Question
A business can gain a first-mover advantage in an emerging market by conducting thorough market research to understand the needs and values of potential customers. This will allow the business to tailor its product or service to meet these needs and values, giving it a competitive edge. Additionally, entering an emerging market before competitors allows a business to establish its brand and build customer loyalty, which can be difficult for later entrants to overcome.
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The first step to any market entry is an assessment of the opportunity available. This buyer values visualization allows the input of data from market research to rank different aspects of a product or service based on whether or not users will value it. The expected value a user wants from a product is listed out along with the opportunity that exists to service that market. For example, an existing market comes with high opportunity based on past precedents, while an emerging market has high potential with less competition to gain a first-mover advantage. A market with minimal to no opportunity should be an area to avoid the dedication of further resources. (Slide 3)
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