A small Canadian firm that has

A small Canadian firm that has developed some valuable new medical products using its unique biotechnology know-how is trying to decide how best to serve the European Community market. Its choices are:

a. Manufacture the product at home and let foreign sales agents handle marketing.

b. Manufacture the products at home and set up a wholly owned subsidiary in Europe to handle marketing.

c. Enter into a joint venture with a large European pharmaceutical firm. The product would be manufactured in Europe by the 50/50 joint venture and marketed by the European firm.

The cost of investment in manufacturing facilities will be a major one for the Canadian firm, but it is not outside its reach. If these are the firm’s only options, which one would you advise it to choose? Why?

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