Joint venture is a way in which firms such as Wal-Mart enters foreign markets (Chen, 2021). This is because there are already existing organizations in foreign markets with which joint venture is done by Wal-Mart to initiate business-expansion and sustain business in future. Direct entry can also be an option for firms such as Wal-Mart to enter foreign markets because of the stable financial conditions of such firms as well as consistent profits earned by them (Chen, 2021). These firms also have the capacity to take risks by investing in foreign markets (Chen, 2021). There can be retail outlets in foreign markets which might not run well or might want to be given for acquisition by other firms. These retail outlets can be purchased