How do joint ventures compare to other modes of entry in global markets? (franchising, licensing - or even just export/import).

How do joint ventures compare to other modes of entry in global markets? (franchising, licensing - or even just export/import). What are some of the advantages? What are some of the risks? (cultural differences, differences in laws and legislation, etc.)
look at Danone's saga in China: Danone in China  - or, closer to home, see Target's brief adventure in Canada.)

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