Соціальна економіка (Dec 2023)

STRATEGIES FOR ENTERING FOREIGN MARKETS BY DOMESTIC ENTERPRISES

  • Viktor Rozhko,
  • Darina Tatarko

DOI
https://doi.org/10.26565/2524-2547-2023-66-14
Journal volume & issue
no. 66
pp. 150 – 158

Abstract

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The article examines topical issues of how Ukrainian enterprises can enter international markets, as well as the methods they can use to successfully enter the market. Global markets bring great challenges, but also new opportunities in the context of globalization and competitive environment. This article examines various approaches to entering foreign markets, such as exporting, investing in other countries, franchising, alliances, and others. Both the advantages and disadvantages of each of these methods are considered. In addition, advice is provided on how to select and use these methods. Attention is paid to the analysis of possible risks and problems that Ukrainian enterprises may face when entering foreign markets, and information is provided on how to minimize them. Managers and owners of Ukrainian enterprises who are considering the possibility of going outside their country and looking for ways to successfully enter foreign markets will find this article useful. This article describes the different types of exports, including direct and indirect exports, and considers the logistical and regulatory aspects that Ukrainian companies must manage. It emphasizes the importance of market research and conforming products and services to international standards. The article explores the collaborative strategies of franchising and forming alliances. It examines the role of partnerships and franchising agreements in mitigating risks and leveraging the strengths of local partners. Cultural nuances and market adaptation strategies are explored to help Ukrainian enterprises tailor their products, services, and marketing approaches to align with the cultural preferences and expectations of the target international markets. A critical aspect of the article focuses on the identification and analysis of potential risks involved in international market entry. It provides a framework for risk mitigation, emphasizing the importance of due diligence, legal compliance, and a proactive approach to addressing challenges.

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