International Entrepreneurship: Strategies for Market Entry and Expansion

INTERNATIONAL
ENTREPRENEURSHIP

INTRODUCTION
International entrepreneurship is an well known approach that defines about
internationalization of firms that have strong influence on entrepreneur and chain with networks
that an entrepreneur establish with the foreign country. With help of technological advancement
and due to cultural diversity that allowed to new ventures to approach towards foreign market
place to grab new opportunities to remain always competitive in marketplace by building
products and services as per market demand. This report is based on the Wenzel which is a
leader in group methodology with a wide product portfolio in which includes in 3D metrology,
computed tomography and optical speed screening and many more. This report is based on the
expansion or new entry strategies by using various models and theories to reach at desirable
goals and objectives in proper way.
CW1
Variety of models for enter into market:
For an organization it is very much important to expand in international market to remain
always competitive by evaluating the needs and wants of their consumer base in positive
manner. Before going global organization have to conduct the through research and
development so that they can know the needs and demands of consumers in better manner (Kiss,
Danis and Cavusgil, 2012). In context of Wenzel they aimed to expand in both the inside and
outside of market of EU for that they have to select best entry strategy that are as follows;
Various entry strategies:
Direct exporting:
Direct exporting related with the selling products and services directly in the market that
are chosen by an organization after evaluating its feasibility in proper manner (Terjesen, Hessels
and Li,2016). It aimed to expand in inside the EU in Hamburg city of Germany and in outside
the Benin in south Africa. So directly export their products and their existing services in new
market they can enlarge business opportunities.
Licensing:
In that an organization transfer the rights regarding the products and services to the
another firm. It is best strategy for in case purchased of license have large market share. In
context of Wenzel they can by use that market expansion tool can expand in inside and outside
the EU.
Franchising: