Need feedback and thoughts on my discussion answer:

Question:

You are the owner of a successful United States company that manufactures and sells a well$-$known, designer line of luxury handbags and accessories. You are wanting to expand your market by exporting your products internationally. You are also interested in engaging in a contractual mode of entry that involves the least operational complexity and capital investment. Answer the following questions using what you have learned from this week$$s readings:

Explain the four steps you would take in developing an export strategy.

What contractual modes of entry exist and which would you consider the most appropriate in meeting your objectives?

Identify two important factors you would consider when determining a product strategy.

When considering an advertising strategy, what are the arguments for and against a standardized strategy versus adapting advertising? Which would you ultimately choose?

ANSWER:

Begin by conducting comprehensive market research to pinpoint potential target markets for your luxury handbags and accessories. Dive deep into factors such as consumer preferences, purchasing power, competition, and cultural nuances in each market. This thorough analysis will serve as the compass guiding you toward countries that offer the most promising opportunities for expansion.

Legal and Regulatory Compliance:

Next, ensure a firm grasp of the legal and regulatory landscape governing the exportation of your products to various countries. Navigate through considerations such as tariffs, customs duties, import restrictions, and intellectual property laws. Adhering to these regulations is paramount to avoid any legal entanglements that could impede your export endeavors.

Distribution Channel Selection:

Select the most suitable distribution channels tailored to connect with your target customers in each international market. Options may range from collaborating with local retailers, engaging distributors or agents, establishing your retail outlets, or leveraging e$-$commerce platforms. Assess the merits and demerits of each channel, taking into account factors like cost, control, and market outreach.

Logistics and Supply Chain Management:

Craft a robust logistics and supply chain strategy aimed at ensuring the seamless delivery of your products to global markets. Delve into considerations such as transportation modes, warehousing, inventory management, and order fulfillment. Forge partnerships with reliable logistics providers and suppliers to mitigate risks and optimize operational efficiency.

Contractual Modes of Entry:

Among the contractual modes of entry, licensing emerges as a prime choice considering your objectives of minimizing operational complexity and capital investment. This approach involves granting a foreign entity the rights to produce and sell your luxury handbags and accessories in their market, in exchange for royalties or licensing fees. It offers a low$-$cost avenue with minimal operational intricacies, as the licensee assumes responsibility for production and distribution.

Product Strategy Determinants:

Two pivotal factors to ponder when shaping your product strategy for international markets are localization and brand positioning. Embrace localization by tailoring your products to align with the preferences and cultural norms of each target market. This may necessitate customizations in designs, sizes, colors, and features to resonate with local tastes and preferences. Simultaneously, define a robust brand positioning strategy that sets your luxury handbags and accessories apart from competitors in each market. Highlight unique selling propositions such as quality, craftsmanship, exclusivity, and heritage to allure affluent consumers and validate premium pricing.

Advertising Strategy Considerations:

In contemplating your advertising strategy for international markets, weigh the merits of a standardized versus adapted approach. A standardized strategy can yield cost savings, operational streamlining, and consistent brand messaging across all markets. However, it may falter due to cultural disparities, language barriers, and divergent consumer preferences. Conversely, an adapted strategy tailored to local cultural, linguistic, and market$-$specific nuances can enhance relevance and effectiveness. Nonetheless, it demands extensive resources and meticulous execution to navigate multiple markets seamlessly.

Choosing a Hybrid Approach:

Ultimately, I would choose a hybrid approach that combines elements of both standardized and adapted advertising strategies. I would develop core brand messaging and creative assets that can be standardized across all markets to maintain brand consistency and leverage economies of scale. However, I would also allow for flexibility to adapt advertising content and tactics to address local market dynamics and consumer preferences where necessary. This approach strikes a balance betwe