First printed in the USA by Dearborn Financial Publishing - (ISBN )

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2 ii This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought by James F. Foley First printed in the USA by Dearborn Financial Publishing - (ISBN ) All rights reserved. The text of this publication, or any part thereof, may not be reproduced in any manner whatsoever without written permission from the publisher. Printed in the United States of America Library of Congress Cataloging-in-Publication Data Foley, James F. The global entrepreneur : taking your business international / James F. Foley. p. cm. Includes index. 13-digit ISBN (pbk.) Previously ISBN digit ISBN Export marketing-united States.2.International business enterprises-united States-Management. 3. International trade. I. Title. HF F dc CIP

3 iv CONTENTS Detailed Contents v List of Figures xiv Foreword xvi Acknowledgments xviii SECTION ONE: BEFORE YOU GO GLOBAL 1 1. Why Go Global? 3 2. When Is a Company Ready to Go Global? Harmonized Codes - Classifying Your Export Products Which Foreign Markets Will Be Successful for Your Company? Selecting Foreign Markets Sources of International Marketing Data 63 SECTION TWO: GETTING GLOBAL Foreign Market Entry Mode Selection Finding Your Partners for Indirect Exporting Finding Your Partners for Direct Exporting International Business across Cultures International Product and Pricing Legal Considerations Tax and Accounting Issues 190 SECTION THREE: THE MECHANICS OF GOING GLOBAL Logistics Documentation and Export Compliance Financial Risk, Payment Methods, and Trade Finance 240 SECTION FOUR: SUSTAINING GLOBAL SUCCESS Setting a Pace for Your Export Growth - Assessing Your Export Progress and Success Managing International Channels of Distribution International Advertising, Public Relations, and Trade Missions/Shows Key to Success: A Customer Orientation Sustaining Success through Clear Communication and Managing Change The Internet and International Trade 342 Appendix A: Sample International Distribution Agreement 351 Appendix B: The Nine Basic Export Documents - Sample Forms and Instructions 362 Appendix C: The NAFTA Certificate of Origin 382 Index 392

4 v Detailed Contents List of Figures xiv Foreword xvi Acknowledgments xviii SECTION ONE BEFORE YOU GO GLOBAL 1 1. WHY GO GLOBAL? 3 What Is an Exportable Produce or Service? 4 Why Companies Go Global 4 Sales to Other Markets 4 More Consumers 4 Diversification and Reduced Risk 5 Avoid Changing Domestic Conditions 5 Supplying a Growing Global Consumer Base 6 Beyond the Traditional Motivations 6 Global Brand Awareness 6 Worldwide Distribution 7 Economies of Scale 7 Cross-Country Learning 8 Global Money Flows 8 What about Small Companies? 8 Using This Text 9 2. WHEN IS A COMPANY READY TO GO GLOBAL? 11 Management Commitment 11 What Does Management Commitment Establish? 12 Product Experience-Understand Your Competitive Advantage 14 Cash Flow 17 Capacity and Capability to Produce International Products 17 Capacity and Capability for Manufacturers 17 Capacity and Capability for Service Companies 18 What Does Not Have to Be in Place before Going Global 18 International Expertise 18 Language 20 Will You Need to Visit Foreign Markets? HARMONIZED CODES-CLASSIFYING YOUR EXPORT PRODUCTS 22 Why Harmonized Codes Are Needed 23 How the Harmonized System Works 23 Sections and Chapters 23 Headings 25 Subheading 26

5 vi The Commodity Code 28 Locating the Correct Harmonized Code: U.S Exports and Imports 30 Websites for the Schedule B or HTSUS 30 First Step-Check the Index 30 Schedule B versus HTSUS Subheadings 31 Read the Section Notes and Chapter Notes 31 Explanatory Notes 31 Resolving Difficult Classifications 32 Seek Assistance in Classifying Your Goods 33 Binding Rulings and the Customs Online Search System (CROSS) 34 Harmonized Code versus SIC and NAICS WHICH FOREIGN MARKETS WILL BE SUCCESSFUL FOR YOUR COMPANY? 36 Developing Indicators Based on Previous Experience 37 Past Leads 37 Past Sales 37 Competitor Behavior 38 Domestic Trade Shows 38 Discussions with Industry Experts 38 Input from Customers 39 Proactive versus Reactive Market Selection 39 Pitfalls of a Reactive Market Selection Strategy 40 Global Assessment-A Proactive Market Selection Strategy 42 Global Indicators 42 Trade Barriers 45 Tariff Barriers 45 Nontariff Barriers 46 Finding Country Data on Trade Barriers SELECTING FOREIGN MARKETS 51 Why Rank Markets? 52 Tool for Selecting Foreign Markets: An Illustration 52 Step One: Developing Indicators 53 Step Two: Converting the Data into Comparable Indicators 56 Step Three: Weighing Each Indicator 57 Step Four: Analyzing the Results 58 How to Use Your Market Selection Model 58 Using Two Models as a Screening Tool 60 Country versus Market Analysis SOURCES OF INTERNATIONAL MARKETING DATA 63 Primary versus Secondary Data 64 Obstacles to Collecting International Secondary Data 64 Obstacles to Collecting International Primary Data 64 Resolving Primary versus Secondary International Data Challenges 65 Dealing with Data Problems 66 Sources for Country and Market Data

6 vii CIA World Factbook 68 World Bank Development Indicators 71 OECD StatExtracts 72 Trade Association Organizations 72 globaledge from Michigan State University 73 Private Resources 72 Where to Go for Industry Data Trade Associations 75 Publications, Industry Journals, and Periodicals 76 Networking 76 Determining Your Competitive Position in Foreign Markets 76 Key Sources of International Competitive Information 77 Trade Statistics 77 U.S. Trade Online 79 UN Commodity Trade Statistics Database 82 Datamyne and PIERS 83 Company Information 84 Company Websites and Literature 84 Company International Advertising 86 Global Directories 87 Industry Associations 88 Public Sources 88 Industry Press 87 Newspapers 87 Interviews and Direct Contact 88 Industry Contacts-Press and Advertising 88 Government Contacts 88 Foreign Customers and Distributors 89 Employees from Competitors 89 SECTION TWO GETTING GLOBAL FOREIGN MARKET ENTRY MODE SELECTION 92 Foreign Market Entry Indirect, Direct, or FDI 93 The Progression of Foreign Market Entry Modes 93 Indirect Market Entry 97 Types of Indirect Exporting 96 Benefits of Indirect Exporting 99 Disadvantages of Indirect Exporting 100 Direct Market Entry 102 Benefits of Direct Exporting 102 Disadvantages of Direct Exporting 103 Choosing between Direct and Indirect Methods 104 Is It All or Nothing? 106 Foreign Direct Investment (FDI) 107 Why Companies Go Beyond Exporting 107 Barriers to Exporting Success 107

7 viii Need for Increased Control and Feedback 108 Access to Foreign Resources 111 FDI: A Strategic Framework 111 FDI Options 113 Foreign Sales and Marketing Offices 113 Overseas Distribution 116 Overseas Manufacturing FINDING YOUR PARTNERS FOR INDIRECT EXPORTING 119 EMCs versus Piggyback Partners 119 Finding an EMC 123 Finding a Piggyback Partner 124 What to Expect When Negotiating Contracts with Indirect Partners FINDING YOUR PARTNERS FOR DIRECT EXPORTING 130 Sales Agent or Distributor? 130 Sales Agents 132 Distributors 134 Pricing Considerations 135 Agent or Distributor-Which Type? 135 To Travel or Not to Travel?... That s the Question 135 Finding International Customers without Travel 136 Research Requirements 136 Top Ten Methods for Finding Overseas Agents or Distributors 131 Selecting Agents or Distributors without Travel 143 Selecting Agents or Distributors with Travel 144 When to Go 144 Arranging Meetings 145 Do Not Overbook Your Schedule 145 The Gold Key Service for U.S. Exporters 145 Don t Just Visit Buyers 146 Selecting the Right Representative Is Like Hiring a New Employee 146 Issues to Discuss during Meetings 147 Determine the Motivation of the Foreign Agent or Distributor 147 Don t Predict the Outcome INTERNATIONAL BUSINESS ACROSS CULTURES 152 Experiencing Cultural Differences 153 Understanding Cultural Differences - Hofstede Cultural Dimensions 154 The Implications of Hofstede s Research 155 Understanding Cultural Differences: High Context, Low Context 156 Putting Cultural Differences into Practice 156 Back to the Dilemma and the Role of Corporate Culture INTERNATIONAL PRODUCT AND PRICING STRATEGIES 160 Product Standardization versus Adaptation 160 Pressures to Adapt Your Product or Service 161 Pressures to Standardize Your Product or Service 162 To Adapt or Standardize? 163

8 ix International Pricing Strategies 164 International Pricing versus Domestic Pricing 164 Competitive Pricing Calculations 167 A Case Example: Exporting to Brazil 167 Analysis of the Price Difference with the Brazilian Competitor 173 Analysis of the Price Difference with the Argentine Competitor 173 Dealing with International Pricing Concerns 174 Long-Term Price Problems 174 Short-Term Price Problems 175 Developing a Pricing Structure 176 Variable Costing versus Full Absorption Costing 176 Market Conditions and Competitive Position 177 Consistent Pricing between International Markets? 177 Who Pays What? LEGAL CONSIDERATIONS 179 Legal Systems 179 Domestic Legal Considerations for Companies 180 Foreign Corrupt Practices Act 180 Embargoes and Export Controls 181 Antitrust Laws 182 Product Liability 182 Foreign Legal Considerations 184 Intellectual Property Rights 184 International Contracts 186 Contract/agreements Guidelines TAX AND ACCOUNTING ISSUES 190 Transfer Pricing 190 Duty Drawback 191 What Is Eligible for Drawback? 191 How to Obtain Duty Drawback 192 Drawback Rates and Dates 192 Foreign Trade Zones and Bonded Warehouses 193 Value Added Tax (VAT) 193 Implication of VAT for Exporters 194 U.S. Tax Incentives for Exporters 195 Interest Charge Domestic International Sales Corporations 195 SECTION THREE THE MECHANICS OF GOING GLOBAL LOGISTICS 198 Containerized Cargo and Intermodalism 199 Container Dimensions 199 Door-to-Door versus Port-to-Port (LCL) Container Service 201 Air Cargo Containerization 201 Noncontainerized Cargo 202

9 x Understanding Incoterms-The Terms of Sale 202 Putting Incoterms to Use 203 Some Concerns When Using Incoterms 208 The Role of Freight Forwarders 209 Your Reliance on Freight Forwarders 209 Choosing a Freight Forwarder 210 Obtaining an International Freight Quote 212 International Logistics Solutions 3PLS 212 C-TPAT and CSI DOCUMENTATION AND EXPORT COMPLIANCE 214 Standard Documents for International Trade 215 How to Prepare Documents 217 Basic International Trade Documents 218 Quotations 218 Pro Forma Invoice 220 Elements of a Pro Forma Invoice 220 Commercial Invoice 221 Packing List 223 The Electronic Export Information (EEI) Filing (U.S. Only) 223 Certificate of Origin 224 The NAFTA Certificate of Origin 226 Insurance Certificate 230 Bills of Lading 230 Drafts 231 Miscellaneous Export Documents 233 Export Controls for U.S. Companies 232 What is Controlled by U.S. Export Controls? 233 The Four Key Agencies for Export Controls 233 1) Bureau of Industry and Security 234 Complying with BIS Regulations 235 2) U.S. Department of the Treasury 236 3) U.S. Department of State 248 4) U.S. Customs and Border Protections FINANCIAL RISK, PAYMENT METHODS, AND TRADE FINANCE 240 International Financial Risk 241 Incomplete International Data 241 Greater Likelihood of Procedural Errors 242 Events outside the Company s Control 242 Company Financials Contain Risk 244 International Transactions: Three Risks 244 Commercial Risk 245 Political Risk 245 Foreign Exchange Risk (FX Risk) 246 Minimizing International Financial Risk 247 Minimizing Commercial Risk 248 Minimizing Political Risk 250 Minimizing Foreign Exchange Risk 251

10 xi Financial Solutions for Managing Foreign Exchange Risk 254 FX Hedging Solutions / Techniques 254 Netting 254 Forward Contract 255 Futures Contract 256 Currency Options 256 Comparison of FX Tools 257 International Payment Methods 257 Cash in Advance 258 Letters of Credit (Irrevocable) 259 Collections (At Sight, or Against Acceptance) 263 Open Account 264 Obtaining Long-Term Financing 265 SECTION FOUR SUSTAINING GLOBAL SUCCESS SETTING A PACE FOR YOUR EXPORT GROWTH-ASSESSING YOUR EXPORT PROGRESS AND SUCCESS 269 A Model for Assessing Your Initial Global Success 270 Internal Considerations 271 Foreign Market Considerations 275 Product Considerations 279 Three Cross-Themes: Resources, Time Frame, Market Selection Model 282 Resources 283 Time Frame 283 Market Selection Model 284 Adding New Markets MANAGING INTERNATIONAL CHANNELS OF DISTRIBUTION 286 Expectations of Your Customers 286 Appreciating the Unique Role of Foreign Representatives 287 A Product that Works and a Service that Meets Needs 287 Good Communication and Service 288 Lack of Discrimination 288 Great Prices 289 Motivating Your Channels of Distribution 289 Playing the Exclusivity Game 289 When to Move to Nonexclusive Contracts 289 Other Methods to Manage the Distribution Channel 291 Meeting with Your Foreign Buyers 292 Considerations When Terminating an Agent or Distributor 293 Direct Marketing versus Direct Selling INTERNATIONAL ADVERTISING, PUBLIC RELATIONS, AND TRADE MISSIONS/SHOWS 297 International Advertising 298 Modifications to Domestic Advertising 2299

11 xii Modifications to Marketing Materials 299 Direct International Advertising 300 Placing International Advertising 301 International Ad Copy 302 Cooperative Advertising 303 International Public Relations 305 PR Activities for the Small to Midsize Company 305 One Voice, One Image... One Brand 308 Establish Global Brand Guidelines 308 Help Foreign Representatives Achieve Advertising and PR Goals 309 Social Media 309 Trade Missions and Trade Shows 310 Trade Shows versus Trade Missions 310 Basics of a Trade Mission 311 Why Participate in a Trade Mission? 311 When to Participate in a Trade Mission 312 Considerations When Selecting a Trade Mission 313 Foreign Trade Shows 314 Tips for Success in Foreign Trade Shows 316 Machine Translation KEY TO SUCCESS: A CUSTOMER ORIENTATION 323 Benefits of Effective Customer Service 324 Creating Effective International Customer Service-The Role of the Company 325 The Initial Baseline: Domestic Customer Service 325 Meeting the Needs of Your International Buyers 325 Specific Issues in International Customer Service Programs 326 The Role of the Foreign Buyers 331 Repairs and Product-Related Problems 331 Using Foreign Representatives to Consolidate Shipments 331 Customer Training and Support SUSTAINING SUCCESS THROUGH CLEAR COMMUNICATION AND MANAGING CHANGE 333 Clear Communication to Your International Sales and Distribution Network 333 Establishing a Feedback Mechanism 334 Benefits of an International Feedback Mechanism 335 Feedback Mechanisms 336 Responding to Feedback 337 Managing Change to Sustain Success 338 Cash Flow Constraints 338 Domestic Resources Become Maxed Out 339 International Becomes the Golden Department 339 International Success Creates Complacency 340 Drawing Attention from Competitors 341 Company Becomes Too Dependent on One Market or Region 341

12 xiii 22. THE INTERNET AND INTERNATIONAL TRADE 342 The Internet-The Dream International Trade Tool 343 Specific Advantages of the Internet 343 Using the Internet to Expand International Trade 345 Special Considerations when Using the Internet 346 Technical Considerations 347 The Potential Downsides of the Internet 349 APPENDIX A: SAMPLE INTERNATIONAL DISTRIBUTION AGREEMENT 351 APPENDIX B: THE NINE BASIC EXPORT DOCUMENTS-SAMPLE FORMS AND INSTRUCTIONS 362 APPENDIX C: THE NAFTA CERTIFICATE OF ORIGIN 382 INDEX 392

13 xiv LIST OF FIGURES 1.1 Issues of International Trade Management Issues and Corresponding International Business Plan Implications Six Questions to Answer before Developing an Intl Strategy Breakdown of Harmonized Codes Breakdown of Harmonized Codes by Chapters The Six General Rules of Interpretation for Classifying Products under the Harmonized Code System Questions to Help Identify Global Indicators for Foreign Market Success Indicators Suitable for Global Assessment Reasons for Ranking Foreign Markets Using an Analytical Model Tips for Selecting Indicators for Market Screening MasterFitness Initial Research Data MasterFitness Market Selection Model MasterFitness Final Market Ranking Table of Contents of a Typical Country Commercial Guide (CCG) Questions You Can Answer with the Country Commercial Guides Screen Shot of World Bank s World Databank Sample Market Research Reports on Comparison of Sources of International Competitive Information U.S. Export of Harmonized Code: Grand Pianos UN Comtrade Database: Quick Guide UN Comtrade: Total Imports by Country of Grand Pianos Data Tracked in the Datamyne Maritime Bills of Lading Foreign Market Entry Modes and Risk Advantages and Disadvantages of Select Market Entry Modes Clarification of the Types of Export Management Companies Risks and Rewards of Indirect and Direct Exportation Risks and Rewards of Foreign Direct Investment Range of Foreign Direct Investment Options Comparison of Export Management Companies and Piggyback Partners Comparison of Net Profit from Domestic versus Indirect Export Sales Comparison of Agents and Distributors Helpful Indicators for Distributor/Agent Selection Online Databases to Find Potential Export Partners Sample Listing of Websites Offering Company Information Factors to Consider When Choosing Foreign Agents/Distributors 149

14 10.1 Hofstede s Value Dimensions Incoterms 2010 Grouped by Which Cost Items Are Included Incoterms Comparison Services Provided by Freight Forwarders Standard Documents for International Trade The Nine Essential International Trade Documents Summary of NAFTA Preference Criteria Four Key U.S. Agencies for Export Controls Summary of International Financial Risk Types, Sources to Assess Each Risk, and Techniques to Lower Risk Sources of Data to Assess Commercial Risk A Selection of Companies Offering Export Credit Insurance Clifford Vadnais International Lifecycle Model-Three Phases of Foreign Exchange Management Comparison of Various Hedging Tools in Regard to Cost, Suitability of Transactions Size, and Fit for Companies Typical Flow of a Letter of Credit Transaction Standard Instructions to Foreign Buyers for Opening L/Cs Factors for Assessing Global Progress and Success Issues to Consider during Foreign Buyer SWOT Analysis Sample International Business Card Foreign Buyer Expectations and Their Impact on International Customer Support Functions 327 A.1 International Distribution Agreement 351 B.1 Sample Quotation Checklist 365 B.2 Pro Forma Invoice 367 B.3 Sample Pro Forma Invoice 366 B.4 Moocow Feeder Company Invoice, Page One 370 B.5 Moocow Feeder Company Invoice, Page Two 371 B.6 Sample Packing List 373 B.7 Sample Ocean Bill of Lading 375 B.8 Sample Certificate of Origin 377 B.9 Sample Insurance Certificate 379 B.10 Sample Bank Draft 381 C.1 Example of NAFTA Transformation 383 C.2 Calculation of Regional Value Content for a Cherry Kitchen Table 396 C.3 NAFTA Certificate of Origin 388 xv

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