Actual Strategies for Businesses Penetrating Foreign Markets in the Modern Economy: Globalisation Aspect
Keywords:Business, Strategic Management, International Marketing, Foreign Economic Activity, Company Performance
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.
Abels J., & Bieling H.J. (2022). Infrastructures of globalisation. Shifts in global order and Europe’s strategic choices. Competition & Change, 10245294221130119.
Adams, D., Adams, K., Ullah, S., Ullah, F. (2019). Globalisation, governance, accountability and the natural resource ‘curse’: Implications for socio-economic growth of oil-rich developing countries. Resources Policy, 61, 128–140.
Anderson, E., & Obeng, S. (2021). Globalisation and government spending: Evidence for the ‘hyper‐globalisation’of the 1990s and 2000s. The World Economy, 44(5), 1144–1176.
Bastian, E.F., & Bastos, C.P. (2023). The end of developmentalism, the globalization era and the concern with income distribution (1981–2010). A History of Brazilian Economic Thought, pp. 209–246. Routledge.
Berestetska, O., Iankovets, T., Orozonova, A., Voitovych, S., Parmanasova, A., & Medvedieva, K. (2023). Using Crm Systems for the Development and Implementation of Communication Strategies for Digital Brand Management and Internet Marketing: eu Experience. International Journal of Professional Business Review, 8(4), e01613. https://doi.org/10.26668/businessreview/2023.v8i4.1613.
Chan Kim, W., & Mauborgne, R. (2005). Value innovation: a leap into the blue ocean. Journal of business strategy, 26(4), 22–28.
Clarke, S., & Rogers, T. (2023). China Market Environment. Contemporary Strategic Chinese American Business Negotiations and Market Entry, pp. 195–230. Singapore: Springer Nature Singapore.
Datta, P.M. (2022). Business Concepts in Globalization. In Global Technology Management 4.0: Concepts and Cases for Managing in the 4th Industrial Revolution, pp. 35–67. Cham: Springer International Publishing.
Feizal, D.A., Sudjono, S., & Saluy, A.B. (2021). The Effect of Profitability, Leverage and Liquidity on Dividend Policy for Construction Issuers in 2014-2019. Dinasti International Journal of Economics, Finance & Accounting, 2(2), 171–184.
Fradejas-García, I., Molina, J.L., & Lubbers, M.J. (2023). Migrant entrepreneurs in the ‘Farm of Europe’: the role of transnational structures. Globalizations, 1–18.
Ghemawat, P. (2001). Distance Still Matters. The Hard Reality of Global Expansion. Harvard Business Review. https://selimyazici.com.tr/wp-content/uploads/2018/09/04-Ghemawat-Distance-Still-Matters.pdf
Gorynia, M. (2019). Competition and globalisation in economic sciences. Selected aspects. Economics and Business Review, 5(3).
Hampden-Turner, C., & Trompenaars, F. (1997). Response to geert hofstede. International Journal of Intercultural Relations, 21(1), 149.
Heimberger, P. (2020). Does economic globalisation affect income inequality? A meta‐analysis. The World Economy, 43(11), 2960–2982.
Hofstede, G. (1980). Culture and organizations. International studies of management & organization, 10(4), 15–41.
Hryhorkiv, V., Buiak, L., Verstiak, A., Verstiak, O., & Tokarieva, K. (2020). Forecasting Financial Time Series Using Combined ARIMA-ANN Algorithm. 10th International Conference on Advanced Computer Information Technologies, ACIT 2020 – Proceedings, pp. 455–458, 9208859. DOI: https://doi.org/10.1109/ACIT49673.2020.9208859.
Hutsaliuk, O., Yaroshevska, O., Kotsiurba, O., & Navolokina, A. (2020). Exploring financial parameters and innovative orientation of banks as criteria for selecting financial partners for enterprises. Banks and Bank Systems, 15(1), 118-131.
Johanson, J., & Vahlne, J.E. (2009). The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership. Journal of international business studies, 40, 1411–1431.
Kamola, I.A. (2019). Marketing Can Be Magic: Theodore Levitt and Globalization as a Market Imaginary. Making the World Global, pp. 83–117. Duke University Press.
Khodakivska, O. (2023). How competitive are Ukrainian agricultural holdings? International Journal of Environmental Studies, 1–8.
Khudaykulova, M., Yuanqiong, H., & Khudaykulov, A. (2022). Economic consequences and implications of the Ukraine-russia war. International Journal of Management Science and Business Administration, 8(4), 44–52.
Kormakova, I.O., Kruhlyanko, A.V., & Verstiak, O.M. (2022). Problems of cross-cultural management development in Ukraine. Bulletin of the Chernivtsi Trade and Economic Institute, 3(88), 96–107
Levitt, T. (1983). The globalization of markets. The McKinsey Quarterly. https://edisciplinas.usp.br/pluginfile.php/4180851/mod_resource/content/1/Levitt%20Globalization%20Markets.pdf
Mauro, M.R., & Pernazza, F. (2023). General Introduction: State and Enterprise in the Global Market. State and Enterprise: Legal Issues in the Global Market, pp. 1–50. Cham: Springer International Publishing.
Munoz, J.M. (2023). Introduction: Digital Entrepreneurship in a Global Context. Digital Entrepreneurship and the Global Economy, pp. 1–10. Routledge.
Ozili, P.K. (2022). Global economic consequence of Russian invasion of Ukraine. Available at SSRN.
Peniuk, V.O. (2020). Peculiarities of HR management in pandemic conditions. Economics and Enterprise Management, 4(80), 138–151.
Pleninger, R., & Sturm, J.E. (2020). The effects of economic globalisation and ethnic fractionalisation on redistribution. World Development, 130, 104945.
Porter, M. E. (1990). The competitive advonioge of notions. Harvard Business Review, 73, 91.
Root, F. R. (1994). Entry strategies for international markets. Journal of Marketing, 52 (October, 1988), 128-132. New York.
Rudenko-Sudareva, L.V., Kelaru, I.O. et al. (2014). Transnationalization and competitive development of national economies: theory and practice of developing countries. Monograph, Nizhin: Aspect-Polygraph, p .567. ISBN 978-966-340-565-0
Shevchenko, I., Lysak, O., Zalievska-Shyshak, A., Mazur, I., Korotun, M., & Nestor, V. (2023). Digital Economy in a Global Context: World Experience. International Journal of Professional Business Review, 8(4), e01551. https://doi.org/10.26668/businessreview/2023.v8i4.1551.
Teece, D.J. (2022). A wider‐aperture lens for global strategic management: The multinational enterprise in a bifurcated global economy. Global Strategy Journal, 12(3), 488–519.
Ursakii, Yu.A. (2021.) The role of innovative clusters and the country's industry. Bulletin of the Chernivtsi Trade and Economic Institute, 1(81), 53–71.
Ursakii, Yu.A., & Peniuk, V.A. (2022). Ukrainian business during the war: state, problems and prospects. Bulletin of the Chernivtsi Trade and Economic Institute, 3(87), 79–92.
Vdovichen, A.A., & Kruhlyanko, A.V. (2015). Problems of regional development disproportionality: European experience and its application in Ukraine. Actual Problems of Economy, 1(163), 220–232.
Verstiak, O.M., & Kormakova, I.O. (2021). Conflicts in international relations and their impact on the competitiveness of the country's economy. Bulletin of Chernivtsi Institute of Trade and Economics, 4(84), 50–62.
Xu, Y., & Li, D. (2021). Cultural industries in emerging economies under the background of economic globalisation and information networks. International Journal of Technology Management, 85(2-4), 333–347.
How to Cite
Copyright (c) 2023 Inna Kormakova, Andriy Kruhlyanko, Valeriia Peniuk, Yuliia Ursakii, Oksana Verstiak
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
Authors who publish in this journal agree to the following terms: the author(s) authorize(s) the publication of the text in the journal;
The author(s) ensure(s) that the contribution is original and unpublished and that it is not in the process of evaluation by another journal;
The journal is not responsible for the views, ideas and concepts presented in articles, and these are the sole responsibility of the author(s);
The publishers reserve the right to make textual adjustments and adapt texts to meet with publication standards.
Authors retain copyright and grant the journal the right to first publication, with the work simultaneously licensed under the Creative Commons Atribuição NãoComercial 4.0 (http://creativecommons.org/licenses/by-nc/4.0/), which allows the work to be shared with recognized authorship and initial publication in this journal.
Authors are allowed to assume additional contracts separately, for non-exclusive distribution of the version of the work published in this journal (e.g. publish in institutional repository or as a book chapter), with recognition of authorship and initial publication in this journal.
Authors are allowed and are encouraged to publish and distribute their work online (e.g. in institutional repositories or on a personal web page) at any point before or during the editorial process, as this can generate positive effects, as well as increase the impact and citations of the published work (see the effect of Free Access) at http://opcit.eprints.org/oacitation-biblio.html