Market Entry Strategy Framework
A well-defined market entry strategy is crucial to establish oneself in a new industrial segment. A market entry strategy acts as a tool that helps you to explore and achieve your goals in the new market while acting as a roadmap for the entire organization. The lack of a good market entry strategy not only affects the growth of inexperienced start-ups but also impacts seasoned entrepreneurs and sophisticated businesses. Contact us to learn how we can help you address this issue.
There are several ways through which a company can enter a foreign market, but there is no universal market entry strategy that works for all organizations. Direct exporting may seem to be the most appropriate market entry strategy for entering one market while in another you may have to collaborate through joint ventures. Though a multitude of factors affects your market entry strategy framework, there are a few basic steps you can follow to create a successful market entry strategy:
Research your target market
Set clear goals
Study the global competition
Choose your mode of market entry
Devise the strategy
The client- a well-known mobile network operator in the USA.
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The global rise in competitive pressure was a major challenge that prevented the mobile network operator from carving a niche for their business in the global landscape. Due to this, the mobile network operator was on the lookout for adjacent revenue opportunities to offset the decline in its global business value.
The client’s core management team had identified the global enterprise and multinational corporation (MNC) segment as a highly profitable and attractive option but needed assistance to develop the market entry strategy and a detailed implementation plan. To do so and enter the new market the mobile network operator was looking to collaborate with a research firm that could help them analyze the competitive market forces with the help of a market entry strategy framework.
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A strategy forms the basis for analyzing the competitive forces prior to venturing a new market segment. We adopted a systematic approach, the initial phase of which revolved around the study of the new market which the mobile network operator wished to enter. This assessment initially focused on international leased lines and VPN connectivity for which we developed and prioritized a set of product initiatives underpinned by new market opportunities. It was then followed up by a detailed analysis of a range of parameters by implementing extensive research methodologies.
The devised strategy for entering a new market assisted the mobile network operator to gain in-depth insights into a range of factors affecting market stability. Also, with the help of the framework, we developed an actionable implementation plan for the new market which included key partnership strategies, pricing strategies, and other organizational initiatives.
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