Some potential challenges a business may face when entering a new market include understanding the competitive landscape, assessing market share, identifying strengths and weaknesses, finding a window of opportunity to enter the market, understanding the importance of the target market to competitors, overcoming limitations that may prevent market entry, and dealing with indirect competitors who may impact success. Additionally, differentiating competitive analysis by industry, considering the level of competition, the threat of new competitors or services, and the effect of suppliers and customers on price can also be challenging.
Evaluate your position in the market and familiarize how you compare against competitors to do more...
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