Mohammad Jahid Islam
Lifestyle
Entrepreneurs all over the world seek ways of introducing their products to international markets; unfortunately, the international marketing environment poses a lot of opportunities and threats to foreign entrants. The cultural, political, and technological environments act as determinant factors in entrepreneurial success in global markets. This study aims to unravel the effects of these international marketing environments on entrepreneurial developments. The study being descriptive and historical relied heavily on secondary sources of information. Analysis revealed that the PESTEL and other human factors have significant impacts on business transactions. Furthermore, the political systems and governmental regulations on business dealings have a lot to do with entrepreneurial success in the international arenas. The study recommends the establishment of a supportive governmental framework to serve as a platform for the willing entrepreneurs to succeed in the international markets.
Background to the study The international market serves as an avenue for creative entrepreneurs to earn foreign income outside their country of existence. According to Kotler (2007), “international marketing” refers to exchanges across national boundaries for the satisfaction of human needs and wants and the extent of a firm’s involvement abroad is a function of its commitment to the pursuit of foreign markets. The author stressed that the demands are tough and the stakes are high. International business entrepreneurs are not only sensitive to different marketing environments internationally but also balancing marketing moves worldwide to seek optimum results for their businesses Davis et al. (2017). However, the activities in the international business environment make it highly competitive for many who want to venture in the international arena with their products due to dynamic nature of environment (Biraglia and Kadile 2017). Lim et al. (2016) stressed that environmental factors are unpredictable and in most times form the basis for decision for local entrepreneurs to break into new markets. There are many ways to break into new untested markets which include exporting, foreign direct investment, joint venture, and international partnerships; all these options seem to tie their feasibility round what is obtainable in the market to break into (Zwan et al. 2016). For example, factors like technological change and cultural and international governmental laws are difficult to predict to get a business to be stable in a new international arena. In retrospect, the effects of international marketing environment to the entrepreneurs in the developing economies cannot be overemphasized as the effects of international environment have not gotten so much reference and research. Mahmoud and Muharam (2014) argued that a lot of factors considered to be important elements that account for the growth and remarkable performance of the entrepreneurial ventures in Nigeria are not directed towards international environmental factors. Ayoade and Agwu (2016) assert that the effects of international marketing environment on business entrepreneurs are not completely clear. This is because the businesses of today are operating in an era in which the greater part of social life is determined by global processes, in which national cultures, national economies, and national borders are dissolving. Central to this perception according to Cardon and Kirk (2015) is the notion of a rapid and recent economic globalization in which modern entrepreneurs have to deal with customers who are changing with channels of distribution that are also changing. They also have to deal with the technological advances that are changing the nature of their products and services and requiring them to operate imaginatively and effectively in the emerging markets. The basic nature of marketing does not change from domestic to international marketing, but marketing outside national boundaries poses special problems, such as dealing with multiple environments, managing operations in distant markets, optimizing businesses in more than one country, and dealing with foreign nationals (Lim et al. 2016). Venturing into international marketing therefore, unlike domestic marketing, requires operating simultaneously in more than one kind of environment, coordinating one’s business operations, and using the experience gained in one country for making decisions in another country (Biraglia and Kadile 2017).
Based on the above, this study sets out to examine the effects of international marketing environmental challenges and ascertain how prospective entrants can meander the muddy waters as well as ride the high waves created by these challenges in order to create opportunities to move their organizations forward and generate more revenues.
Governments all over the world support cross-border entrepreneurship and in particular exports with the aim to increase national
Career
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. And I am the entrepreneur who takes the roots of success to reach the destination.
Every challenge is a sort of opportunity to learn from” – This is the philosophy of " MD Jahid Islam ".
