New Markets Expansion
The New Markets Expansion Ball for Every Player Standing Tall: Strategies and Solutions.
Introduction
Many companies have successfully expanded their markets. These include Toyota, Samsung, Nike, Amazon, American Express, Chipotle Mexican Grill, and Airbnb. In this article, I will highlight the strategies and challenges of expanding into new markets and suggest solutions to overcome those challenges.
Strategies
These companies have used various strategies to expand their market, such as product and process innovation, originating and marketing a global brand, building relationships and networking connections, customer experience focus and direction, and digital platforms with modernization, optimization, and monetization.
New Market Expansion Challenges
Expanding into a new market can present several challenges: Some of those challenges include market research and costs, language barriers, cultural and local competition, market familiarity, local staff or international staff to hire, tax and regularity compliance issues, supply chain risks and monopolies, political risks and government regulations, product-market fit, and customer taste or preference.
