Foreign markets often are bigger than many executives believe, but to take advantage of them requires sophistication in an expanding global marketplace.
That view comes from V. H. Kirpalani, professor of marketing and international business at Concordia University in Montreal, who said export opportunities are expanding, but anyone desiring to export must keep up with foreign currencies, market demand and finding good people to distribute your product if you don't want to establish foreign offices.Kirpalani said exports are growing at 7 percent annually, double the rate of the gross national product, with European and Asian countries and Mexico wanting to purchase products and services. One of the emerging trends is creation of products with parts from several countries and sold as a product from one country.
Speaking to a joint meeting of the Salt Lake Chapter of the American Marketing Association and the World Trade Association of Utah under sponsorship of the Utah/Brigham Young University Center for International Business Education in Little America, Kirpalani said small business firms must be committed to export for it to work.
He said finding good distributors is important and companies should assess the market, determine available resources, identify administrative arrangements and manage the arrangements for a successful exporting venture.