There are different methods by which an organization can enter or diversify into new market. No single market entry strategy apply or work for international and domestic markets. Tough, direct distributing may be the best appropriate strategy for one market while in another we may need to set up a joint venture or may require well license for manufacturing. Moreover, there will be a number of factors that will influence your choice of strategy, including, but not limited to, tariff rates, the degree of adaptation of your product required, marketing and transportation costs. As nowadays businesses do not restricted to any geographical boundaries. Different organization may find their own technique across the world into foreign markets over key benefits related to accomplishing the economy of scale, global businesses, and bestowing threats. There are different methods by which any organization enter into a foreign market, but the main test is to select the right plan by appropriate market entry strategy.
A decision and strategy to enter foreign market includes diverse options. The opportunities vary with cost, threat and the amount of control. The entry strategy, decisions have to be made on the precise channels, counting product, price, promotion, distribution and the research elements. The key opinions for market entry strategy may include use of different market and plans for the specific regions based on the targeted group, informal sector in planning, obtaining the mandatory licenses & approvals, and information on import procedures. Our Market Entry Strategy may assist to choose most appropriate strategy for the business expansion.
Moreover, Market entry strategy involves a detailed analysis of company’s objectives and outlook to the risk. The effective strategy must be able to provide solution to various questions on how to upturn sales, product, marketing, locality and scheduling. Large number of businesses do not depend on or follow one method, but also work’s as an incremental approach, determining on a preliminary point related to increase in business’ involvement in the market gradually over time.
New Product Launch
New product or service launch provides being profitable, and need for knowing about strategy to follow for the new product launch, effective strategy for improving operations while entering into new market. There are several other possible different entry modes, from the direct selling or while forming a joint venture with a local company. Each method has its own advantage and disadvantage, and each further requires different planning strategies in order to be well prepared.
Ken Research market entry strategy reports assists by providing the first and the important for developing a preliminary understanding related to product or service market in the country. Our market study provide research related to market size, growth, competitor analysis, new product developments to assists customers for planning to enter into key geographies like Saudi Arabia, UAE, Indonesia, and Philippines. It is thus vital to recognize demographic, business environment, economic and consumer-related factors which can impact market entry strategy while entering to the foreign market.
We have defined the key steps that are most critical related to success of any organization. These include Export, licensing, SWOT-Analysis, Joint venture, Merger-Acquisition, green field investment, and awareness.
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Ankur Gupta, Head Marketing & Communications