Market Entry
Research Study
The choice to enter another market is incredibly exciting and risky at the same time. It is also a decision, when dealt with effectively, could bring about noteworthy long-term gains for your company. Market Search India’s specialists can assist you with building up a custom market entry strategy through information driven objective market research.
Market Search India analyzes how an effective market entry in a targeted industry or country can take place through a detailed analysis of the market’s players, products and customers, in addition to suppliers and cost structures. Developing a market-entry analysis involves thorough research of potential competitors and possible customers, barriers to entry, such as cost, legal considerations, industry regulations and existing competition. If there are no significant barriers to market entry, your business should proceed in designing and implementing its market entry strategy.
Key elements of a market entry research study
Market entry research study is crucial for businesses considering entering a new market. The following are the Key elements of a market entry research study:
1. Market size and growth potential: Assessing the size and growth potential of the target market is crucial to determine whether the market is large enough to support the new venture.
2. Market segmentation: Identifying the different customer segments in the market and understanding their needs, preferences, and behaviour can help businesses develop targeted marketing strategies and product offerings.
3. Competitive landscape: Analyzing the competition in the target market, including their strengths and weaknesses, can help businesses develop a competitive advantage and differentiate themselves from their competitors.
4. Regulatory requirements: Understanding the regulatory environment in the target market, including laws, regulations, and licensing requirements, is crucial to ensure compliance and avoid potential legal issues.
5. Cultural differences: Understanding the cultural differences in the target market, such as language, customs, and social norms, is essential to develop effective marketing and communication strategies that resonate with the local population.
6. Entry strategy: Based on the research findings, businesses can determine the most appropriate entry strategy, such as direct investment, joint venture, licensing, or exporting.
Market entry research studies offer insightful analysis and suggestions that can support company decision-making and the creation of practical winning strategies.
Businesses can discover potential obstacles and possibilities by performing thorough market research, and they can then create strategies that increase their chances of success in the target market.
Market entry analysis involves:
o Fundamental analysis of the market
o Defining the market attractiveness
o Market segmentation
o Customer segmentation
o Competitor analysis
o Product market mapping
It helps clients:
o Discover market opportunities and threats.
o Understand the market competition.
o Study the channel structure.
o Settle down potential consumption groups.
The market entry studies comprise the following elements:
Markets
o Current and future market (size, regional distribution and development trends)
Competition Assessment
o Market competition trends (price competition, brand competition, channel competition and others).
o Competition trends by region.
o Measures advantages and disadvantages of competitors in strategic layout, marketing management and channel structure.
o Opportunities and threats in the competition.
Product and Customer Profiles and Opportunity Gaps
o Product types.
o Products features.
o Market shares and future development trends by product type.
o Replacement trends regarding advantages and disadvantages of the products.
Customers
o What are the types of customers in the marketplace?
o What are their attitudes and perceptions (why do they need or reject products/services)?
o What products and services do they like most?
o What is their feedback and perception of the existing products and services?
o What are their usage features?
o What are their purchasing features?
o What are the unmet needs?