INTERNATIONAL BUSINESS MANAGEMENT Essay Example | Topics and Well Written Essays - 4000 words

INTERNATIONAL BUSINESS MANAGEMENT - Essay Example horough research on the present scenario of the international markets and puts forward the viable options that PALTEK can take to enter the international market successfully. The report also highlights the challenges and obstacles that the company might encounter when venturing internationally. Patek is a company basd in Bedfordshire and has around 70 employees currently. The annual turnover of PALTEK is  £5 million and the company is headed by Jack Leiter . They had earlier attempted to sell its products in international markets; however they didn’t succeed as expected, probably because they did not have a clear strategy to market their products internationally. That is the reason why PALTEK is looking for a better overall strategy which can enable them to be a successful global player in printed circuit board sector. The company is searching for potential international markets and also a restructuring of their internal organization for better management of its foreign operations. Presently, PALTEK supplies circuit boards for the B2B market and their main clients are the IT sector and the military. Although they have been successful in the UK market, they want to enter the Nordic as well as the US markets in a major way. They also have a presence in Asia, but they are primarily looking to expand their European market. They’ve been approached by a Swedish company for a partnership but the negotiations have not materialized. PALTEK’s goal now is to generate 20-25% of their total profit from the foreign market in the next two years. Internationalization is a process which involves a change in various facets of the organization. In order to succeed, PALTEK would require an in-depth knowledge of the international market, particularly the Nordic market for printed circuit boards. It also needs to modify its marketing approach according to the local needs of the particular market. Other major areas to change include development of better logistics,