Enteranewmarket Flashcards
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What is the first step in entering a new market
We must determine why we want to enter the new market, and what is our from object from entering this new market. Also, if it falls in our objectives and goals, does it subside into our strategy of work and operation.
What is the second thing that we must think about when entering a new market
The second thing that we must think about when entering a new market is:
What is the current state and what is the future state of this market? Meaning; how large is this market? Also is it growing and if it does grew, what is the rate of growth of this market? How does its life cycle operates? is it in its emerging state, maturing or in its declining state?
Moreover, who are the customers of this market and how can we categorize them.
Finally, what role does technology play in this market and how will the competition upon us entering this new market.
What is the third step we need to think about when entering a new market?
The third that we must take into our consideration when we want to enter this new market is that:
Who are our competitors and what share of the market does each hold?
Also,how will their products differ from our products? and how will we price our products or services?
Moreover, is there any substitution for the market that we are entering it ? and substitutions will affect?
Furthermore, when entering are there any barriers for entry such as capital requirements, special access to distribution channels, certain government policies?
On the other hand, if the market we enters starts to sours, what is our strategy to exist it? Also, are the there any barriers to exit ? and what are the risks we are going to face?
What is the fourth step that we must consider in entering a new market?
The fourth step that we must take into consideration when entering a new market is how we will enter that market?
Shall we start from scratch?
Shall we acquire an existing player in the industry (buy an existing )
Shall we enter as an alliance with other player that have similar interests
Finally
we analyze / practice.
