Final answer:
One of the first considerations before expanding into the global marketplace is developing a marketing plan. This is important because it helps a company understand the target market, competition, and objectives for entering the global market. Once a marketing plan is in place, the next consideration would be selecting a specific foreign market to target.
Option 'a' is the correct.
Step-by-step explanation:
One of the first considerations before expanding into the global marketplace is developing a marketing plan. This is important because it helps a company understand the target market, competition, and objectives for entering the global market. A marketing plan outlines the strategies and tactics that will be used to promote and sell the company's products or services internationally.
Once a marketing plan is in place, the next consideration would be selecting a specific foreign market to target. This involves conducting market research to identify potential markets that align with the company's goals and objectives. Factors such as market size, growth potential, competition, and cultural fit should be taken into account when selecting a market.
After selecting a specific market, the company may need to hire international sales representatives. These representatives will be responsible for selling the company's products or services in the foreign market and building relationships with customers. They will help the company navigate cultural differences, language barriers, and local business practices.
Lastly, setting export pricing strategies is another important consideration. The company needs to determine how much to charge for its products or services in the foreign market, taking into account factors such as production costs, competition, and customer preferences. Pricing strategies can vary depending on the market and the company's goals and objectives.