Answer to Question #227232 in Economics of Enterprise for Imms

Question

Discuss the business factors your company would research before venturing into the global markets? Each factor should be supported by an example. 

Answer 1

Social and cultural factors: Assess whether cultural differences can affect the business operation, for example, language and religion.

Economic factors: Determine whether the market can afford the products the company will be offering, for example, middle-class people.

Political and legal factors: asses the altitude of the people whether they are willing to offer their resources or host foreign investment. For example, check the peace of the country.

The company's capability: it is essential to check whether the business has enough resources to venture into the global market. for example finance