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MARKET ENTRY AUDIT

Great Prairie Group’s Market Entry Audit is a quick check on your plans and rationale for entering a new market. The audit asks critical questions to evaluate areas of strength and weakness to help your team improve the success of your project. These questions include the following:

  • What product and market segments is your company targeting to enter?
  • Which distinct advantage(s) does your choice of product-market segment represent over the competition?
  • Who are the leading competitors in the target market?
  • What is their basis of competition?
  • How will competition shift in the next three years?
  • How does your product rate against competitors?
  • What is your value proposition?
  • How will you induce first-time buyers to try your product?
  • If there is a singular capability (brand, asset, technology) that gives your product and your core business its uniqueness, is this relevant for the new market?
  • What is your path to success?
  • What are the risks and rewards of market entry?
  • What are the biggest uncertainties?
  • What strategy will you deploy to make your entry successful?
  • What are the relevant industry-specific factors to consider?
  • What are the relevant product-specific factors to consider?
  • What are the relevant company factors to consider?
  • How can your company increase its odds of market-entry success?
  • What is the short list of feasible market entry options that make sense for your company? Why?
  • What are the risk, return and non-profit objectives of each market entry option?
  • How much do you need to invest?
  • What is the financial attractiveness of market entry?

The specificity of your answers will help you determine the level of strength of the strategic rationale supporting your market entry.

Market Entry Strategy

Enter from a position of strength.

Market entry is a powerful growth initiative for many companies. As growth tapers off in the home market, companies start looking outside to new, more attractive markets, including regional, international or global geographies. Market entry is not only an offensive strategy, but also a defensive measure of protection because it can help companies keep competitors away from their home market.

 

The Challenge. Companies attempt to enter new markets all the time, yet only one in four is successful in doing so. Failure in most cases carries implications that extend far beyond the newly targeted market as millions of dollars are spent and the firm’s reputation is at stake. To overcome serious missteps, it helps to have a clear understanding of basic entry strategies, challenges, and a proven platform of critical success factors for long-term sustainability.

What We Do

We help clients enter new markets successfully by providing critical insights and support
to make fully-informed decisions about where to enter and how to sustain profitable growth.
What we do for our clients:

  • Market Entry Strategy
    • Formulation and objective evaluation of feasibility of entry, potential entry options, target segments, competitive situation, basis for competitive advantage, key success factors, ensuing competitive dynamics, long-term viability.
  • Market Analysis
    • Assess market attractiveness, opportunity, market demand, elasticity of demand, demand drivers, forecasted demand, current and evolving segment attractiveness (size and growth), product position, pricing, buying criteria.
  • Competitive Analysis
    • Assess key drivers of profitability, strategic groups, identification of direct competitors, strategic position, leading competitor(s) strategy, retaliatory competitive dynamics.
  • Distribution Analysis
    • Channel breakdown, share of distribution by competitor, channel margins.
  • Customer Needs Assessment
    • Insight into customer behavior, attitude, need, purchase criteria

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