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The most important issue a business has to consider when choosing to export one of its goods or services are the external factors, based on figure 9.1 of the Global Marketing textbook, which mainly affect the decision of entry mode for foreign markets through a number of the factors noted including demand uncertainty, direct and indirect trade barriers and socio-cultural distance between the home country and the host country.

These three factors fall under the externalisation, export mode for foreign market entry and affect the phenomena of entering foreign markets through the limitation of knowledge of foreign markets before entering, this affects the organisation’s ability to make decisions on their marketing, inhibiting their planning and reducing their ability to plan and coordinate an effective marketing campaign and pre-release build-up due to information imbalances. This can be navigated today through the harnessing of the benefits imposed by globalisation, which will help to reduce the socio-cultural distances between the home country and the host country. This is due to everyone being more alike due to the similar nature of the world’s population, especially the west due to similar media and interests as a result of the similarities and convergence nature of nations in the 21st century.

Bibliography: Hollensen, S (2016) Global Marketing, 7th Edition, Pearson. Available from VitalSource Bookshelf [Accessed: 19 November 2020]