Presentations of rapidly internationalizing firms - Coggle Diagram
Presentations of rapidly internationalizing firms
Strong connections in central-Europe such as Zalando
Failed to enter US and Australian markets: The main segment is snowboarding customers who like the style. Key would be to locate right segments and then enter those markets
Internationalization is vital
Problems with quality and deliveries while relocating production to low-cost country
Internationalization through networks. Collaborating with big known such as Muumi and Urban outfitters
In my opinion MAKIA should rethink their target customers and segments, and then do the decisions of which foreign markets to enter and start networking consistently. Right now they have tried to internationalize inconsistently in different markets, which leads to failures in big markets
MAKIA is not that well-known brand, they should get more attention before they can success globally
Because the service is online, internationalization was easy. This is because online-based systems are easy to distribute globally.
Network started from the founders personal connections. Later on when the company got bigger, networks focused on huge companies such as Microsoft and Salesforce.
Pandemic helped the company to internationalize rapidly because of the sudden need for comminucaton technology. Right now the company has over 300 million users
Networks were not that vital for internationalization because of the online-based system.
Zoom has begun to create an ecosystem around itself. It doesn't as much depend on the others than maybe others depend on it.
Factors that helped the growth:
Free to use-option
Users in the public sectors
Revelance or the right people:
Founders who have worked in technology industry and been associated with for example Slush
Investors who were ready to invest based on the knowledge of the founders
Clear goals for expanding internationally:
Delivery time 35 minutes
Good compensation for failed delivery or product
Local customer service
These goals are fulfilled only with local teams
Quick expancion through networks:
Using existing networks such as courier networks
Using big marketing campaigns to get attention while going to new location
Partnersihps with local restaurants are vital
Big networks globally because customers, clients and couriers are in different countries
Customized marketing is key, goal is to have big volumes as fast as possible
Has public and also private investors. Investors play a significant role because of the fast growth of the company
It's important to have the right people working in the company. Competent people attract investors even if the company is a risky investment. Also personal connections help.
It's important to first draw attention and grow the awareness of the company before internationalization
Good networks help
Sometimes internationalization needs luck like in case Zoom: The pandemic helped the rapid internationalization
Internationalization doesn't always go as planned. Makia for example failed in two big markets.
Online-based services are more easy to internationalize rapidly than physical products or services.