Developing a global strategy involves several key steps:
1. Market Research: Conduct thorough research to understand the target markets, including cultural, economic, and regulatory factors. 2. Entry Strategy: Decide on the best entry strategy, such as exporting, licensing, franchising, joint ventures, or wholly-owned subsidiaries. 3. Product Adaptation: Determine whether products need to be adapted to meet local preferences and regulatory requirements. 4. Marketing Strategy: Develop a marketing strategy that resonates with local customers while maintaining global brand consistency. 5. Operational Planning: Plan the logistics, supply chain, and operations to ensure efficient and effective delivery of products or services. 6. Risk Management: Identify potential risks, such as political instability, currency fluctuations, and cultural differences, and develop mitigation strategies.