Hyundai with the brand slogan “New thinking. New possibilities” effectively captures the company’s identity and its way of thinking in doing business which is not restricted by territorial boundaries. The international business operation of companies in the current globalised environment is a cliché in itself as the companies now are omnipresent and the promulgation of internet making the world a smaller place.
?Change is the only constant in the current dynamic business environment and the companies therefore need to constantly update itself with the market happenings. The same domestic business strategy becomes redundant when it comes to international business strategy. The keys determinants in context of international business strategy includes political, legal, cultural or economic differences and also the differences in the language, currency unit, marketing infrastructure, trade restrictions and trade practices.
?The company needs to constantly and continuously leverage on differences and similarities to establish its mark and cash in on the various opportunities that comes along its way in the process of creating its international business plan. Success of these plans depend heavily on how the final consumers perceive them, a cogent message involves the consumers and drives demand and purchase intent whereas an ill thought message can prove to be fatal. The insights needed to take these decisions require a deep in situ understanding of the demographic which can form the basis of an elaborate strategy, this could vary from visibility in an international event to locally customised message depending on the mission and vision of the organisation.
In addition to challenges pertaining to customer outreach, the companies have to be wary of changing business environment in the new country they want to set themselves in, its political stability, perception of its line of business in consumer’s and the government’s mind.