# data[].attributes.body
The book Shoe Dog by Phil Knight talks about the author’s time building Nike as a company and his experiences with traveling around the world to introduce it internationally. With the help of like-minded individuals, and a dedicated, reliable team, Knight was able to expand his company into one that is universally known in all corners of the world. The Nike slogan Just Do It. is a symbol of perseverance through every hardship. The driving question: “How does one enter products into a foreign market?” is a question that is prevalent throughout the book. It teaches young entrepreneurs and people with a dream the methods of how to market their products into an international atmosphere utilizing factory connections, offices, and scouts around the world. While starting up a successful business is hard, Knight embellished on this hardship by turning it into his own adventure. When looking at sources that would aid my study towards the driving question, three of my favorite sources included a poem, a Ted Talk, and a piece of art.

# data[].attributes.body
This global market poster is unique in the way that it encourages and immerses all of the different perspectives of people around the world, touching, and adding onto the global market. Companies such as Apple and Nike have changed the world. However, both initial entrepreneurs got help from a diverse team with different backgrounds and ideas of international trade. Even if it meant running door to door to sell the first ever Nike sneaker, someone was willing to do it; this "someone" is essential to help expand products internationally.

# data[].attributes.body
Knight attended Cleveland High School in Portland where he grew up. Knight used to work the night shift counting up sports scores and ran seven miles home every morning. Knight began his career as a Certified Public Accountant before becoming a professor of accounting at Portland State University. Knight enrolled in the Army after graduating from the University of Oregon and served for one year on active service. Years later his first sales were made out of a now-legendary green Plymouth Valiant automobile at track meets across the Pacific Northwest. Early sales and marketing enabled him to quit his accountant job and work full time for Blue Ribbon Sports in 1969. Nike's "swoosh" emblem is now widely recognized.  Phil Knight has a net worth of $33.5 billion dollars as of 2020. Phil has always been an advocate for education and health care. Knight and his wife made a $100 million donation to the OHSU Cancer Institute in October 2008. Knight contributed a large sum of money to the Catlin Gabel School in October 2010 to establish a scholarship for incoming freshmen students. Knight announced to the audience at the OHSU Knight Cancer Institute's biennial banquet on September 27, 2013, that Knight announced his $500 million commitment on June 25, 2015, bringing the amount raised for OHSU to $1 billion.

# data[].attributes.body
This book takes place between the early 1960s and 1980. The story was set in Oregon. It was the kind of place where nothing remarkable happened, but it was still a pleasant place to call home. Phil shares entertaining and enlightening stories that illustrate his personal philosophy of life.

# data[].attributes.body
In this article by Forbes, 5 essential steps of entering the international market are advised. For a brand like Nike that has made a dominant presence in foreign markets, the article highlights the different ways that a young entrepreneur can replicate this. Through the writers of the article, the Young Entrepreneur Council, educating yourself on the custom and business etiquette of international markets is the first step to success. Next, gathering historical data, becoming an expert on the country's goals, conducting focus groups to test waters, and identifying your competition are the steps that will help said business accelerate on an international scale. These steps relate to Nike, and what the founder focused on when building the successful and globally well-known company.

# data[].attributes.attachment_link.readable_text
As the Founder and CEO of Luxury Market Branding, I often find myself working with companies that want to develop a presence in various international markets. Before embarking on new territory it's important to understand the specific country's culture, customs, needs, and unspoken rules that will ultimately help you better tailor your concept for that market.

It is essential, before entering a foreign market to clearly identify the motivations behind your decision to explore entering the international marketplace. Examine what your domestic marketing strategy has been and how the domestic plan employed by your company on a local level needs to be tailored to be positively received in the proposed international territory.

Here are five tips to help prepare your business to enter the international market:

1. Educate yourself on the customs and business etiquette of the international market. When entering a foreign market make sure you know the country's history, the proper way to greet someone, the ordinary times for lunch (or prayer in many African, Asian and Middle-Eastern countries). Make sure you are communicating with them in the expected way within their society -- e.g: with the appropriate salutation.

2. Gather historical data on the country's currency value fluctuation and import/export timelines. This is crucial. The deal you discuss today may not be executed in time to reap the full potential of the opportunity. You could be negotiating a deal that may cost 15 percent more in a few months when the transaction is finalized. Worse yet, you may offer a promotion that costs you significantly more a week into the offering. Lock in currency rates and delivery dates in advance whenever possible. The less speculation, the better.

3. Become an expert on the country's laws governing business. Have local representation if possible, someone who can help you navigate any unforeseen obstacles and explain all contract provisions and terminology. Know and understand the laws and legalese of the jurisdiction that governs your contract before it becomes legally binding.

4. Conduct focus groups to test the waters in the prospective international market. Understanding each country's culture means you have to find ways to reach what would otherwise be the same demographic but in a different location. A new approach may be needed to make your product or service suitable to the needs and expectations of the potential foreign market and its culture. Studying these countries, including their professional and personal customs, will ensure that you conduct yourself in a respectful way. This will also signal to the business leaders and potential customers in the new market that you know their protocol and you've take the time to adapt to it.

5. Find out what your competition has done in the same territory. Has one of your competitors tried to enter this market before? What obstacles did they face? How did they approach the new market? And most importantly, what would you do differently?

When working on building your brand's international presence and market-share make sure that you're thinking globally and creating a comprehensive strategy. The extra level of insight and understanding you bring to the table will signal to your target market and potential clients that you've done your homework. Put yourself in the shoes of your new market. The results will be an intuitive mindset and behavior that will show the foreign marketplace that you know how to acclimate yourself and your company to their culture.
Lauren Maillian Bias is the Founder and CEO of Luxury Market Branding, a strategic marketing and branding consultancy where she brings her firsthand knowledge, expertise and passion for marketing to her clients. Lauren has a reputation for being a well respected female entrepreneur and innovative marketing professional. Co-Founded by Natalie MacNeil and Scott Gerber, YEC Women is an initiative of the Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the country's most promising young entrepreneurs. The YEC promotes entrepreneurship as a solution to youth unemployment and underemployment and provides its members with access to tools, mentorship, and resources that support each stage of a business's development and growth.

# data[].attributes.attachment_link.title
A 5 Step Primer for Entering an International Market

# data[].attributes.attachment_link.description
As the Founder and CEO of Luxury Market Branding, I often find myself working with companies that want to develop a presence in various international markets. Before embarking on new territory it's important to understand the specific country's culture, customs, needs, and unspoken rules that will ultimately help you better [...]

# data[].attributes.body
When looking to expand a product, there is no limit in doing so. "Let's go market in the moon" is true because no one up there will think it is shocking. This poem refers to "you and I" as two individuals with a common goal and the sky as their limit. when introducing new products into a foreign market, the confidence illustrated in the poem is prime to get into the mindset of succeeding. It is important to my driving question and adds value because although the tips in the other sources are essential to guide you along the path, having the correct mindset is something that will strengthen succeeding even more.

# data[].attributes.attachment_link.readable_text
Moon-marketing

Let's go to market in the moon,
And buy some dreams together,
Slip on your little silver shoon,
And don your cap and feather;
No need of petticoat or stocking -
No one up there will think it shocking.

Across the dew,
Just I and you,
With all the world behind us;
Away from rules,
Away from fools,
Where nobody can find us.

Richard Le Gallienne
Poem topics: moon, silver, together, world, april fools, feather, market, away, I love you, I miss you, Print This Poem , Rhyme Scheme

Submit Spanish Translation
Submit German Translation
Submit French Translation

Write your comment about Moon-marketing poem by Richard Le Gallienne

# data[].attributes.body
It is important to have a positive feedback system when entering products into a foreign market. For countries with good relationships, the chances for marketers and entrepreneurs to expand their products and enter their companies into the stock market to make profit skyrocket. The rise of globalization and the popularity of the stock market are important factors to consider when an entrepreneur is looking to introduce and efficiently market their product lines into foreign markets with different laws and competitors.

# data[].attributes.attachment_link.readable_text
Globalization has resulted in greater inter-connectedness among markets around the world and increased communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. Potential risks and profit opportunities are within easier reach thanks to improved communications technology.

Countries with positive relations between them are able to increasingly unify their economies through increased investment and trade. Products and services previously available within one country are made more readily available to new markets, resulting directly in improved economic opportunities for workers in those economies and leading to improved household incomes.

For investors, these opportunities present a wider range of investment options and new ways to profit. Investment in global markets is possible for the investing public through stock purchasing, as most brokerage firms are able to access international stock markets and provide their clients with the opportunity to purchase shares in companies around the world.

Key Takeaways

Maintaining Competitiveness

As a result, most businesses try to stay competitive with their counterparts in other parts of the world, broadening their competitive horizons past their local areas and home countries. Maintaining competitiveness often requires sourcing materials and outsourcing labor from other countries. Competitive companies have increasingly turned to global markets as a source not only of new customers but also of production locations and partners for new ventures. Globalization has facilitated this and made the transition to global markets easier.

Globalization Increases International Investing

Over time, these practices result in increased cultural similarities between countries and increasingly connected economies that have more mutual interests and challenges. Globalization and international investment are tied together and lead into one another as companies act internationally by increasing their international investment out of mutual interest and the need to stay internationally competitive. Companies benefit from pricing differences, or arbitrage, in different markets for labor and supplies. Globalization compels connected economies to continue to invest in each other to protect their economic health and acquire new profits. International investments have increased as a direct result of globalization and continue to do so. This is pulling more economies into globalization, further increasing international investment as this happens.

Special Considerations

When countries seek collectively to pursue the opportunities provided by globalization, the demands of the new economic activity cause social change that develops these countries and prepares them to better pursue industrial activity. The society becomes a developed nation as its workforce begins to attract the investment activity of enough companies to cause the social and economic change necessary to produce a modern industrialized economy. This process is a result of the international investment that characterizes globalization. The competitive nature of globalization, in other words, ultimately has a social and economic impact that transforms economies in pursuit of investment and greater economic activity. This knits economies into each other and results in increased international investment.

# data[].attributes.attachment_link.description
Globalization has resulted in greater inter-connectedness among markets around the world and increased communication and awareness of business opportunities in the far corners of the globe. More investors can access new investment opportunities and study new markets at a greater distance than before. Potential risks and profit opportunities are within easier reach thanks to improved communications technology.

# data[].attributes.body
The book Shoe Dog by Phil Knight took 3 years to write. It was a successful hit right away. The author, Phil Knight, was interviewed by Billionaire Insight Row and a few takeaways were grand. To start with, almost 1 in 50 million businesses that get started become as successful as Nike. Although the statistics for a successful business are low, hard work and determination, as well as a trusted group of well-rounded and driven individuals come a long way in expanding the business not only nationally, but internationally. This is important to my study because it is important to use reliable sources such as a well-known billionaire to educate the younger generations and all people with an idea to pursue and a plan to succeed.

# data[].attributes.attachment_link.readable_text
0:00 / 20:54•Watch full video

# data[].attributes.attachment_link.title
Billionaire Phil Knight How To Be Successful In Business and Starting Nike

# data[].attributes.body
This talk presented by Franz Schrepf highlights the importance of taking initiative instead of accepting the saying that successful people were "in the right place, at the right time." When entering products in the foreign market, the speaker acknowledges that the products are always at the right time and spot. The 4 Ps and 4 Cs of marketing are the foundations of every product launch. This presentation is important to my study and helps me answer my driving question because the speaker talks about "theories", which are not meant to be life changing, but ones that change your perspective on the marketing world, and why products really do well outside the norms of your familiar territory.

# data[].attributes.attachment_link.title
There is No Luck. Only Good Marketing. | Franz Schrepf | TEDxAUCollege

# data[].attributes.body
While coming up with efficient products to market is a handful, knowing how to enter foreign markets is a skill that is essential to get the product's best results. This is important to my study because it guides a new marketer into reliable strategies that will advance the product's displacement. Examples include joint ventures, online sales, and direct exports.

# data[].attributes.attachment_link.readable_text
If you have a product or service that you’d like to offer in a global market, you can choose from a variety of strategies to make it happen. There are pros and cons to each one plus challenges that you can run into regardless of the strategy you choose – read on to learn more about the major ways of entering foreign markets.

Choosing a Target Market

Choosing a Mode of Entry

Direct Exports

Franchising and Licensing

Joint Ventures

Online Sales

Buying a Foreign Company

Looking Ahead: What’s Next?

Choosing a Target Market

To begin the process, you’ll need to identify the market you want to expand into. No two markets are alike, so consider the factors that make each one unique and how those relate to your product or service. For example, beef-based products are difficult to sell in India, where much of the population does not eat beef. The laws in a foreign country may also vary from those of your home country in ways that could interfere with your business, such as by imposing licensing requirements or banning certain products entirely.

Timing is another aspect to consider at this stage of entering foreign markets. Do some research to learn about what offerings, if any, already exist in markets that seem like good fits for your business. Being the first to offer a product or service in a given market means you don’t need to worry about competition right away, but it does come with some risks, like not knowing how consumers will react to your business. In contrast, having established competitors makes it easier to know what consumers are looking for and how your offering will be received. The downside is that other businesses already control a share of the market.

Choosing a Mode of Entry

After you’ve identified a target market, the next step is to pick a mode of entry – a way of gaining access to that market. In this section, we’ll go over the five most common modes of entry. Keep in mind, however, that not all of these options will be viable for every business and every market.

Localization Services for Global Growth

Find out why professional localization services are an indispensable partner for your global business success.

Check out the guide

Direct Exports

Direct exports are a popular way of launching a product in a foreign country. In this strategy, you work with a distributor or agent to find resellers for your product in your target market. A good distributor has contacts and an understanding of the local market that will help in finding resellers for your product. This improves your chances of success and saves you the trouble of trying to deal with foreign resellers directly.

Franchising and Licensing

This approach comes in two “flavors” suited to both product- and service-oriented businesses. In both cases, instead of marketing your business directly to consumers, you market it to current and prospective business owners.

In franchising, you allow foreign business owners to open their own branches of your business, called franchises. Owners pay you a fee to open a franchise, plus a percentage of their sales; the remaining profits are theirs to keep. Franchising is especially common in the restaurant industry.

Licensing is similar to franchising, but it’s better suited to product-oriented businesses. In this variant, foreign companies pay you for limited rights to your product. For instance, instead of manufacturing a product and exporting it directly, you could have a foreign licensor manufacture the product themselves to keep transportation costs down. The terms of the license might permit the licensor to manufacture only a certain amount of the product or to manufacture it only for a certain period of time.

Joint Ventures

A joint venture is a partnership between two companies that agree to work together on a project, such as creating a new product. This option is also a good choice if you decide to develop a market-specific version of an existing product since local companies are more familiar with their consumers’ needs and expectations. Having a local partner also makes marketing easier – you probably won’t need to shop for a design agency, translation service, and so on.

Online Sales

Online sales have been gaining ground on other modes of entry for more than two decades now. At least, in theory, one of the major advantages of online sales is the ability to expand into many international markets at once with minimal expenses; after all, most websites are available throughout the world. Today, most software is also sold exclusively through this channel.

The catch with online sales is that you’re on your own when it comes to marketing, support, and so on. While it costs no more to sell an app in one country than it does to sell it in every country, many users won’t even consider buying an app if it isn’t available in their language. Unless you have an army of translators willing to work for free, you’ll likely need to pay for an app localization service.

Buying a Foreign Company

Also known as foreign direct investment (or FDI), this strategy does what it says on the tin, so to speak. There are plenty of advantages to buying an existing company in a foreign country: among other benefits, your purchase comes with a share of the market, a brand, a customer base, and employees.

As with the other modes of entry, there are drawbacks to just buying a company, too. In most cases, the single largest drawback is easily the cost. There can be additional issues associated with the need to maintain two distinct companies, and some countries choose to legally restrict FDI in certain sectors.

Your Guide to Continuous Localization

Find out how continuous localization saves your agile development to grow your business on a global scale.

Check out the guide

Looking Ahead: What’s Next?

No matter which mode of entry you choose, most international markets come with an extra challenge: language. While many countries have a single official language and a single way of writing it, the situation in others can be more complex. For instance, both Kazakh and Russian are official in Kazakhstan, and as of 2020, the Kazakh language is transitioning to a new alphabet! Fortunately, this is a fairly extreme example, so the odds that you’ll face a similar situation are low.

Even in markets where the linguistic landscape isn’t so difficult to navigate, the process of having everything from legal documents to websites translated for the new market can be a daunting one. If you sell software, you’ll need to have the product itself translated into the local language, too. Mistakes in this area can be costly, but there are tools to help you get everything right the first time, like Phrase – a translation management system.

Phrase brings all of your translatable materials into one place, making it easy for translators, proofreaders, project managers, and others to collaborate on them. Features like the in-context editor make translations more accurate by showing translators where their translations will appear in the finished product. Because Phrase supports so many file formats (more than 40, in fact), you don’t have to worry about converting localization files or “breaking” them while editing their contents manually.

In case you don’t get enough of the topic, check out the following articles:

How to Nail Your Market Positioning When Going Global

How to Expand Your Startup Growth Globally

15 Stats & Facts on Why Localization Is About Global Survival

# data[].attributes.attachment_link.title
5 Strategies You Should Know About Entering Foreign Markets | Phrase Blog

# data[].attributes.attachment_link.description
Explore the major ways of entering foreign markets to find out which best suits your business and strategic goals.