Over the years, the business environment has been experiencing major shifts and developments. The increased technological advancements and innovations have turned the world into a global village making it easy to do business and carry out business transactions. The tourism sector has not been left behind in these developments which have helped to open up new international destinations (Bergen & Peteraf, 2012). Madrid City in Spain has in particular become a popular destination by businesses and tourists alike.
The importance of business organizations to develop new international markets cannot be emphasized as it offers a range of business opportunity for organizations seeking to sell or source their products and services globally. Venturing into an international market helps a business to increase sales and thus profitability (Cadogan, 2012). As such, when a company explores and ventures into the international market it, it widens the customer base which if good analysis is done before entry, good returns in form of profits are guaranteed.