Identifying Common Mistakes in a Foreign Market Entry: Infiniti Research Reveals Some of the Key Strategies to Avoid Them
LONDON--(BUSINESS WIRE)--Mar 20, 2019--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent free downloadable resource on common market entry mistakes and how to avoid them. This supplement provides comprehensive insights into reasons for market entry failures and how to rectify these mistakes.
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4 common market entry mistakes to avoid. (Graphic: Business Wire)
Although expanding a business abroad can seem like an easy way to grow the company’s market, there are many simple, obvious mistakes that companies make when they start a new business in a foreign country. The lack of accurate knowledge about a new market and inefficiency in the market research efforts undertaken by the company could be some of the primary reasons behind the failure of foreign market entry strategies.
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4 common market entry mistakes to avoid
Inadequate market research
Any effort taken towards business expansion should be backed by serious and effective market research. Customer needs and expectations vary across different geographies. Companies must undertake in-depth market research to study the foreign market and identify the local competition, industry trends, and legal requirements.
Lack of understanding about the market dynamics
When it comes to market entry into countries like the US, there is ample room for mistakes relating to the market dynamics. Firstly, companies may prioritize products that are of little consequence to customers in the foreign market. Secondly, poor channel choices could be another notable cause of market entry failure. Thirdly, misunderstanding the regulatory nuances of a new market could cost big for the company.
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While a company may have a profitable business model within its domestic market, there are often unanticipated new market expansion costs that can quickly add up. Again, due diligence across all functional areas is essential to identify additional costs.
Increased focus on technology
Emphasizing too much on a product’s perceived or real technical superiority could prove to be a huge mistake in the case of foreign market entry. When products are built around technology and product execution, this could cause companies to overlook critical elements of the total value proposition for each specific segment.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
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SOURCE: Infiniti Research
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PUB: 03/20/2019 10:22 AM/DISC: 03/20/2019 10:22 AM