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The screening process used by a firm

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In selecting a foreign market, a screening process is used by a firm. In regard to this process, answer the following:

a) The importance of the priority order of the steps in the screening process.
b) The reasons for participating in either a trade show OR in a trade mission.(Select one)
c) What is market segment screening and why is it used.
d) The importance of regional or ethnic subcultures in evaluating competitive forces.

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The response addresses the queries posted in 709 words with references.
//This paper explores some of the ways that are followed by the multinational companies to enter into a new market, which is different from their country of origin. Any business has to go through a screening process before planning to enter into some other market segment. The trade shows or fares are a good cost saving promotional events where the companies can connect to their customers. A business when promoting its brand should take the ethnic groups into account, as they can easily get connected with anything in relation to their culture.//

Importance of priority order of the steps in the screening process

To enter a new market, it is required for a company to have a thorough understanding of that market. For this, it has to go through a market screening process to know the viability of the expansion of the business in that market. The screening process involves steps such as basic needs, economic or financial screening, political or legal screening, socio-cultural screening, competitive forces screening and final selection. The order of these steps should be taken ...

Solution Summary

The response addresses the queries posted in 709 words with references.