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Entering a new demographic with a product or service can offer several potential benefits. Firstly, it can provide access to a larger customer base, thereby increasing potential sales and revenue. Secondly, it can allow a business to diversify its market, reducing the risk associated with relying on a single demographic. Thirdly, it can give a business a competitive edge, especially if it is the first to enter a particular demographic. Lastly, it can lead to business growth and expansion.
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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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Is your business eyeing a new market? Use our Market Entry Strategy presentation template to discover if an expansion investment is worth it. Whether...
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