NEPC Market Entry Strategy

0

A market entry strategy is the planned method of delivering goods or services to a target market and distributing them there.

Factors

  • Many Companies successfully operate in a niche market without ever expanding in to new market.
  • Some businesses achieve increased sales, brand awareness and business stability by entering a new market.
  • Developing a market entry strategy involves a thorough analysis of potential competitors and possible customers.
  • Some of the relevant factors that are important in deciding the viability of entry in to a particular market are subjected below.

nepc1Barriers

  • Are there any legal barriers that need to be overcome in order to enter the market?
  • For example, you need a license to enter a particular International market.
  • What are the limitation to trade, such as high tariff levels and quotas?
  • Do you have the required level of knowledge and training in Exporting Procedures?
  • Will it be in demand for along or short period of time?
  • Is it easy to transparent or will it need special treatment?
  • Is the product restricted abroad? (e.g. tariffs, quotas or non tariff barriers)
  • Are the product modification required?

Self evaluation of Export intent

Look at the product or services that you are intending to sell and consider the following questions.

  • How easy is it to maintain?
  • Does it have a unique selling point (USD) or direct competitive advantage (DCA)?
    Is it fashionable?
  • Does it have limited appeal? If yes would a new market be receptive?

    This is an extract from some of the Council’s publication. For further information or clarifications, please contact info@nepc.gov.ng or enquiry@nepc.gov.ng