Final answer:
Phase 2 of the international planning process is characterized by a detailed situation analysis that includes market, economic, cultural, political, and legal assessments crucial for understanding the new market's environment.
Step-by-step explanation:
In Phase 2 of the international planning process, the focus is on a comprehensive situation analysis. This detailed evaluation is crucial as it encompasses various aspects such as understanding the competitive environment, market conditions, cultural nuances, and local regulations that could affect the company's international venture. Specifically, it includes factors such as:Market analysis to gauge consumer demand, market size, and growth prospects,
Analysis of economic factors that could influence business operations,Cultural, social, and political evaluations to understand the business climate and consumer behavior,Legal assessments to navigate through the laws and regulations of the new market,Assessment of trade barriers or tariffs that may impact pricing and market entry.This phase does not typically include company character, budgets, standards, or specific pricing strategies, as those are often developed after a clear understanding of the market has been established.