Category: Thoughts

Market Entry Strategy

Steps to Perfect Your Market Entry Strategy

Businesses may look to enter new international markets for various reasons, ranging from added source of revenue, knowledge and technology sharing, and utilizing unused capacity to achieve economies of scale. Entering a new market may signal prosperity of business, but it’s not always an easy task. Companies should have a solid market entry strategy in place to succeed in foreign markets. Many questions arise when trying to enter a new market such as organizational capability, market dynamics, consumer segments, rules and regulations, and product compatibility.

Here are some ways to perfect the market entry strategy to explore new avenues:Ask an analyst

Step 1: Market Selection

The first and foremost thing to devise a winning market entry strategy is to identify which market to enter. It may seem like a simple task but most companies fail after entering the new market as they are unable to understand all the market variables working against them. A general market research can give out generic information such as market size, growth rate, and competitor analysis but demographic, economic, business, and consumer-related environment also need to be considered for developing an effective market entry strategy.

Here are some criteria to judge the lucrativeness of the market:

  • Market Factors: It includes the economic and political stability of the market, market growth rate, and openness of the market
  • Demographic Factors: Population size and growth, GDP, age and income factors, and level of urbanization
  • Market Access: Infrastructure development, availability of partners, internet penetration, and market landscape
  • Business Environment: Ease of doing business index, availability of human resources, rules, regulations, and compliance

Step 2: Companies’ Readiness for Market Entry

The most important thing to analyze is whether the company is ready to enter into a new market or not. It depends on whether the company has the necessary resources to enter into the new market. The company should also assess their readiness around three core areas as given:

  • Internal Company Assessment: Brand Value, Merchandising, Supply Chain, Operations
  • Strategic Assessment: Reward Expectation, Desired entry timeline, Risk tolerance level
  • Resource Assessment: Availability of capital, human resource, expansion experience

Step 3: Mode of Entry

The new market presents itself with a host of new challenges, and it is important to select the right market entry strategy. The company has to choose between gaining control over the market and the level of risk.

Mode of New Market Entry

Step 4: Standardization Vs Adaptation

It is important for a company to decide whether to alter the product as per the requirement of the home market. Some companies standardize the product and alter only in the form of marketing communication with the core product remaining the same. Whereas on the other hand, companies like McDonald’s change their menu to suit the need of the target region.

Every organization needs to go through these steps before entering a new market. A detailed market entry strategy can contribute to the success of the product in the new market.

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chemical industry

The Chemical Industry in the US – How Strong is its Export Scene?

According to the recent export import data, the chemical industry in the US has recorded an upward trend afteAsk an analystr a long hiatus. The positive trend in the chemical industry can be attributed to various factors such as the growth in the Asian economy, increase in usage of shale gas, easy availability of cheap feedstock, and rising number of M&As across the globe. The chemical industry in the US is largely responsible for the increase in the export volume for ethane, resulting in the growth of the overall industry. The US chemical industry is slowly recovering from the oil price fluctuations. The industry leaders have predicted a significant increase in exports for the US chemical market due to the commoditization of bulk chemicals and the surging demand for specialty chemicals. Much of the industry’s growth will be driven by the sub sectors such as agrochemicals, high-performance chemicals, and specialty chemicals along with low priced and abundant amounts of gas supplies.

Increasing Exports, Decreasing Imports – the US Chemical Industry

The US chemical industry is reducing its import volume by increasing domestic production capacity; thereby, becoming self-reliant and focusing on the production of export worthy commodities. The favorable policies for domestic production and manufacturing under the Trump administration, help the chemical industry to achieve self-sufficiency and predict healthy earnings for differentiated and specialty chemical producers. From a procurement perspective, the increase in domestic production will result in a rise in market entry opportunities. By developing the domestic production capacity, the US can drive export revenue and re-establish itself as one of the major players in the chemical market across the globe.

What’s Transforming the Global Chemical Industry? 

The chemical manufacturing companies must adopt these trends to strengthen their market position and increase their market position globally. Trends such as evolving regulatory landscape, mergers and acquisitions, digital transformation, and an increase in investments are transforming the global chemical and petroleum industry landscape. These trends have positively impacted every business process and activity right from production, compliance, and operations. The growth in demand and the sudden surge in the market competition has coerced the chemical manufacturers to adopt advanced technology, thereby streamlining process efficiencies, minimizing costs, and improving product quality.

To know more about the chemical industry in the US

Commercial Transportation Trends

Commercial Transportation Trends in 2017

With digital proliferation, companies in the transport business have been compelled to assess the market space and identify the major commercial transportation trends. Transportation companies are devising strategies to embrace innovation and advanced technology to customize product offerings according to the consumer preferences. By integrating its business processes with the emergingAsk an analyst commercial transportation trends such as automated fleet management, big data analytics and market intelligence, and advanced telematics such as predictive networks, robotic process automation, and autonomous vehicle technology, the transport companies can achieve flexibility and build capabilities to focus on the most profitable segment and cater to their target market. The benefit of identifying the commercial transportation trends and embracing innovation is that the companies can stay abreast of their competitors and expand their market share by offering an extensive product and service line.

Let’s have a look at the commercial transportation trends that are set to disrupt the transportation and logistics industry in 2017.

Top Four Commercial Transportation Trends

Emerging trends in the commercial transportation sector have coerced companies to develop modern data networks, build flexible and customer responsive models, enable transparent shipment tracking, and offer end-to-end delivery schedules. Commercial transportation companies have been diffident about adopting the emerging industry trends due to the absence of a digital infrastructure, security, and cost concerns. However, these four evolving commercial transportation trends are set to positively impact the organization’s bottom line and improve operational efficiency, which are as follows:

  • Self-Driving Vehicles – Advancements in technology has given birth to driverless vehicle software, which aims at redesigning the existing fleet with self-navigating equipment and sensors. The self-driving or autonomous vehicles embedded with advanced technology enable the vehicle to determine road conditions, collect data, and communicate with other trucks connected over the cloud
  • Real-Time DataBy leveraging big data analytics and advanced telematics, the transportation companies can track and monitor the vehicle location and condition, and leverage the sensors to estimate freight, available space, best possible route, and estimated delivery time
  • Robotic Process Automation – The transportation companies can leverage advanced robotics and process automation to drive mobility, increase operational efficiency, and identify appropriate locations for pick-up and delivery. By integrating advanced robotics within the organizational processes, transportation companies can minimize labor costs and speed up the delivery process
  • Predictive analytics – The transport companies can leverage big data analytics and data mining tools to improve their bottom-line by leveraging customer and shipment information. The insights gained through predictive analytics tools can be leveraged to identify consumer trends, market developments, utilize this grass-root level information to tailor their product offerings, and devise effective marketing strategies and promotional campaigns

 

View our latest case study on how organizations are leveraging the commercial transportation trends to gain a competitive advantage and expand their revenue streams.

Financial Services Industry

Top Three Trends in the Financial Services Industry

The financial services industry facilitates the transfer of funds across the globe – making it an important part of the world Ask an analysteconomy. The financial services industry includes companies that are involved in various activities such as banking services, insurance, investment management, and securities trading among others. These companies offer banking and financial services to everyone right from individuals, businesses, non-profit organizations, and government agencies. The financial services industry no longer entails tasks and transactions that require a human interface and paper money. The rise of digital technology has transformed the financial services industry; thereby, disrupting the market and its operations.

Financial services companies across the globe have adopted digital technology to automate financial planning and securities trading applications, leverage social media, cloud-based infrastructure, and robotics. Integrating technology with business practices drives better quality, improves customer experience, and minimizes costs. The financial services industry must build a robust IT infrastructure that is responsive, flexible, and efficient. A strong infrastructure will help the companies in the BFSI sector to channel their efforts towards fulfilling the marketplace demands, ensuring that the products and service offerings are competitive, well-designed, and drive cost saving opportunities. In order to succeed, it is de rigueur for the companies in the financial services industry to adapt itself and integrate the emerging trends within its business processes.

#1 Increased Investment in Cyber Security and Analytics

It is absolutely essential for stakeholders in the financial services industry to invest resources to enhance cyber security and leverage analytics to gain actionable insights. A majority of the financial and banking service organizations are turning to cloud-based infrastructure, which facilitates flexible and personalized interfaces, improves customer experience, drives cyber security, and protects the information from external threats and sophisticated cyber criminals.

#2 Increase in Fin-Tech Innovation

Recent fin-tech innovations have lowered the market entry barriers and resulted in the optimization of banking processes through technology. The fin-tech innovations offer platforms that leverage technologies such as blockchain and big data to offer simplicity, flexibility, and convenience to make financial transactions.

#3 Adopting Customer Centric Approaches

The financial services industry has adopted customer-centric approaches to enhance the value of their product offerings and offer a seamless experience to their external stakeholders. The companies in this sector must leverage market intelligence and customer intelligence solutions to gain an in-depth understanding of customers’ demands and expectations and utilize this information to customize the product offerings and ensure the right product reaches the right customers at the right time.

To know more about the financial services industry

Market segmentation strategies

How to Build Effective Market Segmentation Strategies?

Before entering a market, businesses must devise an effective market segmentation strategy. Organizations can leverage market segmentation strategies to streamline their marketing plans and devise targeted marketing campaigns that appeal to specific groups of consumers.Ask an analyst Market segmentation enables the marketers to slice and dice a broad target market into specific consumer groups with key similarities. Identifying viable segments helps the marketing function in not only targeting the consumers but also in positioning the product or service in a way that appeals to the potential customers. Market segmentation is key to successful marketing campaigns and helps minimize wastage of resources and time.

Importance of Market Segmentation

Segmentation helps in identifying similar customer groups or clusters, thereby devising effective strategies to meet their unique needs. What is the importance of market segmentation, you ask? In simple words, it helps the organization market the right products to the right customers. Additionally, it enables businesses to direct their efforts towards profitable segments that help the company to grow in the long run. Why do organizations need to segment their markets, you ask? Every organization caters to a wide market base, making it impossible for them to cater to customers, individually. The main objective of conducting a segmentation, targeting, and positioning (STP) process is to certify that the identified market segments can be used to reach the potential target markets.

Checklist for Effective Market Segmentation

An effective market segmentation strategy enables the company to streamline processes, reach the intended audience, and offer the accurate product or service with minimum wastage of money and time. Businesses can ensure effective market segmentation by devising strategies that offer the right product to the right customer at the right time. It is crucial for marketers to test the potential effectiveness of their marketing strategies and segments with the help of a five-point checklist, which includes

  • Identify market segments that are measurable in sales or volume terms, thereby devising market entry strategies and marketing campaigns for the particular segment
  • The market segment must be substantial in size and have a stable consumer group, that is unlikely to disappear, dissolve, or witness short term changes in the consumer traits and preferences
  • An effective market segmentation strategy ensures that the selected market segment is accessible through the various marketing campaigns and promotional activities. Marketers are aware that every market segment responds differently to different promotional campaigns, mediums, and channels depending on the consumer traits
  • Organizations must ensure that the segments are internally homogenous but externally are different from each other. Differentiable market segments avoid overlapping of resources, campaigns, and marketing tools
  • The identified market segments must be actionablee. the marketing or sales function can attract customers and serve them; thus, yielding positive and easily quantifiable outcomes.

To know more about market segmentation and its impact on your organization, Get in touch.

Employee engagement

Leverage Employee Engagement Strategies to Shape Next-Gen Pharma Leaders

The global healthcare industry has undergone major transformations over the last few decades owing to factors such as technological advancements and evolving business models. As a result, pharma companies have to devise employee engagement strategies to shape the next-gen industry leaders who can overcome the industry challenges.  The healthcare industry faces several challenges as it is increasingly exposed to a sudden surge in competition from small and medium biotech manufacturing companies, entry of generics, rise in pricing pressures, complicated regulatory standards, Ask an analystcomplex patent and trademark issues, and growing environment and sustainability concerns.

To counter such challenges, the healthcare industry must ensure that their workforce has the required skill sets, flexibility, and are responsive to the evolving landscape. The answer to shaping the next gen pharma leaders is to drive employee engagement and devise an effective talent management strategy. Employee engagement and talent management strategies enable companies to equip the workforce and transform them into next-gen pharma leaders.

Shaping the Next-Gen Leaders Through Employee Engagement

Healthcare companies must build industry specific training and development programs that train the workforce to overcome the future challenges in the healthcare service industry. These specific development programs prepare the next-gen leaders by exposing them to a wide range of markets and regions, thereby, enabling market disruption and driving innovation. The employee engagement programs challenge their thinking, change their thought process, and encourage them to work in teams and devise effective strategies. Organizations can initiate a team building process through employee engagement programs, promote organizational networking; thereby, building diverse leadership skills and capabilities.

At the time of recruitment, pharma companies must hire candidates with the skill sets to address the challenges in healthcare and biotechnology, and have an understanding of the consumer behavior and market as well. The relationship between the employees and their managers or team leads is extremely important when it comes to building employee engagement, managing employees, and improving the team’s performance. Organizations can identify the strengths and weaknesses of their employees, determine the best performers, and offer constructive feedback to employees, through an effective employee engagement and talent management strategy. In the wake of increasing competition in the healthcare industry, the pharma companies must leverage the employee engagement tools and strategies to motivate the employees to perform better, retain them within the organization, thereby driving employee value proposition.

View the latest case study from Infiniti Research to know how the insights gained from employee intelligence can drive profitability and shape next-gen leaders for your organization.

employee engagement

Employee Intelligence Helps Improve Employee Engagement

Employee engagement is all about creating a conducive environment for employees to develop their skills and capabilities. It is a workplace approach that helps create a favorable working environment for the organization’s workforce and motivates them to contribute to the success of the organization. Employee Ask an analystengagement drives the probability of the company’s success by enhancing the individuals level of productivity.  A good employee engagement approach entails a two-way communication between the organization and its employees. Thus, companies should leverage employee intelligence and gain actionable insights to improve employee engagement, thereby maximizing the return on investment and enhance the employee value proposition.

Ensuring a Happy and Motivated Workforce

Organizations can utilize the available employee intelligence solutions to devise a robust employee engagement strategy to ensure a happy and motivated workforce. The first step to ensuring employee engagement is to drive communication by keeping them well-informed about the company’s objectives and future plans, allowing the workforce to voice their opinion; thereby, improving staff performance and offering them a sense of direction. The organization can motivate their employees by celebrating achievements, milestones in the organization, offer training and development opportunities, and strengthening their relationship with the organization. In the end, the businesses must measure the impact of their employee engagement strategies and plans through polls, surveys, and interviews, and also keep an eye on the net promoter score (NPS). An NPS is a metric that measures the employee loyalty and is a key method to acquire new talent and drive the value of the employer brand. But how do you drive employee engagement, you ask? Here’s how.

  • Communicating organizational goals and objectives and keeping them informed about the future plans; thereby, motivating them to work for the organization
  • Rewarding talent and acknowledging their achievements sends them a message that they are a valued part of the organization
  • Initiating team building strategies to engage the organizational workforce
  • Keeping the workforce informed about the organizations change management practices, educating them about its benefits to increase their level of awareness
  • Treating everyone as individuals, taking their opinions into account, and building employee engagement within the organization
View our latest case study to know more about the benefits of employee intelligence and its impact on the organization’s profitability.
IoT in healthcare

Applications of IoT in the Healthcare Industry

Internet of Things (IoT) in healthcare aims at improving the health of millions of people across the globe. The concept of Internet of Things is relatively old but has recently garnered more attention, especially in the healthcare industry. What is the internet of things, you ask? It is the use of mobile or electronic devices connected to the cloud that captures and monitors data, thereby allowing them to trigger certain events. Ask an analystThere are various applications of IoT in the healthcare industry right from remote patient monitoring and health information technology (HIT), which help diagnose, track, and prevent chronic diseases. IoT in healthcare services enables personalized patient monitoring, facilitates calorie count, offers regular checkup reminders, and tracking health information. Smart IoT enabled devices eliminate the need for a direct physician-patient access and interaction by leveraging data insights.

Applications of IoT in Healthcare

IoT in healthcare has revolutionized the medical services industry through apps and devices that have redefined the way physicians and patients interact and communicate with each other. The introduction of technology in healthcare has improved patient journey, enabled remote monitoring, and real-time location services. IoT in healthcare offers tools and systems that help improve the efficiency of service providers, improve the quality of services, resulting in a significant reduction in health care costs. IoT in healthcare

  • Through remote monitoring, health care service providers can offer timely and prompt attention to patients. These IoT-enabled wearable devices fitted with sensors can be leveraged to immediately notify family members and doctors of any interruption in the individual’s routine activity

 

  • Physicians and service providers can leverage real-time location services by tracking medical devices and apparatus used to treat patients. Medical tools and surgical devices can be tagged with IoT enabled sensors to help the medical staff locate it

 

  • IoT in healthcare helps improve patient journey by streamlining processes and minimizing costs. The health care service providers provide better patient experiences with an updated infrastructure and accessing patient information stored in the cloud; thereby, providing immediate assistance, communicating through email services, and providing quality medical care to patients

 

IoT in healthcare enables the physicians, providers, promoters, and hospitals to optimize their resources to achieve operational efficiency. Although there are a few loopholes and concerns regarding security and privacy of patient information, applications IoT in healthcare has gained momentum across the globe.

To know more about IoT in healthcare industry

 

fast food industry

Trends and Challenges in the Fast Food Industry 2017

The recent craze of consuming food products that are healthy hasn’t affected the sales of the fast food industry. On the contrary, the fast food industry has found a way to satiate the health and nutritional needs of the consumers by offering healthy versions oAsk an analystf their food products. The fast food industry has gained momentum owing to factors such as increased women participation in the workforce, long working hours, and lack of time for meal preparation among several others. Thus, with the increasing preference for convenience among consumers, the popularity of order takeaways or eat in quick-service restaurants has increased. The food manufacturers in the fast food industry provide quick and affordable alternatives to home-cooked meal for young adults, working professionals, and families. The growth in the food and beverage industry can be attributed to technological advancements, streamlined and controlled manufacturing processes, growth in population, and improved cold chain technology.

Companies in the fast food industry operate on relatively small margins and face flat sales – a result of the constant price wars among the restaurateurs in the highly competitive market. Several trends such as increasing demand for home delivery services, drive-thru options, increasing consumption of technology and web-enabled applications among others are set to drive the growth in the fast food industry, globally. Apart from such trends, the fast food industry faces challenges such as lack of fresh ingredients, increase in consumer demand for healthy food, rising competition, and quick food options such as ready-to-eat meals and products, which can wreak havoc and result in narrower margins for the restaurant owners.

Fast Food Industry – Technology, Drive-Thru, and Demand for Home Delivery

The fast food industry is increasingly embracing technology, social media, and Internet based mobile applications to reach their potential customers and drive sales and create revenue opportunities. Technology in the food industry has transformed everything right from ordering food, pick-up, and meal delivery. Fast food restaurants are also adopting tech-driven and web-enabled mobile applications to entice customers with a wide range of payment options.

Fast Food Industry and Its Challenges

The fast food industry will face a slew of challenges as consumers prefer to order and consume food within the comfort of their homes. Factors such as weather conditions, traffic problems, lack of time, and longer working hours will give momentum to alternative options such as meal delivery services, convenience foods like ready to eat meals and ready to cook products. The food service industry also faces a very low customer loyalty due to increasing competition and lack of innovation in products and services. Today, consumers increasingly prefer food providers that follow a Fairtrade practice, offer environmentally sustainable and healthy options, and prefer naturally sourced food products. This makes it extremely difficult for the companies in the fast food industry to source these products at a relatively affordable price without logistical problems.

To know more about the trends and challenges in the food and beverage industry

Details of medical laboratory, scientist hands using microscope for chemistry test samples

Future of Medical Devices – Technological Advances in Healthcare

With the rapid pace of technological advancements in the healthcare industry, the future of medical devices looks promising.

The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are allAsk an analyst signs of the gradual shift from traditional methods to smart medical devices. The future of medical devices is influenced by technological trends and opportunities that promise to revolutionize the operations of the healthcare providers and the medical technology companies. The medical device market space is driven by innovation, and the development of state-of-the-art medical devices and technologies has shown an unparalleled growth and advancement in the healthcare services industry.

The Future of Medical Devices Impacted by the Changing Market Dynamics

A medical device is an apparatus that helps prevent, diagnose, detect, restore, or treat diseases. According to our specialists, the future of medical devices is affected and influenced by the ever-changing market dynamics and other factors such as innovation, growth of emerging markets, advent of new business models, evolving healthcare delivery models, health information technology (HIT), and rapidly changing regulations and compliance standards.

future of medical devices

 

Today, the medical device market is driven by innovation, which has coerced the medical device manufacturers to invest in research and development. As a result, the medical device manufacturing companies are contemplating new business models and market expansion strategies in emerging markets such as the APAC, Africa, and LATAM. With the technological advancements and revolutionary changes in the medical device market, manufacturers and healthcare service providers have started offering personalized patient care and access to complete end-to-end medical device products and services. Med-tech companies are also focusing on new medical device development and are expected to invest a significant amount of the organization’s revenue on research and development. However, the future of medical devices looks interesting but crowded as manufacturers and med-tech companies are launching several new technologies and products.

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Medical Device Manufacturers and Emerging Technologies

Medical device manufacturers are seeking to develop and enhance product prototyping, minimize operation costs, and be responsive to product developments and latest market trends. Emerging technologies in the medical device space have revolutionized the way surgical tools and medical equipment is formulated, improved, and manufactured to cater to the demands of the healthcare service industry. Why should medical device manufacturers track the development of emerging technologies, you ask? Here’s why:

  • By tracking the development of emerging technologies, med-device manufacturers can enhance existing product lines or create adjacent product categories, thereby offsetting the potential impact on existing product lines and categoriesmedical device manufacturers
  • Targeting new markets is the future of medical devices and manufacturing that allows companies to expand market and devise market entry strategies for emerging markets. A medical device manufacturer can either enter a new product category or a new region. Companies can leverage the benefits of low-cost country sourcing and manufacturing, thereby reducing operational costs and providing the highest quality products at the best possible price
  • The emerging technology market space has witnessed a surge in M&A activities over the past years. Med-tech companies are participating in mergers and acquisitions to gain market shares and acquire patented medical technology. This allows companies to gain the first mover advantage and operate in new areas.

Emerging medical device technologies are driven by the internet of things (IoT) and are equipped with wireless communication technologies such as the Bluetooth and internet connectivity to facilitate machine-to-machine communication. Interconnectivity between these tools and equipment with cloud-based platforms that capture, store, and analyze patient data and health information is the next step in the future of medical devices. These systems will enable remote patient monitoring, tracking of previous medical prescriptions and patient locations, monitoring patient progress, and providing access to caregivers.

Tracking The Potential of Emerging Technologies

To stay ahead in the market, it is essential for med-tech companies to track the potential of emerging technologies at an early stage. Traditionally, medical device companies relied on internal intelligence and syndicated research reports that provide insufficient data, invalid assumption, and offer findings that often misleads the organization. Besides these, companies scan the web and media such as magazines, trade journals, industry published reports and brochures that provide limited, outdated, and biased information. Organizations who follow the traditional way of assessing emerging technologies and their potential face the following three issues,

future of medical devices

Assessing The Future of Medical Devices, The Infiniti Way

Infiniti’s team of expert analysts understand the shortfalls of the traditional method of assessing the potential of emerging technologies and present new market models that are fine-tuned to track the latest developments and emerging technologies in the medical device market space. The Infiniti market assessment model categorizes product into three categories namely very new, moderately new, and existing products. The process entails extracting real time data, building realistic market models, and validating the models, framework, and assumption with physicians, patients and others in the med-tech industry to provide accurate and relevant actionable insights.

future of medical devices

We assist healthcare service providers and med-tech companies by providing actionable insights that help them in strategic decision making and assess the future of medical devices. These insights enable the companies to answer the following questions,

future of medical devices

 

To know more about the future of medical devices and its impact on your organization