A market entry strategy is a manoeuvre of transporting goods or services to an objected market. It incorporates definite market pricing, quality distribution channels, and a transparent marketing scheme.
The advancements in new products consumes ample amount of money and comprises of severe risks of failure. Lucintel has come up with a productive marketing strategy to accelerate the success rate and demonstrate persistent growth opportunities in the market.
Lucintel's services can arrange for a huge market entry strategy for its clients. In a cut throat competition faced now a days a single error can amount to immeasurable loss of capital and valuable time. Lucintel's plan of action provides the company with a propositional road map. It helps the company to systematize their thought process and considerately assay the costs and advantages of each approach. Our strategy applies the information from market research to analyze the market, customer, and target groups best suited for your products.
Market Entry Strategy - A Case Study
Company: A Fortune 100 Chemical Company
Issue: Identify attractive opportunities for growth for a new material, which offers significantly higher tensile strength, tensile modulus and fatigue strength. How much will customers pay for specific improved product performance characteristics? Develop a roadmap for market entry.
A Fortune 100 materials supplier wanted to identify and characterize unmet needs
of the marine,
wind energy and
sporting goods industries. They wanted to direct research
toward solutions with the highest value and market impact.
Lucintel's Solution: In-depth Interviews, Needs Assessment,
Strategy Development
Lucintel conducted more than 50 in-depth interviews among material suppliers, fabricators
and OEMs for various composite applications in the three market segments
to identify their most pressing improvement needs. Opportunities were analyzed and
screened by:
- Market and application
- Type of need (mechanical, thermal, environmental, aesthetic, speed, cost savings)
- Buyer percentage improvement hurdle
- Tangible impact of attribute
- Price to performance sensitivity
Results: Saved time and money: gained focus.
- The client was able to prioritize the three top
composite markets and applications.
- The company… optimized its R&D spend
- Addressed needed improvements with its materials and technology
- Formulated an overall market entry strategy for the composites
industry
- Created an approach for the individual markets and applications.
…resulting in years of time and millions of cost savings, allowing
the company to confidently focus on executing a well developed plan.
Product Innovation
