Final answer:
The first step of creating an International Marketing Plan involves product and firm selection, where the company needs to assess what products to produce and evaluate its strengths and capabilities relative to the target market.
Step-by-step explanation:
The first step of creating an International Marketing Plan involves product and firm selection. In terms of product selection, the firm needs to assess what product or products it should produce. This involves considering the demand for the product, market competition, and the firm's capabilities. For firm selection, the company needs to evaluate its own strengths and capabilities in relation to the target market. It should consider factors such as market power, product differentiation, and ease of market entry.