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However, in some cultures, the most significant aspect of venturing into a foreign market depends on ones credibility.
It is therefore important to note that investors and marketers alike must carry out adequate research as this could go a long way towards enhancing an understanding of what is required in the new business environment. Similarly, tastes and preferences vary between cultures such that the physical product could realize significant sales in one market and dismal sales in another (Doole 75).
Cultural differences act as opportunities for the foreign investor to entice a wide array of consumers with various preferences and hence customize the physical products to enhance their appeal. Similarly, the opportunity to interact with diverse cultures in the foreign market creates networks that are vital in marketing physical products in new markets (Renee 348).
4. Economic Systems
Economic differences refer to levels of economic development in foreign markets especially in terms of availability of resources. This entails ability of the foreign...
This includes but is not in any way limited to the most accessible modes of communication and the availability of technological equipment capable of boosting marketing. Foreign markets with adequate resources enable marketers to cover major dimensions of marketing. This is enhanced further by the creation of an opportunity to outsource services that are unavailable hence bringing about an advantage for the foreign marketer to access quality services. In that regard, a competitive advantage over and above any other company marketing similar physical products is created (Renee 354).
References
Doole, Isobel and Robin Rowe. International Marketing Strategy: Analysis, Development and Implementation. Cengage Learning, 2008.
Renee, Kim. "Wal-Mart Korea: Challenges of Entering a Foreign Market." Journal of Asia-Pacific Business. Vol. 9, iss. 4, pp. 344-357. 2008. Retrieved on April 10, 2011 from: http://www.informaworld.com/smpp/content~db=all~content=a906681302
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