By Litao, September 15, 2023 In 2020, Litao launched a digital tool for food and beverage exporters in Europe hoping to expand to China market. The tool was called ‘China Challenge’ and helps export managers assess their export capabilities prior to engaging Chinese business partners.
The tool was welcomed by export managers and received European Union Funding to include more export destinations in Asia.
The project aims to provide solutions for the following issues:
Exporting products and services to foreign markets is a complex process that requires specific knowledge and practical skills. This is one of the biggest challenges for small and medium-sized enterprises (SMEs), which have limited business management resources. The language barrier is only one of the problems that prevent the development of sales in the market of another country.
Companies seeking to supply products to distant countries face the phenomenon of psychic distance, i.e. with challenges arising from cultural, economic, structural, business management differences or constraints due to political, legal, geographical features in target markets that have a negative impact on export performance.
Watch the presentation about challenge on Litao´s Youtube account: https://youtu.be/tMytHTkBdQ4
A solution is needed that would help European export managers to better understand the peculiarities of distant markets and increase competences in a targeted manner. The platform being developed consists of export development promoting tools that reflect the cultural, structural, social, economic, and business practice characteristics of the target markets.
The platform simulates B2B sales situations that small and medium-sized businesses usually face and helps to acquire the necessary knowledge. The purpose of the platform is to ensure the acquisition of cross-cultural, social, economic, export management, B2B sales, company and product preparation (adaptation, localization) and business risk management competencies in the target markets.