Answer: It is not easy to succeed in an unfamiliar environment. There could be different modes to enter into a foreign market. Equity mode can be defined as a mode of entering foreign markets through joint ventures and/or wholly owned subsidiaries that indicates a relatively larger, harder-to-reverse commitment. On the other hand, non-equity modes include exports and contractual agreements, and tend to reflect relatively smaller commitments to overseas markets. M&A is a kind of strategic alliance. It is a voluntary agreement of cooperation between firms.