Entering New Markets-Study One-Topic One

Sunday, 24 August 2014

Entering New Markets

The consultant in the video above presents some ideas about what businesses need to understand when they are considering entering a new market. In your blog, reflect on his ideas. Also, do you think a business's location has an effect on where it should attempt to enter a new market?

New markets need new talent and new products which need to be planned out in a very strategic cost competitive way. Companies need to collaborate ideas to understand where the company is at and where it is heading in terms of market and how it’s going to achieve the desired results. How they are going to source the new products or services and what the company is going to bring to the new market. He states that high performing companies are very focused and looking to expand. They plan market entry based on past experiences. It’s a case of understanding what’s going on in the market so you can capture more value and hit the ground running so to speak. Understand where your competitors are going as well and ultimately do your research.

Yes the location of your business is very important when it comes to new markets. Depending on if you are providing a product or service you need to know who your existing competitors are and where they are located. Is it going to be cost effective to target a new area, what costs are involved and is there a consumer demand for your products or services.