Theoretical background
Here are five steps, recommended by Carl Gravel (Director International Expansion at BDC) you can follow to build a winning market entry strategy and start exporting into previously unknown territory.
BIC, read more
Market Entry conditions
A curation of posts around this topic can be viewed here
Choice of Entry mode
The entry mode choice is the selection of an institutional arrangement for organizing and conducting business transactions. It determines the extent to which the firm gets involved in developing and implementing the strategy in the foreign markets, the level of control the firm enjoys its business operations, and the degree to which it succeeds in the target market
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Trade-off between global integration and local responsiveness.
A major concern for managers deciding on a global business strategy is the tradeoff between global integration and local responsiveness. Global integration is the degree to which the company is able to use the same products and methods in other countries. Local responsiveness is the degree to which the company must customize their products and methods to meet conditions in other countries. The two dimensions result in four basic global business strategies: export, standardization, multidomestic, and transnational.
Principles of management. read the book here
Non-pricing related entry strategies
”Business organizations compete with each other using pricing as well as non-pricing strategies. There are several factors that determine the pricing strategies”. Read more here >>>>
Oligopoly firms also use a number of strategies that involve measures other than pricing to compete and maintain market power. Some of these strategies try to build barriers to entry by new entrants, whereas the intention of other measures is to distinguish the firm from other existing competitors.
Principles of Managerial Economics, read the book here
How to Perfect Your Market Entry Strategy
There are many reasons businesses look to international expansion: greater profits, lower costs, the acquisition of new skills and technologies and the diversification of cost and profit bases amongst them. Before undertaking an expansion strategy, gaining an understanding of the company’s readiness to expand is crucial
Euromonitor blog. Read it here
Timing of the Market Entry
Launching a new product at the optimal time is imperative for the successful entry and penetration in the competitive market. Expectations of customers, responses of competitors, challenges of emerging start-ups, shortening of product life cycles, and global alliance of corporations are some of the evolving factors that are relevant to the timing decisions for a new product. This paper re-examines the timing-related strategic issues, reports an exploratory case study of the ninety-two pioneering or following market entries, and discusses the managerial implications for a firm’s market-entry decisions for a new product or service.
Yoon, Eunsang and Rim, HyeonJin, “Timing of Market Entry for New Products: An Exploratory Case Study of the Success Factors for Pioneering and Following” (2018). Association of Marketing Theory and Practice Proceedings 2018. 6.
https://digitalcommons.georgiasouthern.edu/amtp-proceedings_2018/6