With the motive “prevention is always better than cure”, the consumers of today are more informed and are relying on preventive measures in a bid to avoid the rising healthcare costs. Also, with the growing aging population and rising awareness of diseases affecting the mobility, the consumers of today are more demanding and are restlessly searching for products to cure the foot-related illnesses. To meet the rising demand from the end-user segments and target niche market segments, organizations in the foot care products space have started leveraging robust market entry strategy. Market entry strategy helps renowned companies to investigate the potential of the market and reach out to a wider and more diversified customer base.
To enter overseas markets, it is essential for the organizations to understand the required resources and allocate resources accordingly in a cost-effective manner. With years of expertise in offering a plethora of services, Infiniti’s market entry strategy experts help the client identify the potential market opportunities and target the key customer segments. Furthermore, such solutions also help devise a one-size-fits all solution; thereby, reducing the staff costs, finance costs, and other operational expenses.
The Business Challenge
With the rise in industry revenue and increase in competition from overseas manufacturers, leading manufacturers have been compelled to enhance their operations across niche target segments. Like other organizations in the manufacturing space, a leading manufacturer of foot care products wanted to gain an understanding of the same general question: How to breach different markets and enhance their product offerings? The client wanted to identify and mitigate risks in potential new markets and enhance their current product line. Furthermore, the client also wanted to identify the threats and opportunities and take informed decisions for marketing, strategy, and planning.
To effectively assess the market’s performance and enhance their offerings in the market, the client approached Infiniti’s group of market entry strategy experts. Infiniti’s market entry strategy experts carried out extensive research comprising interviews and discussions with leading stakeholders in the foot care products space. Moreover, the market entry strategy experts also crafted a dashboard collating information from various proprietary sources such as paid industry databases, company presentations, industry forums, and newsletters in the foot care products space.
Market entry strategy Solution Benefits
- Understand the market landscape in terms of regulations and laws concerning the foot care products industry
- Assess the size of the market, growth rates, and trends and take informed business decisions
- Gauge information on the competitors, suppliers, and distributors in the market
- Assess the general attractiveness and competitiveness of the foot care products
- Gain actionable insights to identify the best opportunity for entry, acquisition, and partnerships
Benefits of Our Integrated Approach
After a detailed analysis of the foot care products, the client was able to gain real-time insights into the market’s dynamics and was also able to assess the major factors influencing the growth of major market players. Furthermore, the client was also able to perform SWOT, PEST, and STEER analysis and gain a deeper understanding of the industry competition and the supply chain.