List the five modes of international entry and give a brief explanation of each.

1. Exporting - This method of international entry involves selling a company's goods or services to customers overseas. 2. Licensing - In licensing, a company gives another company the right to manufacture and/or distribute its products or services in a foreign country. The licensor retains ownership of the product and its trademark, while the licensee is responsible for production, marketing, and distribution in the foreign market. 3. Franchising - This method of international entry involves giving a foreign organization the right to use the parent company's brand name and business model. The franchisor will provide support services, such as marketing, operational, and financial planning. 4. Contract Manufacturing - This method of international entry involves having a foreign company manufacture goods according to a contract between the two parties. The manufacturer is responsible for the production, while the contract manufacturer assumes the risk for selling the goods. 5. Direct Investment - This method of international entry involves establishing a subsidiary, joint venture, or other business presence in a foreign country. Direct investment involves considerable risk, but also offers additional control and protection of intellectual property in foreign markets.