Entry modes refer to the various strategies that companies use to enter new markets. These methods can include exporting, licensing, franchising, joint ventures, and wholly-owned subsidiaries. Each mode has its own advantages and disadvantages, depending on factors like market conditions, investment levels, and risk tolerance. Choosing the right entry mode is crucial for a company's success in a foreign market. For instance, franchising allows for rapid expansion with lower risk, while joint ventures can provide local market knowledge. Understanding these options helps businesses align their strategies with their overall goals and resources.