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It is undoubtedly important that one needs adequate information to make well informed decisions on new market entry. In essence following are information required to guide tangible decisions to be successful in new markets: Macro environment- Information on the political, economic, socio-cultural, technological, legal and environmental situations of the new market should be assessed to help identify prevailing opportunities and threats.
political- Country stability, economy type
Economic- Market size, market growth, inflation rate, taxation rate, GDP, employment rate etc
Social- Population size, segments, culture, taste and preference, level of education etc
Technological- Pace of technological development, Technology life cycle stage, product life cycle stage, diffusion rate etc
Legal- Laws on employment, discrimination, harassment, healh and safety, diversity etc
Environment- CSR, Corporate governance and green marketing requirements
Meso- Information on the nature and behaviour of the industry of the new market is also important in determining the intensity of competition and barriers to entry as a prelude to establishing the potential profitability of the market.
Customers- Bargaining power of customers
Competition- Size and strength of competors
Suppliers and distributors- Size and reliability
Micro- Information on the strengthand weakness of the organisation becomes a requisite to help determine an organisation ability in meeting the needs of the new market profitably.
In essence the above information with help the organisation to establish the need to enter the new market or not and it decides to enter, what are the threshold resources and competencies required and could further review itself to determine the presence of these as a sign of success in the event of entrance.
SURROUNDING DEMAND AND COMPITITOR ACTIVITY
MARKET SIZE
Every relevant & credible information can be put into consideration while entering a market. Such information may include competitor or rival information (products, channels & prices), publics information ( insitutions & intermediaries) that are interested in your services or products, supplier & distributor information, regulatory & legilstative information, economic condition information (boom, recession, depression, recovery, inflation, exchange rates, interest rates), potential customeror consumer information (who are they? what do they want? where are they? how much do they want? when do they want?), demograpgic information ( culture, social class, status, age brackets, income levels, occupations, perceptions,attitudes, superstitions, beliefs) etc.
Thanx for the invitation
first of all our strategic relating our product.
what is need of customer.
what is compitation
how can statbility of new product in new markets
1- Market Size ( Unit wise, Money Wise)
2- Market Growth rate ( To determine attractiveness)
3- Competition Degree through:
A. Number of competitors within served segment.
B. Price range within served segment.
C. Probability/ Availability of substitute entrance
D. Bargaining power of buyers.
At first you have to study well the market, know supply and demand and how it is going on.
Study competitors and specify their strong and weak points.
Ofcourse you should have a good feasibility study for any prospective project.
Importance of Advertising should be well considered
First and the most important thing is to analyse the market conditions, demand and supply of your prodcuct and if required creating a niche market. In alighnment of all the above factors, create your marketing stategy and have enough planning to execute it in fulfilling the firm overall goals of maximising in market capitalisation.
obtain the information of competitors and analyse their strategies, once the neccesory research done the next step is to make a proper marketing framework which employee can adapt.
First, we have to analyze about our internal SWOT (Strenght, Weakness, Opportunity and Threat). and then we have analyze about our competitior.
To know your Competition, prices in the market and anual numbers of sales, statistics
to check product demond on market
