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Market Entry Checklist


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Market Entry Checklist A market entry strategy is a high-level plan that proposes the best method(s) of delivering and distributing your product or service throughout the marketplace your company is going to step into. Read the following Market Entry Checklist to learn basic steps for developing a strategic way of entering your market.

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Research Prospects.

  • Figure out what solution your product/service will deliver to the new market
  • Check if this solution has a potential to be in growing demand
  • Analyze and understand market needs
  • Determine if your product can meet those needs
  • Identify who your prospecting customers are and whether your product can be helpful for them
  • Analyze your prospects to create the target group

Analyze Competitors.

  • Research your new market to identify key players who will be your competitors
  • Identify market share of your competitors
  • Carry out customer surveys to understand whether buyers of your competitors’ products are happy with those products
  • Think whether you can suggest something that is more helpful and attractive to the buyers
  • Understand unique value propositions that you can make to the buyers
  • Figure out what sales channels you can select to start up your sales campaigns

Select Penetration Methods.

  • Direct Sales – Consider gaining higher profits (no middleman involved) through total control over product distribution and pricing in your new market
  • Agent Sales – Consider hiring an expert in the local market, who will establish customer contacts for your business
  • Distributor Sales – Deal with qualified distributors in your new market to create a broad distribution network and establish winning promotion campaigns
  • Licensing – Figure out if your products can be produced at overseas production facilities; if so, consider establishing license-based partnerships with foreign manufacturers
  • Joint Venture – Consider moving selected production facilities overseas in order to win higher market penetration and strengthen profit potential
  • Export Merchant – Analyze your new market and try to find importers who might be interested in buying directly from your company for re-packaging and re-selling purposes

Develop a Penetration Strategy.

  • Be sure your salespeople as well as the senior management team understand the new market and know the vision of your business regarding this market
  • Provide staff training and skills development opportunities if necessary
  • Establish business relationships with external partners (if you’re going to partner with someone)
  • Be sure you have protected your company’s interests through teaming arrangement and non-disclosure agreements
  • Create a prospect database that will include contacts of your prospective customers
  • Master the procurement process to ensure your company will be able to purchase all goods and services necessary in production
  • Be sure you have protected your intellectual......

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