What role does demographic play in a market entry strategy?

Demographics play a crucial role in a market entry strategy as they help businesses understand the target market's characteristics such as age, gender, income, and more. This understanding aids in tailoring products or services to meet the specific needs and preferences of the target market, thereby increasing the chances of success in the new market.

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Market Entry Strategy

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Because buyer's values change over time, value migration charts plot value changes of a typical product lifecycle from introduction to mass adoption to maturation or decline. While results aren't guaranteed, it's good to use these exercises and preparations to guide your market entry strategy. (Slide 4)

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Can you give me a case study on poultry feed customer as a lesson of business?

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Sure, here's a brief case study on a poultry feed business:

A poultry feed company, let's call it FeedCo, was struggling with low sales in a saturated market. They decided to differentiate their product by focusing on the nutritional value of their feed, which was higher than their competitors.

FeedCo conducted extensive market research to understand their customers' needs. They found that poultry farmers were increasingly concerned about the health and productivity of their birds. FeedCo used this information to market their feed as a premium product that could improve poultry health and productivity.

They also provided educational resources to their customers about the importance of nutrition in poultry farming. This helped to build trust and loyalty among their customer base.

FeedCo's strategy was successful. Their sales increased significantly and they were able to secure a strong position in the market.

This case study shows the importance of understanding customer needs and differentiating your product in a competitive market. It also highlights the value of providing educational resources to customers.

How to increase poultry feed business while it is too volatile in volume even after two decades of established market ?

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To increase your poultry feed business in a volatile market, you need to implement a few strategies.

First, understand your market. This includes knowing your customers' needs, the market trends, and your competitors. Use this information to improve your products and services.

Second, diversify your products. Don't rely on a single product. Offer a range of products to cater to different needs and preferences.

Third, improve your marketing strategies. Use different channels to reach your customers. This could be through social media, email marketing, or even direct mail.

Fourth, build strong relationships with your customers. This will help you retain your existing customers and attract new ones.

Lastly, manage your costs effectively. This will help you maintain your profit margins even when the market is volatile.

Remember, success in business is not just about having a good product or service. It's also about how you manage your business.

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