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Posted: May 27th, 2022
Market entry strategy
Market entry strategy
Introduction
Sweden has been one of the most performing economies in the region commonly referred to as the NORDICS. As a country with close business ties with the United States, Sweden and the U.S have been benefiting from bilateral trade. Also, it is a country that depends on trade to maintain its economic stability hence it takes business and trade seriously. With that in mind, what then could be the best market strategy for a light and ion therapy lamp company? This paper seeks to answer the foregoing concern by providing the best possible strategy.
There are a variety of market entry strategies for a new company seeking to expand to new markets. The choice of each strategy determines the success or failure of the business (Hariri, 2017). In that regard, it would be prudent for the light and ion therapy lamp company to use the “Joint venture” market entry strategy. This is the best as it best suits any company seeking to expand into new markets. Additionally, it is important to joint venture with local entities as it makes it possible to get firsthand information about the culture, businesses and social factors that may be different from the culture of the expanding company (Forbes, 2013). Further, the move to partner makes it easy to learn about the market dynamics and reliable contacts and ultimately to know which clients to target.
Among the advantages of this strategy we have getting proper distribution networks, possibility of sharing the risks involved and also high chances of increasing sales hence profits. Further, as mentioned earlier, the new company may also get the local entity’s customer information to ease marketing. To add on the above, the market opportunities in Sweden which highly uses smart technologies among other technologies that seek to increase ones productivity, would make it prudent to supply the light and ion lamps through an established local company with expansive market network. It would be important to note that Sweden has a threat of competition hence the company’s prices would determine its success or failure (Export.gov, 2017).
References
Export.gov,(2017). Country Commercial Guides Retrieved from www.export.gov/ccg Accessed on 8th December, 2017
Forbes, (2013). Making Joint Ventures A Strategic Success. Retrieved from www.forbes.com accessed on 8th December, 2017
Hariri, G., (2017). Market Entry Strategy Analysis retrieved from https://bizfluent.com/info-7934667-market-entry-strategy-analysis.html&grqid=sQMjzikR&hl Accessed on 8th December 2017
Tags: Market entry strategy
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