Challenges and Strategies for Expanding Businesses into International Markets

The video discusses the challenges and strategies businesses face when expanding from domestic to international markets. It highlights the importance of understanding market demands, cultural differences, and the need for effective marketing strategies. Businesses must adapt their strategies to meet the unique needs of international markets, often relying on local expertise and joint ventures. The concept of glocalization is emphasized, where businesses go global while respecting local needs.

Why is it important for businesses to understand local expertise when entering a new market?

What does 'glocalization' mean in the context of international business expansion?