Here are5 keys to having success in international markets
An international market-entry plan contains hundreds of elements, but here are the first 5:
(1) An appropriate planning time — companies approach foreign markets and cut corners on planning time. Executives won’t dedicate time, hire correct marketing resources and spend the money to plan a properly. The idea of getting on a plane and getting a deal simply doesn’t work overseas.
(2) An actionable goal — A goal is a number. Goals can be sales volume, number of accounts, market share, points on customer satisfaction surveys, margin, profit, ROI or other indicators. markets are often approached with no goals that can be explained.
(3)realistic objectives — where does the company wish to be, usually regarding market position. Are you the low-cost supplier, the market leader, a luxury position in the market? Are you the convenient choice? Do you want profit or market share?
(4) A logical market screening mechanism — Buzz phrases such as “China’s 1.5 billion people” or “Denmark’s 4.2 million citizens” don’t define which markets to approach. Use a matrix that makes sense.
(5) An understanding of the market conditions — Is themarket organized? How do you distribute? distribution What are the price points and who are the major players?
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