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 previewCanada is a vibrant economy with large trade relations; therefore, the best market entry for my business would be the joint ventures. The best aspect about this strategy is that the country has few restrictions on new joint ventures investments thus making it easy for investors to enter a new market with fewer hustles (Ekeledo, & Sivakumar, 2004). With this strategy, I would identify the opportunities in the Canadian market with the assistance from the local partners. Still, with this strategy, I would increase the business’s product offerings to meet the customer’s needs and also compete with rivals strategically. The joint venture would also incorporate strategic market entry aspects like price adjustment and market development to entice customers with the aim of maximizing all the opportunities in the potential market. The benefit of using this strategy is that there would be shared risks, assets, and operations which would make the new entry processes less cumbersome.
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