strategy approach in new market
Use one of the following as a strategy for your company to enter a new market.
(Some of some strategic approaches for you to choose from include joint venture, divestiture, forward integration, backward integration, retrenchment, liquidation market development, market penetration, product development, service development, horizontal integration, vertical integration, concentric diversification, conglomerate diversification, and innovation).
England: do not use joint venture, backward integration, market penetration. min 150 words
Turkey: do not use joint venture, background integration and vertical integration. min 150 words
Canada: do not use Innovation, service development, product development. min 150 words
Answer previewProduct development in England
When an entrepreneur is selecting a market entry strategy, he/she should consider factors like the cultural differences, customer’s preferences, language barriers, and potential buyers to mention a few. With such considerations, my market entry approach for England is product development (Kamau, 2011). My business is in the food industry; therefore, my aim would be introducing new products that are in the existing food industry market. Considering that the people in England love curry, with this strategy, I would develop new competencies through research and development to analyze the most preferred ingredients for curries and other favorite…
(530 words)