. R. T., Rodrigues, N. E. V., & Neves, R. J. J. (2017). Onshore and offshore geothermal energy resource potential of Portugal - A case study. Transactions - Geothermal Resources Council, 41.
Simamora, M., & Ukar, K. (2016). Small and Medium Enterprises (SMEs) and Technology Incubation Program in Indonesia - Current Issues and Challenges. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2729085
Singh Rana, K., Singh Randhawa, J., & Kalra, P. (2021). Healthy Workplace Healthy Workers: Balance for Productivity Enhancement-A Case Study of Garment Manufacturing Units in North India. In Turkish Journal of Computer and Mathematics Education ______________________________________________________________________________ 4744 Research Article (Vol. 12, Issue 6).
Sugathadasa, P. T. R. S., Perera, H. N., Hewage, H. C., & Samarakoon, S. P. A. V. S. (2021). Identifying the Supply Chain Risk Factors in Cinnamon Export Industry in Sri Lanka. Sri Lankan Journal of Agriculture and Ecosystems, 3(1). https://doi.org/10.4038/sljae.v3i1.62
Sunday, E.-A., & Essen, C. (2018). Solid minerals: Still a long way to unearthing nature’s endowment. The Gurdian Life.
Thi, X. Le, Le, U. V. T., & Minh, H. N. (2022). Assessment of Competitiveness for Vietnam’s Frozen Yellowfin Tuna Export Industry. International Journal Of Scientific Advances, 3(3). https://doi.org/10.51542/ijscia.v3i3.22
Van den Broeck, G., Van Hoyweghen, K., & Maertens, M. (2016). Employment Conditions in the Senegalese Horticultural Export Industry: A Worker Perspective. Development Policy Review, 34(2). https://doi.org/10.1111/dpr.12153
Wang, F., Guo, B., Wang, Z., & Wu, Y. (2023). The impact of digital economy on the export competitiveness of China’s manufacturing industry. Mathematical Biosciences and Engineering, 20(4). https://doi.org/10.3934/mbe.2023314
Willis, R. S., Dunston-Clarke, E. J., Keating, L. R., Fleming, P. A., & Collins, T. (2021). Australian livestock export industry workers’ attitudes toward animal welfare. Animals, 11(5). https://doi.org/10.3390/ani11051411
Yoshida, N. (2017). Local institutions and global value chains: Development and challenges of shrimp aquaculture export industry in Vietnam. Journal of Agribusiness in Developing and Emerging Economies, 7(3). https://doi.org/10.1108/JADEE-06-2016-0043