Actual Strategies for Businesses Penetrating Foreign Markets in the Modern Economy: Globalisation Aspect

Inna Kormakova; Andriy Kruhlyanko; Valeriia Peniuk; Yuliia Ursakii; Oksana Verstiak

doi:10.26668/businessreview/2023.v8i5.2148

Authors

Inna Kormakova https://orcid.org/0000-0003-3237-9396
Andriy Kruhlyanko https://orcid.org/0000-0002-4939-2901
Valeriia Peniuk https://orcid.org/0000-0002-7005-4173
Yuliia Ursakii https://orcid.org/0000-0002-7793-7761
Oksana Verstiak https://orcid.org/0000-0002-4222-4964

DOI:

https://doi.org/10.26668/businessreview/2023.v8i5.2148

Keywords:

Business, Strategic Management, International Marketing, Foreign Economic Activity, Company Performance

Abstract

Purpose: This article examines the theoretical aspects of businesses entering foreign markets within the context of globalisation. It highlights the challenges and opportunities presented by globalisation, focusing on the arrangement of companies and the strategic approaches adopted when entering global markets. The purpose of this study is to explore the impact of globalisation on businesses and identify strategies for successfully entering foreign markets.

Theoretical framework: The investigation is conducted within the framework of existing theories and research on globalisation, market entry strategies, and cultural and behavioural aspects influencing businesses' global expansion.

Design/methodology/approach: A qualitative approach is used, examining prior studies and research in the field, to analyse the factors influencing businesses' global expansion and the methods for entering foreign markets.

Findings: The results suggest that globalisation positively affects companies by expanding market opportunities. By examining the diversification of goods, works, and services offered by companies, the study identifies the prerequisites for successful foreign economic activity and the motives driving businesses' choice of market development strategies.

Research, Practical & Social implications: The findings contribute to a better understanding of the practical steps businesses can take to enhance their competitiveness in world markets. They highlight the importance of adapting to cultural and behavioural differences and selecting optimal strategies for market entry.

Originality/value: This study adds value to the existing literature on globalisation and market entry strategies by providing an updated perspective on the challenges and opportunities businesses face when entering foreign markets in the modern economy.

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