The first step in finding a foreign market for a product is to determine whether a market exists for a firm's products.

Question

Quizplus · Accepted Answer

This is the first and most critical step in the process of expanding into foreign markets. It is essential to conduct market research to determine whether there is a demand for the firm's products and whether they will be competitive in that market. Without this information, a firm may waste time and resources attempting to enter a market that is ultimately not receptive to their products.

The First Step in Finding a Foreign Market for a Product