International Business Research: Latin America Market Expansion

This report investigates the potential for a UK retailer specializing in bicycle and outdoor pursuit clothing to expand its business into Latin America. It highlights the importance of conducting thorough research to understand market conditions, customer preferences, and potential threats and opportunities. The literature review emphasizes the growing economies and infrastructure in Latin America, identifying several promising countries for business expansion. The research objectives include understanding the market, identifying appropriate market entry strategies, exploring key challenges, and suggesting strategies for successful expansion. The report justifies the selection of qualitative research methods, utilizing both primary and secondary data collection techniques. The target audience is defined as individuals aged 18-45 with a medium income, and simple random sampling is used to gather data. Finally, the report evaluates key challenges associated with conducting research in Latin America, such as limited resources and lack of relevant literature.

INTERNATIONAL BUSINESS RESEARCH
TASKS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Background related to importance of conducting research, its potential uses ............................3
Literature review..........................................................................................................................4
Research objectives......................................................................................................................5
Selection of primary and secondary method to achieve the research objectives.........................5
Target audience............................................................................................................................6
Evaluation of key challenged associated with conducting research approaches in Latin
American......................................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
International business refers to trade of goods and services across national borders or at
global level in order to have large number of customers and profit margin. Research is systematic
investigation of facts, figure and information related to an particular subject area to extract
necessary and useful information. In this report, a UK retailer firm that sells bicycle and outdoor
pursuit clothing is planning to expand its business in country of Latin America to enhance its
market share. It has contained detail of importance of conducting research and its uses in
decision making process. Along with it have given justification of selection of primary and
secondary method, target audience and key challenges related to conducting research. Therefore,
the main aim of the research is to identified whether the company is effectively expanding its
business operations in international environment or not.
MAIN BODY
Background related to importance of conducting research, its potential uses
Research can be defined as method of creation of new knowledge through reviewing
existing study and material published by well-known author. In another words, it is careful and
organised study or accumulate necessary information related to specific topic for better decision-
making. Research on which country is suitable for expansion in Latin America is important
because it will help in understanding the market in which company can gain maximum
competitive advantages. It will also help company in knowing key information related to
customers taste and preferences, their actual desired thus it can find alternative method that could
be used to make them happy and satisfied (Buckley, Enderwick and Cross, 2018). Furthermore,
the research will help in understanding the threat and opportunities associated with expansion in
particular country of Latin America. Thereby manager can decision related to overcoming the
associated threat and make best use of available opportunities for growth and benefits of firm. In
addition to this, it will contribute the manager in understanding or taking decision related to
expansion of firm so that it can earn high profit margin and market share through effectively
meeting needs of individuals that are living within society. Manager is also able to take decision
related to target market or whom it can deliver services to earn high revenue and market share in
limited time frame and cost (Caligiuri and et.al., 2020.). Therefore, the research is important to
conduct to have sufficient information related to market condition, key opportunities and the way
it can be used by businesses to stay ahead in competition.

Literature review
From the view of Hamilton and Webster, (2018), there are number of businesses that are
expanding or moving their business to Latin American in order to make best use of available
market opportunities. The economic of Latin America is growing at rapid stages with people
having a good living of standard and disposable income. Furthermore, the author states that in
recent scenario, the Latin America have strong infrastructure that helps in effective
transportation, generation of employment that stimulate the economy. It is also expected that the
overall GDP of the country will grow by 2.6% in 2020 that motivates maximum number of
companies to expand their businesses in Latin America to earn more profit margin and sales
volume. Strong trade is also lies in Latin America that contribute in effective exchange or trade
of products and services between the country.
As noted by Ibarra-Sáiz, Rodríguez-Gómez and Boud (2021), there are ten best places
or countries in Latin America in which company can expand their business to achieve their
respective goals. Such as Santiago, chile, Medellin, Colombia, Montevideo, Uruguay, Buenos
Airnes, Argentia, Mazatlán, México, Cuenca, Ecuador, Las Terrenas, Dominican Republic, La
Antigua, Guatemala, Boca Chica, Panama and Cusco, Peru. Likewise, Santiago is one of the
beautiful place in South America because of effective education system, people and economy. It
is country that generally warm welcome the foreigner so company have opportunities to expand
its business in this as people have enough disposable income to spend on making purchase of
products for fulfilment of their respective desired. Moreover, another author illustrate that
medellin, colombia is another country in which firm can grow its businesses operations as it is a
world leader of innovation and making use of new technology to delivered services to customers.
So, company through expanding their business into Santiago can achieve its set objectives in
minimum time frame.
According to Kano (2018), there are different market entry strategies that could be
used by firm to enter into new market and gain maximum benefits. Such as making partnership
with local company that have knowledge related to market condition, taste and preferences of
people so that appropriate strategies can be planned to attract maximum number of customers
within the organisation. It also suggest another market entry strategy that is direct investment
made by firm into new market through effectively conducting market research related to taste
and preferences of people, technology development, government policies and economic

condition of the country. This is risky strategy as company had to invest lot of capital in order to
enter into new market so firm should have proper knowledge of current market situation to grow
and sustain businesses for longer time frame. Therefore, in order to enter into new market there
are various things that need to be considered by the manager of company such as company
objective, products and services, external environment situation, policies of government and
availability of resources by the firm.
Research objectives
Research objective describe the aim of research or what researcher wants to achieve in
summarized or concise manner. It helps in understanding the accomplishment that researcher
wants to achieve through completing the study related to specific subject area. Research
objective contribute in motivating researcher to pursue the research on the subject to achieve the
set objectives in effective manner (Wettstein and et.al., 2019).
 To understand the market in which UK retailer business can expand business in Latin
American
 To identified the market entry strategies that could be used by company to expand and
grow business in new market.
 To explore key challenges that company might face while expanding its business
operations.
 To suggest strategies that could be used by firm to enter into new market for earn high
profit margin and sales volume.
Therefore, there are four research objectives or motivate to complete the study and
gathered necessary information related to selection of particular market in Latin America. Such
as the first objectives is to understand the out of many countries in Latin America which need to
be selected to expand business. Secondly, what are the market entry strategies that could be used
by firm to grow and expand its business in competitive environment (Buckley and Casson,
2019). Furthermore, the objectives is to identify the key challenges that a firm faces while
expanding its businesses in international market. Final at objective is based on recommendation
that needs to be used by company while planning its expansion in new market for gaining
maximum benefits. Therefore, all these four objectives on which the researcher has focused to
complete the study.

Selection of primary and secondary method to achieve the research objectives
Researcher make use of different research method to complete the study in successful
manner so that more relevant and reliable information can be extracted in effective manner. In
order to complete the study on understanding the new market to expand business, qualitative
method is being selected. As qualitative is use of non-numerical values in order to get in depth
insight related to a particular subject area for better decision-making. It is method that involves
obtaining data and information using open end, questionnaire and interview are various method
that are being used in qualitative method. Furthermore, the researcher has planned to make use of
both primary and secondary method to gathered relevant and useful information related to the
study for better understanding (Beugelsdijk, Kostova and Roth, 2017). In primary method, view
point of respondent are being undertaken to collect data so it is known as first-hand information
in which researcher itself take steps to gathered sufficient information. On the other hand,
secondary is another method of data collection that will be utilised by the researcher, in which it
will make use of internet, books and journals or any secondary sources to accumulate necessary
information related to study. Both the method of data collection I.,e primary and secondary will
contribute in having relevant, more information related to in which country of Latin America
needs to be expand businesses for achieving the end goals.
Target audience
The target audience of the UK businesses that is engaged in selling bicycle and outdoor
pursuit clothing is people that are belonging to age group of 18 to 45 years, men, women and kid
will also be targeted by the company. Moreover, individuals that belong to medium income
group will be selected for the products and services offered by company as it deals in products
that are available at reasonable price. So, people of all age, taste and preferences, income group
are being targeted by UK company to attained its set goals in limited time frame and cost.
In order to select the target audience for researcher simple random sampling method will
be used as in it simply few individuals are being selected out of large group of audience in order
to get their point of view. In addition to this, random sampling method is best suitable for
completing the qualitative study as in it equal chance is being given to each and every respondent
to participate in the research for effectively gathering sufficient information (Strange and
Zucchella, 2017). At last it can be stated that the simple random method helps in getting more

correct and reliable information related to view of group of individuals particular to specific
subject area.
In order to make use of random sampling method for selecting the target audience for
researcher, there will be four steps will be taken such as firstly the population will be defined,
then sample size will be decided, then randomly few individuals are being selected for the
sample. Finally, data is being collected from target audience through making use of
questionnaire as it helps in accumulating point of view of each respondent in well-organised
manner (Cantwell, 2017). Therefore, all these set of action will contribute in effectively pursing
and completing the study related to which Latin America market company has to enter in order
to enjoy high profitability and market share.
Evaluation of key challenged associated with conducting research approaches in Latin American
There are key challenged that has been faced while pursing study in context of market
selection of UK retailer company in Latin America. Such as limited availability of resources
such as finance and individuals that have sufficient skills to make the researcher useful. So, the
researcher in order to remove the challenge of limited resources has focused on making optimum
use of available resources, guiding and helps individuals related to the way research can be
completed and information can be extract in effective manner. Likewise, there is lack of
availability of relevant literature related to market or country that is suitable for expansion of UK
business for its growth (Peterson, Arregle and Martin, 2020). At the same time, due to lack of
confidence that whether I would able to conduct research in desired manner or not as had no
experience related to the manner in which research need to be completed effectively. There are
lot many activities that has to be performed in order to accumulate, analysis and present
necessary information pertaining to market in which UK company need to expand. So, poor time
management skills had lead challenges to complete the research as desired. Apart from this, the
most challenging things was selecting a topic on which research need to be made so that the
study can be useful for many individuals that are living in society.
CONCLUSION
From the above report it can be concluded that the research on selection of market will
helps manager of UK company to take decision related to which country it has to expand to earn
high profitability. At last, it is summarized that Santiago, chile is the best country in Latin

America in which retail company can easily expand its businesses to earn more revenue and
customer within the organisation.

REFERENCES
Books and journals
Beugelsdijk, S., Kostova, T. and Roth, K., 2017. An overview of Hofstede-inspired country-level
culture research in international business since 2006. Journal of International Business
Studies, 48(1). pp.30-47.
Buckley, P. and Casson, M., 2019. Decision-making in international business. Journal of
International Business Studies, 50(8). pp.1424-1439.
Buckley, P. J., Enderwick, P. and Cross, A. R. eds., 2018. International business. Oxford
University Press.
Caligiuri, P and et.al., 2020. International HRM insights for navigating the COVID-19
pandemic: Implications for future research and practice.
Cantwell, J., 2017. Innovation and international business. Industry and Innovation, 24(1). pp.41-
60.
Hamilton, L. and Webster, P., 2018. The international business environment. Oxford University
Press.
Ibarra-Sáiz, M. S., Rodríguez-Gómez, G. and Boud, D., 2021. The quality of assessment tasks as
a determinant of learning. Assessment & Evaluation in Higher Education, 46(6).
pp.943-955.
Kano, L., 2018. Global value chain governance: A relational perspective. Journal of
International Business Studies, 49(6).pp.684-705.
Peterson, M. F., Arregle, J. L. and Martin, X., 2020. Multilevel models in international business
research. In Research Methods in International Business (pp. 417-432). Palgrave
Macmillan, Cham.
Strange, R. and Zucchella, A., 2017. Industry 4.0, global value chains and international
business. Multinational Business Review.
Wettstein, F and et.al., 2019. International business and human rights: A research
agenda. Journal of World Business, 54(1). pp.54-65.