What partner factors do you need to consider when entering a new market?
Release time:
2024-05-20
Choosing the right partner can be of great benefit to business development, and in some cases can be said to be an essential element of successful business development. Local partners can be invaluable in sharing knowledge and insight into the target market, while international partners can provide the capabilities and expertise needed to enter the automotive business in the target market.
First, local partners are essential for a thorough understanding of the target market. Local experts can assist companies with the necessary research and paperwork to help them understand the laws, regulations, standards and practices that they need to know in this country or region.
In addition, there are significant differences in the culture and employment environment of different markets. Wage levels, benefits, unions, or other specific needs can pose a variety of challenges. Even if the target market is not far from the local market geographically, it may be far away culturally. Therefore, if the market entry plan chosen by the car company includes more local labor or is greatly influenced by the target market personnel, it becomes necessary to hire local partners.
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