Selected Business Aspects Of The Emerging Market Of Ukraine

The current development of the world economy depends on simultaneous integration and globalization tendencies. For successful internationalization the company must know the environment of the target market and understand the consumer behaviour and needs of local consumers to choose the right entry mode. The right business strategy for companies is to compete in an integrated way that doesn't ignore country differences or give into them. The paper hereby presents an overview about the emerging market of Ukraine in terms of selected trade indicators, with some fundamental facts about political and business background. Territorial expansion requires better understanding of intercultural differences, business distance, and practice of business negotiation, therefore it should contribute to reducing the risk of entering the host market. Using the CAGE framework, developed by Pankaj Ghemawat, we propose possibilities for evaluating the environment of Ukraine. This framework provides a basis for distinguishing countries by identifying cultural, administrative, geographic and economic differences or distances between them. It is recommended to use the CAGE framework together with the AAA triangle, which stands for adaptation, aggregation and arbitrage, and helps companies to deal with cross-border differences while serving as a strategic map for managers. The paper is completed with an overview about the ranking of Ukraine when compared with the world.