Global Strategies Steps to Establish a Successful Export Strategy

Question:-

Identify the various steps management must take to establish a successful export strategy. Explain the importance of each step in your opinion.

Answer:-

Developing a successful export strategy is important for the organization in order to involve in export activities effectively and efficiently. There are several steps that the management of the organization must undertake in order to establish a successful export strategy.

·         Research the market: The management must research the market in order to identify the potential of the market. This is the first and foremost step that should be undertaken by the management. It is necessary to identify the most potential market to export the product because if the management does not select the right market, the desired outcome cannot be achieved (Mondal et al., 2017).

·         Review the capabilities: The organization also needs to review its capabilities because it is important for the organization to involve in such activities that could be done by the organization. If the organization undertakes a task that is beyond its capabilities, it cannot achieve its goals. 

·         Develop an export plan: After identifying and selecting the right market to export products or services, the management needs to develop an export plan. The export plan would help in guiding the action and activity of the organization in the right direction and the organization will focus on achieving each short-term goal within the given time.

·         Select the sales presence: The management needs to determine whether the organization would involve in a direct sales operation or a distributor or agent would be more effective and efficient for the organization. Selecting the sales presence helps the organization to ensure its efficiency as well as effectiveness in the market.

·         Promote the product: This is one of the crucial or key steps that must be undertaken by the management of the organization. The management should focus on making as many people aware of the product or services being offered by the organization in the market as it can (Edeh et al., 2020). It will help in attracting more customers to purchase the product or service of the organization.

·         Select the distribution method: The distribution method also plays an important role in improving organizational efficiency and effectiveness. Thus, the management should focus on selecting the right set of distribution methods.

·         After-sales policy: Selling the product or service in the market is not the final stage and may not lead to achieving success. The organization needs to be engaged with its customers, distributors, agents, and other key stakeholders on a regular basis.