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International Trade Marketing

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Seminar at MIB School of Trieste in International Trade

Seminar at MIB School of Trieste in International Trade

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    International Trade Marketing International Trade Marketing Presentation Transcript

    • 1 Internationalization a step into the business• Modes of entry – Exporting – Joint ventures and alliances – Licensing (Franchising) – Direct Investment• Exporting – how to ! – Direct Exporting (Sales representative, Direct Sales) – Distributors• Logistic and Incoterms – What they are and why they are so important• Payment – Payments schedule (when?) – Payment mode or method of payment (how?) – Place of payment (where?) – Currency of payment (which?) 1
    • 2 Wich level of internationalization ?• You need to find the RIGHT LEVEL of INTERNATIONALIZATION !• Depending on – Your business – Your organization (HR, Operations, Products) – Your production (possibility to adapt the products) – The target market – Financial availabilty 2
    • 3 Modes of entries EXPORT JOINT VENTURE MODES OF INTERNATIONALIZATION LICENSING/FRANCHISIGN DIRECT INVESTMENT 3
    • 4 ExportAdvantages Disadvantages• No need for operational • Lost location facilities in host country disadvantages• Economies of scale • Dependence on exports• Internet facilitates Intermediaries exporting opportunities • Exposure to trade barriers • Transportation costs 4
    • 5 Joint Ventures - AlliancesAdvantages Disadvantages• Share investment risk • Difficult to find good• Common resources partner• Maybe required for • Relationship market entry management • Loss of competitive • Difficult to integrate and coordinate 5
    • 6 Licensing - FranchisingAdvantages Disadvantages• Contract source of • Difficulty to identify the income good partner• Limited economical and • Loss of competitive financial exposure advantages• Global marketing • Not for all business ! strategy 6
    • 7 Foreing Direct InvestmentAdvantages Disadvantages• Full control • Substantial investment• Integration and and commitment coordination • Greenfield investment• Rapid market entry are unpredictable• Unique and clear – Tax facilities marketing strategy – Hiring facilities – Political matter …• Greenfield investment in developing countries 7
    • 8 Wich level of internationalization ?• Benefit of internationalization is substantial ……but a certain level of complexity, the cost canexceed the benefit ! Why ? In Your Opinion ! Benefit of internat. Cost of internationalization 8
    • 9 Wich level of internationalization ?• Some studies have suggested that internationalization may not lead to improved performance for services …(some ..)Why ? .. In Your opinion !• Service restricted locally !• Intangible are more sensitive to local culture and adaptation means …greater costs• Local presence in service is very important ..less benefit from economies of scale production 9
    • 10 Wich level of internationalization ?• Internationalization and product diversity is an important question• Product-diversified firms are doing better on internationalization, because they have already developed the skills and structure for diversification• Many firms opt for reducing their product diversity for a matter of costs (Unilver) 10
    • 11 Nutella receipe varies from country to countryThe exact recipe for Nutella is a closely guarded secret. According to theproduct label, the main ingredients of Nutella are sugar and modifiedvegetable oils, followed far behind by hazelnut, cocoa and skimmed milk,comprising together at most 28% of the ingredients.Nutella is marketed as "hazelnut cream" in many countries. It cannot belabeled as a chocolate cream under Italian law, as it does not meetminimum cocoa concentration criteria.In Italy, Nutella contains less sugar than the French version. Some otherexamples of how the composition of Nutella varies from country to countryare as follows. – France/Germany/Australia: sugar, vegetable oil, hazelnuts (13%), fat-reduced cocoa powder (7.4%), skimmed milk powder, emulsifier (soy lecithin), flavouring (vanillin). – Italy: sugar, vegetable oil, hazelnuts (13%), fat-reduced cocoa powder, skimmed milk powder (5%), whey powder, emulsifier (soy lecithin), flavouring. – Spain/United Kingdom: sugar, vegetable oil, hazelnuts (13%), fat free cocoa (7.4%), skimmed milk powder (6.6%), whey powder, emulsifier (soy lecithin), flavoring. – Poland: sugar, rapeseed oil, hazelnuts (13%), cocoa (7.4%), skimmed milk (5%), lactose, soya lecithin, flavouring (vanillin) 11
    • 12 Wich level of internationalization ?• You need to find the RIGHT LEVEL of INTERNATIONALIZATION ! 12
    • 13 13
    • 14 Groups and business• Dividing in 4 groups• Each group write a business proposal for internationalization• From now till the end each group will follow the lesson thinking on his own business proposal• Make all the questions you need to clarify all your doubts ! 14
    • 15 Export markets !• Send goods or services to another country for sale• Spread or introduce ideas and beliefs to another country• “Exporting is a key aspect of international trade and involves the sale, purchase or exchange of goods and services across national border” (Export Business Guide, YEAR)• World trade is dominated by merchandise in the form of manufactured goods, minerals and agricultural commodities 15
    • 16 Export – How to ?• Indirect Exporting• Direct exporting• Countertrade (Barter) 16
    • 17 Indirect ExportingOverseas sales through an intermediary whotakes a commission on sales or who purchasesthe goods and resells. While there may be lessof some types of risk, there is also less profit.Indirect methods of exporting requires lessmarketing investment, but you lose substantialcontrol over the marketing process. 17
    • 18 Indirect ExportingMethods of indrect exporting include:• Filling orders from domestic buyers who then export the product.• Seeking out domestic buyers who represent foreign customers.• Exporting through an Export Management Company (EMC)• Exporting through an Export Trading Company (ETC)• Franchising• Licensing• Contract manufacturing• Remarketer (repackaging companies) 18
    • 19 Direct ExportingWith direct exporting the exporter handles every aspect of theexporting process. – Market research – Foreign distribution – CollectionsDirect methods of exporting give your firm: – More control over the export process – Potentially higher profits – A closer relationship to the overseas marketDirect methods of exporting require a significant commitment. – They are not cheap and require substantial resources. – Reorganizing the company to support the export effort may be necessary. 19
    • 20 Direct ExportingMethods of direct exporting include goingthrough:• Sales Representatives• Distributors• A Foreign Retailer• Direct sales to the End User (sales to professional / e-commerce) 20
    • 21 Counter TradeCountertrade means exchanging goods or serviceswhich are paid for, in whole or part, with othergoods or services, rather than with money.A monetary valuation can however be used incounter trade for accounting purposes. In dealingsbetween sovereign states, the term bilateral trade isused.OR "Any transaction involving exchange of goods orservice for something of equal value.“ 21
    • 22 Way on direct exporting• Sales Representatives• Distributors• A Foreign Retailer• Direct sales to the End User (sales to professional / e-commerce) 22
    • 23 Sales Representative• Uses the companys product literature and samples to present the product to potential buyers.• Works on a commission basis; essentially acting as a broker.• Assumes no risk or responsibility for servicing the product after the sale. 23
    • 24 Sales Representative - LegalA contract with a sales representative should state:• The period of the agreement.• The territory where the sales representative may operate.• Whether a sales representative may operate on an exclusive or a nonexclusive basis.• That sales representative may sell complementary products that do not conflict.• The method compensation.• Reasons for terminating the agreement.• Limits on the legal authority of the sales representative to obligate the firm. 24
    • 25 When use a Sales representativeUse a sales representative if you:• Do not need to maintain inventory in the foreign country.• Want to maintain control of the sales of your products overseas. – Sales representatives must sell your product under your terms and conditions.• Benefit from your corporate identity and branding. 25
    • 26 Agent vs Sales RepresentativeA sales representative is often called a manufacturersrepresentative or a sales agent. The term "salesrepresentative" is preferred because the term "agent" haslegal connotations in some countries.The agent may travel abroad, do research, prepare anexport plan, advise the exporter on how to adapt theirmarketing mix, make contact with potential buyers,negotiate deals with the buyers, take care of allpromotional activities, handle the logistics anddocumentation, and much more.All of these tasks, the export will do on the exporter’sbehalf. 26
    • 27 DistributorA foreign distributor is a merchant who purchasesgoods at a substantial discount and resells it for aprofit. Foreign distributors generally providessupport and service for the product.• Distributors usually carry an inventory of products and a sufficient supply of spare parts.• Distributors maintain adequate facilities and personnel for normal servicing operations.• Distributors usually sell complementary products.• Distributors may resell the product to local dealers and retailers. 27
    • 28 Distributor - LegalA contract with a distributor should state:• The period of the agreement.• The territory where the distributor may operate.• Whether a distributor may operate on an exclusive or a nonexclusive basis.• That distributor may sell complementary products that do not conflict.• The discount schedule.• The level of inventory they must carry.• Reasons for terminating the agreement.• Limits on the legal authority of the distributor to obligate the firm. 28
    • 29 Distributor - WhenUse a distributor if you:• Need to maintain inventory on the foreign country.• Do not want to maintain your own distribution network.When choosing a distributor one must be as careful aschoosing a sales representative.Foreign distributors have been known to:• Shift their focus away from your product.• Not carry and an adequate supply of spare parts.• Take on products they will not sell to block their competition. 29
    • 30 Foreing RetailerA company may sell directly to a foreign retailer.• These transactions often involve consumer products.• Effective in countries that have large retail chains.Sales to foreign retailers can be achieved through:• Traveling sales representatives contact foreign retailers.• Direct mailing of catalogs, brochures, or other literature. – Which has the advantages of: • Eliminating commissions • Reducing travel expenses • Reaching a broader audience 30
    • 31 End user sellingA company may sell directly to a foreign enduser (directly/Web)Selling overseas may incur some added costs.• Unless other arrangements are made, the seller is responsible for: – Shipping – Payment collection – Product support and service 31
    • 32 Which Exporting Method is Best ?• To find out which method of indirect exporting or direct exporting is best for your company answer the following questions. – Which method of exporting is best suited for the size of my firm? – Which method of exporting is fits the nature of the products? – Which method of exporting matches the companys commitment to exporting? – Do the laws of the foreign country favor or impede a particular method of exporting? – Where should the firm produce its products for the foreign market? – How should the firm distribute its products in the foreign market? – Should an EMC or ETC be used?• Once these questions have been answered, then it is time to go find a trading partner. 32
    • 33 Shipping – Freight forwarders• Freight forwarders can provide services for expediting shipment to overseas destinations such as: – Booking space with the carrier. – Completing export and import documentation. • Consular invoices. • Legalizations. • Certifications. – Arranging for cargo insurance. – Supervising loading and unloading of the shipment. – Arranging for inland freight and warehousing. – Advising on foreign import regulations. – Providing guidance on packaging, marking, and labeling. – Arranging for products to be packed and put into containers. – Export clearance. 33
    • 34 Shipping – Freight forwarders• Freight forwarders act on behalf of exporters in arranging transportation services. – Freight forwarders are responsible for obtaining and using accurate export license information. – They are familiar with the import rules and regulations of foreign countries, methods of shipping, etc. 34
    • 35 Shipping – Custom Broker• The complexities and dynamics of international trade are such that an importer will find it extremely advantageous to obtain the services of a customs broker in order to facilitate the importation of goods. – Every country has a myriad of customs regulations and thousands of tariff items to consider. 35
    • 36 Shipping – Custom Broker• A customs broker acts as an agent for the importer by conducting customs business on their behalf. – A customs broker represents the importer in custody matters. – A customs broker prepares and files the necessary customs forms. – Is responsible for the classification of imported goods. – Arranges payment for the duties found due. • Calculates the taxes due. – Takes steps to effect the release of the goods from customs.• A customs broker charges a brokerage fee for each shipment, which is usually based on the value of the shipment. – The actual amount can vary depending on the type of goods.• A freight forwarder may also provide the services of a customs broker. 36
    • 37 Shipping - Incoterms• Incoterms is an acronym, and it stands for INternational COmmercial TERMS.• Incoterms are standard definitions used in international trade. – Incoterms reduce uncertainties arising from differing interpretations of such terms in different countries. – Incoterms are published by the International Chamber of Commerce. – Incoterms 2010 is the current standard. 37
    • 38 Why we need Incoterms ? 38
    • 39 Why we need incoterms ? 39
    • 40 INCOTERMS – 2010 40
    • 41 Shipping - Incoterms• Incoterms regulate: – The distribution of documents. – The conditions for delivering goods. – The cost of transporting goods. – The responsibility of risk in shpping the goods.• Incoterms do not cover: – The conditions of the sale. – The condition of the goods. – The warranty of the goods. – The payment or nonpayment of the goods. – Intangible products such as computer software. 41
    • 42 Incoterms - GroupsThere are thirteen Incoterms, and they are divided intofour groups.• Group E: Departure Term. – Where the seller makes the goods available to the buyer at the sellers own premises.• Group F: Shipment Terms - Main carriage unpaid. – Where the seller is called on to deliver the goods to a carrier named by the buyer. – These are shipment contracts with the shipment point named, and carriage is unpaid by the seller. 42
    • 43 Incoterms - Groups• Group C: Shipment Terms - Main carriage paid. – Where the seller has to contract for carriage, but does not assume the risk of loss of or damage to the goods or additional costs due to events occurring after shipment and dispatch. – These are shipment contracts with the destination point named, and carriage paid by the seller. – There are two critical division points, one for the division of costs, the other for the division of risk.• Group D: Arrival Terms. – Where the seller has to bear all costs and risk needed to bring the goods to the country of destination. – Carriage is arranged by the seller. – These are arrival contracts. 43
    • 44 Incoterms – Exw - ExworksEX WORKS means that the seller fulfills its obligation to deliver when ithas made the goods available at its premises (i.e. works, factory,warehouse, etc.) to the buyer. The seller is not responsible for loading the goods on the vehicle provided by the buyer. Unless otherwise agreed, the seller is not responsible for clearing the goods for export. EX WORKS represents the minimum obligation for the seller.EX WORKS should not be used when the buyer cannot carry out,directly or indirectly, the export formalities. In such circumstances, use the FCA - FREE CARRIER term. 44
    • 45 Incoterms – Exw - Exworks• Seller has no obligation to load goods, even if better-suited to do so• If seller does load goods, it does so at buyer’s expense and risk• Better-suited to domestic transport (no obligation that seller clear goods for export—only provide assistance if necessary at buyer’s expense and risk)• Buyer bears all risk of loss from time seller places goods at buyer’s disposal 45
    • 46 Incoterms – FCA – Free Carrier at …FREE CARRIER means the seller fulfills its obligation to deliverwhen it has handed over the goods, cleared for export, into thecharge of the carrier named by the buyer at the named place. If no precise point is indicated by the buyer, the seller may choose within the place or range stipulated where the carrier shall take the goods into its charge. When the sellers assistance is required in making the contract with the carrier (rail, air, etc.) the seller may act at the buyers risk and expense.FREE CARRIER may be used for any mode of transport, includingmultimodal transport. 46
    • 47 Incoterms – FCA – Free Carrier at …Seller’s delivery options If the named place is seller’s premises: seller must load goods onto buyer’s means of transport If the named place is any other place: seller must place the goods at buyer’s (or his carrier’s disposal) on seller’s mode of transport (ready for unloading).Improvements over Ex Works Seller clears goods for export Can be used to require seller to load goods, when seller is in a better position to do soBut… Buyer may have little idea what delivery at seller’s factory means Buyer has costs in addition to sales price that must calculated Seller has no control over carrier, insurance, etc. 47
    • 48 Incoterms – DAP – Delivered at Place Seller delivers when the goods are placed at the disposal of the buyer on the arriving means of transport ready for unloading at the named place of destination. • The seller bears all risks involved in bringing the good to the named place. • Much like DAT, but with additional obligation by seller into country of delivery • Goods are placed at buyer’s disposal at named location ready for unloading; risk passes at that point • Seller clears goods for export but not import (use DDP if intent is to require seller to clear goods for import also). • No obligation on seller to purchase insurance 48
    • 49 Incoterms – DDP – Duty Delivery Paid Seller delivers the goods when the goods are placed at the disposal of the buyer, cleared for import on the arriving means of transport ready for unloading at the named place of destination. • The seller bears all the costs and risks involved in bringing the goods to the place of destination and has an obligation to clear the goods not only for export but also for import, to pay any duty for both export and import and to carry out all customs formalities. • Like DAP, but including seller’s obligation to clear goods for import—pay for any necessary licenses • Maximum obligation for seller • If seller is not well-suited to clear goods for import, DAP should be used • No obligation to pay for insurance 49
    • 50 Incoterms – Summarizing• 2000 division of rules by seller’s obligation • E (Make goods available at own premises • F (Deliver goods to a carrier appointed by buyer) • C (Contract for carriage without assuming risk of loss during shipment) • D (Bear all costs and risks needed to bring goods to place of destination)• But remember rules are split by mode of transport• Usage—use the phrase “Incoterms 2010” after the rule and named place • Clarifies that 2000 version does not apply• Usage—ensure you are naming the right location • EXW, FCA, FAS, FOB, DAT, DAP, DDU=place of delivery • CPT, CIP, CFR, CIF=place of destination 50
    • 51 The price and Iconterms• How delivery terms and incoterms are connected with the product pricing ?In addition to packing costs shipping costs may also include followingcharges: • Port charges • Uploading and maintenance fee • Freight charges • Terminal charges • Insurance • Export license fee • Duty • Import permits • Document charges • Consular invoice • NotaryYour freight forwarder should list and explain all of these costs. 51
    • 52 Payment terms• The most common payment terms, in order of risk, are: – Payment In Advance (least risky) – Letter Of Credit – Documentary Collection Against Payment – Open Account – Minimum Guarantee – Consignment (most risky)• Which payment terms you decide to offer to a customer depend on: – Political Climate – Economic Stability – Legal System – Competition – Customer creditworthiness – Your financial resources 52
    • 53 Payment in Advance• Payment in advance, or cash in advance, is the best method of payment from the exporters perspective. – Do not have to worry about collecting payment. – Do not have to verify their creditworthiness.• Most overseas customers will not accept payment in advance terms. – They want to make sure they receive the goods. • They want to first check the quality ! – They may consider these terms to be insulting. • You do not trust them. 53
    • 54 Letter of Credit• A letter of credit is the most commonly used form of secure payment. – It is a document issued by a financial institution at the buyers request and instructions. – It spells out the terms under which the seller will be paid. • Pay the seller a certain amount when it produces documents according to the instructions. – It acts as an escrow account.• A letter of credit is the preferred method of payment in trade with areas outside of Western Europe, Canada, and the United States. – Because it offers independent assurance to the both exporter and buyer.• A letter of credit is a critical document, so it is imperative that the seller issue clear guidelines to the buyer on how to open a letter of credit. 54
    • 55 Letter of Credit – the actors !• Depending on the circumstances, various names used in a letter of credit may refer to the same party.• The Applicant opens the letter of credit. – The buyer, or customer, is the Applicant. – Sometimes the Applicant is called the account party.• The Opening Bank issues the letter of credit. – The Opening Banks credit replaces the buyers credit.• The Advising Bank is an agent of the Opening Bank. – Verifies the authenticity of the Opening Bank.• The Confirming Bank is usually the Advising Bank, but it confirms that the credit exists. – It can negotiate the documents, and can accept the letter of credit the Opening Bank will not pay.• The Paying Bank is also called the drawing bank. – The Paying Bank may act also the Advising Bank, or the Confirming Bank, or the Opening Bank.• The Beneficiary is often the seller. – It is party to whom the credit is issued 55
    • 56 Letter of Credit – Flow Chart 56
    • 57 Letter of Credit - TypesThere are several types of letters of credit. The differences are found in thewording.• Revocable versus Irrevocable – You should always insist and carefully check that a letter of credit is irrevocable. • Once an irrevocable letter of credit is open it cannot be changed without the written consent of all parties including the beneficiary. • A revocable letter of credit can be change or withdrawn without notifying the beneficiary.• Confirmed versus Advised – Confirmed is preferred, as the Confirming Bank promises to pay. – Advised does not guarantee the creditworthiness of the Opening Bank.• Straight versus Negotiation – A negotiation letter of credit can be presented to any bank. – A straight letter of credit can only be paid in the country of the Paying Bank.• Sight versus Usance – At sight means the Beneficiary is paid as soon as the Paying Bank has determined that all necessary documents are in order. – Usance time can be between 30 and 180 days after the bill of landing date. • This is a form of delayed payment, and should be avoided. 57
    • 58 Letter of Credit - Receiving• Here is a partial list of questions you need to ask once you have received a letter of credit. – Is the letter of credit irrevocable? – Is the letter of credit at sight? – Do you trust the Paying Bank? – Can you convert the currency to your currency? – Are the value and quantities correct? – Are the shipping terms correct? – Can you provide the required documents? – Are the letter of credit fees as you had agreed? – Is the merchandise correctly described? – Is there sufficient time to meet the shipping date and expiration date? – Are the shipping terms correct? – Specify which documents that are required for payment.• Do not ship the goods if you are unable or unwilling to meet all the conditions stated in the letter of credit. – Request an amendment to the letter of credit. 58
    • 59 Letter of Credit – Presenting for payment• Once a letter of credit has been received, it needs to presented to the bank for payment along with other documents which may include: – Commercial invoice – Consular invoice – Insurance documents – Bill of lading – Certificate of origin – Packing list – Inspection certificates – Import permits• The bank will not pay if there are discrepancies and the documentation is not in order. 59
    • 60 Letter of Credit – Mistakes• Exporters make the following common mistakes, which cause them to lose the sale or not get paid. – Presenting documents late, after the letter of credit has expired. – Shipping their goods after the specified date. – Making a partial shipment when partial shipment is not allowed. – Not presenting the proper documents. – Not legalizing the documents. – Not obtaining completed bills of lading. – Not obtaining required insurance. – Submitting copies instead of originals. – Spelling mistakes. – Mathematical mistakes.• In addition to creating payment problems, mistakes can also cause problems for the importer when clearing customs. 60
    • 61 Document collection against payment• Documentary collection against payment is the closest international equivalent to cash on delivery. – It is not as expensive as a letter of credit. – The seller must ship before getting paid. – The buyer does not receive the goods until payment is made. • The buyer receives the goods after signing a note promising to pay. – This promisory note may be negotiable.• There is risk with this form of payment. – The buyer may not contact the collecting bank to acknowledge acceptance. – The collecting bank is under no obligation to force such an acknowledgement. 61
    • 62 Open Account• An open account is an unsecured credit extended to the buyer. – It should only be used with well-established customers with excellent credit ratings. – Payment terms should be clearly state when payment is due. • 7 days ..30 days ...• Because an open account is the preferred term from the buyers perspective it is easy to negotiate.• Disadvantages of an open account are: – No assurance of payment. – Loss of possession of goods. – Difficulty of collection. 62
    • 63 Minimun Garantee• A minimum guarantee works when the buyer pays a certain minimum. – This may only cover the cost of carriage, freight and insurance. – It should only be used with well established customers with excellent credit ratings. – A minimum guarantee works well when the price of the product fluctuates due to market demand. – The seller has the right to inspect the buyers records to verify all sales.• The advantage of a minimum guarantee is that the exporter has a firm order to sell. – The price may be very low, but at least there is a minimum guarantee. – The minimum guarantee may be assured through a letter of credit. 63
    • 64 ConsignmentConsignment means the exporter is paid whenthe importer resells the products.• It should only be used with well established customers with excellent credit ratings.• The exporter is entrusting its money to the sales abilities of the overseas reseller. 64
    • 65 International Sales Contract• Legally, there are four basic elements of a sales contract. – What is being sold. • Description of each item. – At what price. • Unit and total price. • Clearly specify the currency. – In what quantity. – Of what quality. • New, used, premium, standard, etc.• You may write up a formal contract of sale, or you may use: – A purchase order signed by the buyer. – An order acknowledgment countersigned by the buyer. – A pro forma invoice.• International trade law governing sales contracts is under the auspices of the United Nations Commission On International Trade Law. 65
    • 66 Discussion about business !• Each group present : Distribution Strategy• Coordinator will be the potential partner (Sales Representative, Distributor, Importer, Franchisee or else)• The group will discuss with the potential partner regarding the business, the strategy, the goal and why the partner should choose them• Finally they discuss the delivery terms and payment conditions 66
    • 67 ContactsMirco Cervimirco@mircocervi.itwww.mircocervi.itLinkedin: mircocerviSkype: mirco_cervi 67
    • 68 references• Business Victoria (2008) Benefits of Exporting. Available at http://export.business.vic.gov.au/. [Last Accessed on 28th February, 2011].• Oxford Dictionary (2011) Meaning of Export. Available at http://www.oxforddictionaries.com. [Last Accessed on 22nd February, 2011].• Small Business Canada (2011) 10 Steps to Successful Exporting: Export Shipping, Financing & Regulations. Available at http://sbinfocanada.about.com/. [Last Accessed on 23rd February, 2011].• Export Reference Guide (2009) Opening Doors to Export connects you to world- class export assistance. State of Victoria, US.• West Midlands Chamber of Commerce (2010) INTERNATIONALISATION SUPPORT FOR WEST MIDLANDS BUSINESS. Birmingham, Midlands.• Czinkota, M.R. and I.A. Ronkainen. (1988) International Marketing. Chicago: The Dryden Press.• Course International Strategy by Bruno WATTENBERGH on Jan 04, 2009 - www.bwatt.be• How To Succeed In International Business, http://www.pierobon.org/• Export Course from Pierobon Michael at http://www.pierobon.org/export/ch3/rq3.htm 68