Implementing geographical diversification involves several steps:
Market Research: Conduct thorough research to understand the new market, including customer preferences, local competition, and regulatory environment. Entry Strategy: Decide on an entry strategy such as exporting, franchising, joint ventures, or wholly-owned subsidiaries. Local Partnerships: Form partnerships with local firms to navigate the new market more effectively. Adaptation: Adapt products or services to meet local tastes and preferences. Regulatory Compliance: Ensure compliance with local laws and regulations to avoid legal issues.