International Market Entry and Development Research Paper - 3

International Market Entry and Development - Research Paper Example Market research is crucial before an entry is made into the international market. Research conducted should be realistic and complete. Market research helps in developing an efficient positioning. Overall the analysis should have complete information about the general economic conditions and the market information about the target market. Detail information about the foreign customers should be present related to whom the services and products will be offered, detailed information about the segment and the niche. Detailed information about the suppliers working in that particular country and the details about how the supply chain is managed is also necessary. Also another important factor is the way and method of entering the foreign market, the way we can enter the foreign market and reach to our possible customers. The approach is an indirect approach which is using an intermediary or an agent in order to enter the market or directly entering the market. Another way is through coll ective exporting, trading house and consortium. It is important for the firms to properly examine and adapt different market strategies once they enter the foreign market compared to the strategies they are already working with in the domestic market. The effect of these strategies on the performance of the firm is also an important factor which needs to be analyzed. Marketing mix plays an important role here which once adopted is very useful as it is based on the previous adaption strategies of the firm .Firms need to evaluate the importance if these marketing mix component so that they can analyze and check the possibilities of the firm’s success in it. The promotional strategies are also checked and analyzed again as a proper set of strategies defines the firm’s competitive advantage which is the basic tool for a firm’s success and performance in the foreign market. Market expansion helps a country