Brazil, Russia, India and China, the BRIC countries, which the Chinese also calls jinzhuan siguo – four golden brick nations (金砖四国) –, are challenging the received notion of globalization (The trillion dollar club, 2010). BRIC countries are moving fast and growing fast too. And, yes, there are great opportunities in these fastest and large growing markets. BRIC countries occupy a key position on the global economy; therefore companies that are not in some way present in BRIC markets are not considered as globalized firms. Before entering into BRIC countries, companies have to consider some very important issues, in order to avoid a future failure that may be quite costly. Some questions have to be answered before moving to BRICs…
Some Questions before Entering into BRIC Countries….
|- – Do you have enough money to make your venture into BRICs a success?
- – Do you know which of the BRIC countries you will enter first? Why?
- – Do you know how the competition in the target BRIC market is?
- – How will your product or service add value for the customer in the target BRIC market?
- – How will you distribute and promote the product or service in the new market?
- – Do you have personnel to handle and support a venture into BRIC? If not, how long will take to train the existing or new personnel?
- – Last but not least, do you understand the legal aspects of the target BRIC market?
Good Luck on BRIC Countries!