Several techniques are employed in international marketing to take a local company’s marketing plan global. The company must decide on one or more aspects of the marketing mix while operating internationally. Companies can be globalized in different ways, such as exports, joint ventures, direct investments, licensing, and franchising. In simple terms, exporting products and services to a foreign nation is the easiest way to enter the international market. For example, Sri Lanka is well known for exporting tea. Then, a joint venture is companies joining hands with other foreign companies to expand the local market. Furthermore, a company placing a fixed asset in a foreign country to establish business facilities is called a direct investment. Another two methods to enter the international market would be licensing and franchising, which resemble the same concept with different rules and regulations. In licensing, local business grants a foreign business a license; in franchising, a local business grants a franchise to a foreign business, subject to tight rules and restrictions, allowing the foreign business to act on behalf of the local business. In conclusion, it can be said that using the strategies would enable a company to enter the global market in a risk-free manner.
