![]() In the second stage ( product specialization The transfer by firms of the full production process of a particular product to a single, low-cost location and the export of the goods to various consumer markets.), companies transfer the full production process of a particular product to a single, low-cost location and export the goods to various consumer markets. ![]() To gain access to local customers, however, they often need to establish a production presence, either because of the nature of their businesses (as in service industries like food retail or banking) or because of local countries’ regulatory restrictions (as in the auto industry). In the first stage (market entry), companies tend to enter new countries using business models that are very similar to the ones they deploy in their home markets.
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