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This is more related to Strategy than Marketing. Of course, the value proposition of the enterprise is communicated by the marketing, but when you enter a market, you need to consider the external environment and the internal as well. Both CAGE & PEST(LE) offer similar approaches to analyse the external environment. For example, a firm based out of North America will definitely have to consider the cultural aspect (distance) of its presence in Middle East Asia. If the offering is not suitable for the target geography /demography /psychography /behavioral pattern of the prospects, it must think about modifying or customizing the product/service, otherwise it is bound to fail.
Having said all this, if you don't enter, you are bound to fail too. Why? Because the fish will one day outgrow the bowl and if it doesn't jump out to find a bigger pond, it's gonna die. Let me explain - no matter how hard a firm tries, the market share and market size is going to plateau at a particular point in its time line. To avoid extinction, it must explore category or territory - both means new market. So you have to choose the best of two worse, either you face extinction or you try and survive in another.
This leads it to the question - what, when you enter a new territory?
In every category, in every territory there is somebody who is first. Try their foot steps, avoiding the wrong ones, learn from their mistake, use your past experience in other similar markets, and use the expertise of a LOCAL partner who is in look out for someone who can lend a helping hand to build his business. This only gets better.
But erase the thought as a marketing personnel, you will not try an unfamiliar terrain.
