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The potential risks of entering an emerging market include lack of established infrastructure, political instability, cultural differences, and potential for economic volatility. However, the rewards can be significant. These include access to a new customer base, potential for high growth, less competition, and the opportunity to establish a strong market presence before others. It's important to conduct thorough market research and risk assessment before entering an emerging market.
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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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