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International Entrepreneurship

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In order to successfully launch a product or service, there are certain factors which need to be considered. These may include;

  1. So as to launch a product successfully, one need to have the support of his or her customers. Whenever customers buy a product, and then they realize the product has a certain defect, they need to be assured of after sales service.
  2. Another factor is opportunity for expansion. This is where customers are given room to ask questions. Consumers and the seller can hold discussion about the product, and the seller can even go further and support his or her customers.
  3. The product should be of good quality so that when the consumers buy it, they will see its effectiveness.
  4. One should also do some experiment before launching the products. He or she should give some free samples to the consumers so that one can get the feedback on how the product is working.

A brief marketing program of a restaurant using the 4ps. These are known as the market mix.

1. Product

In a restaurant, there are certain foods which are sold. In order to attract customers, one needs to sell delicious and well cooked food, cleanliness should be maintained and offer better services.

2. Place

A restaurant should be located closer to people where consumers can reach with ease.

3. Price

The restaurant shold sell its food at an affordable price so as to attract more customers. They should not be expensive.

4. Promotion

One can do promotion in a restaurant by advertising the available goods and services. One can also do public relation by delivering foods to busy people who cannot find time to visit the restaurant. One can also offer after sale service, example, by giving their customers fruits after having their meals.

Domestic entrepreneurship is where one does his business in his country; get all the resources he or she want, and sells his or her product or services within a single country. International entrepreneurship is a business which is based in one country but acquires some capital and income from other countries. (Pickton & Masterson, 2010)

The differences are;

  1.  Resources of the products are localized in a domestic entrepreneurship where else in an international entrepreneurship, they acquire some resources internationally. Example, domestic business can only get resources from its country while international business can get from any country in the world.
  2. Domestic businesses can only sell their product in their own country while international businesses can sell their product in any international market.
  3. Domestic business can only acquire revenue from where it is located while international business can acquirre revenue from different countries where they are selling their products. Example; getting profit from where they’ve sold their products.
  4. In international business there is exchange of currency when selling the products while in domestic, there is no exchange of currency because goods are sold locally.
  5. In international business the products might be sold at a higher price thus getting more profit while in domestic they make less profit.
  6. In case of inflation in a country, a domestic business may be affected when getting resources while the international one will not be affected because it has many sources of resources.

Conclusion

Entrepreneurs internationalize so that they can earn profit, foreign exchange and sell their product in different countries. Some factors which should be considered when entering a specific market in a foreign country are; language they use i.e. use a language which is conversant with the people around.

One should also consider their tradition. If the products sold are used in that particular country.

One should also consider religion, example Muslims do not eat pork so one is not supposed to sell pork in such countries.

One should also consider the rules and regulation which are supposed to be followed in different countries.

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