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Develop Market Entry Strategies

Foreign markets can differ in income levels, standards, climates, sizes of people and space, language, religion, cultural preferences and taboos, business practices, etc. These differences must be accommodated in market entry planning to succeed in a market and avoid costly mistakes. A market entry plan should cover these four points at least -- distribution, promotion, competition/pricing, market access and localization. To develop a strategic profile and plan for specific markets, you should analyze market needs/demand; end-users; competitive situation, market access; business practices; distribution channels and market promotion media/methods. Try these sources:

Distribution - Distribution practices, including customary use of local agents or distributors; overseas company sales staff; or overseas sales or branch offices, are covered in the chapter on "Selling U.S. Products & Services" in Country Commercial Guides(CCGs). Other sources are Market Research Reports and FAS Attache Reports.

Promotion - Promotional media/practices, including effective use of direct marketing, press releases, paid ads, trade shows, sales trips, etc., are covered in Country Commercial Guides(CCGs), and Market Research Reports and FAS Attache Reports.

Competition/pricing -Competitive factors/practices, including the role of price, credit, quality and service, are covered in Country Commercial Guides(CCGs), Market Research Reports, and FAS Attache Reports.

Market Access - Import duties by product can be found for many countries in various on-line tariff databases, including Country & Regional Tariff and Tax Resources. Non-tariff barriers by country, including technical/legal requirements, are covered in the chapter on Trade Regulations & Standards in Country Commercial Guides(CCGs), and also in Market Research Reports, and National Trade Estimate Reports on Foreign Trade Barriers.

Localization - Local business practices, tastes and cultural imperatives, including needs to comply by adapting the product, packaging or sales literature, are covered in International Business Etiquette & Culture reports, Country Cultural Profiles Project, Market Research Reports, and Country Studies (formerly Army Area Handbooks).
 
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