Question
Several limitations might prevent a business from entering a market. These include high entry costs, regulatory restrictions, strong competition, lack of access to key distribution channels, patent or proprietary technology of competitors, and customer loyalty to existing brands. Additionally, a business might lack the necessary resources or expertise to compete effectively in a new market.
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Using competitive analysis to find a market advantage – assess the following characteristics of the competitive landscape: market share, strengths and weaknesses, your window of opportunity to enter the market, the importance of your target market to your competitors, limitations that may prevent you from entering the market and indirect competitors who may impact your success. Make sure to differentiate your competitive analysis by industry, taking into consideration the level of competition, the threat of new competitors or services, and the effect of suppliers and customers on price.
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