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Expanding into International Markets for SMEs
Expanding into International Markets for SMEs
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Expanding into International Markets for SMEs
Expanding into international markets can provide small and medium-sized enterprises (SMEs) with new opportunities for growth and success. However, entering foreign markets can be a complex and challenging process, and SMEs must carefully consider the risks and rewards before making a move. Here are some strategies for expanding into international markets:
Conduct market research: Before entering a foreign market, SMEs should conduct thorough market research to understand the target market’s needs, competition, regulations, and cultural differences. This research will help SMEs determine the feasibility of entering the market and determine the most effective strategies for success.
Build partnerships: Building relationships with local businesses and organizations can help SMEs understand the local market and establish a strong presence. SMEs should consider partnering with local distributors, agents, and suppliers to gain access to the local market and develop a network of support.
Establish a local presence: Having a local presence, such as an office or store, can help SMEs better understand the local market and build relationships with customers and partners. SMEs should consider hiring local employees and investing in local marketing and advertising efforts to build their brand.
Navigate local regulations: Each country has its own set of laws and regulations that SMEs must comply with when entering the market. SMEs should seek the help of local experts and lawyers to understand the legal requirements and avoid potential penalties or fines.
Adapt products and services: To succeed in a foreign market, SMEs may need to adapt their products and services to meet the needs and preferences of local customers. This may involve modifying product design, packaging, or marketing strategies.
Develop a strong distribution network: A strong distribution network is critical for reaching customers in a foreign market. SMEs should develop a comprehensive distribution strategy that takes into account the local market, competition, and customer preferences.
Manage currency risks: Exchange rate fluctuations can have a significant impact on the cost and profitability of products and services in a foreign market. SMEs should consider using currency hedging strategies, such as forward contracts or options, to manage currency risk.
Maintain strong relationships with suppliers: Maintaining strong relationships with suppliers is critical for ensuring a steady supply of products and services in a foreign market. SMEs should work closely with suppliers to understand their needs and preferences and develop mutually beneficial relationships.
In conclusion, expanding into international markets can provide SMEs with new opportunities for growth and success. However, SMEs must carefully consider the risks and rewards and develop a comprehensive strategy that takes into account the local market, regulations, and cultural differences. By doing so, SMEs can build a foundation for long-term success and sustainable growth in international markets.
Expanding into International Markets for SMEs
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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