Problem:
- Launch new (or old) products in new markets.
- Enter new markets by geography.
- Enter new markets by product category.
- Entering new markets according to customer segments
Solution:
- Set clear goals – what you want to achieve from a new market; specific numbers such as sales, number of customers, number of stores, …
- Market analysis – learn about market relevance and potential, trends and best approaches to customers.
- Choose how to enter the market – export, sell online, licensing, franchising, strategic alliances, joint ventures, mergers, …
- Decide the scale l your market penetration is – depending on financial, human and managerial capabilities of the business.
- Time to enter the market – you want to be the first to go ahead and find your way to gain market share or carefully follow along to learn from experience.
Strategy:
