Creating an entry Strategy
This will be a profiling of a topical issue on KOREA by Dr Oliver Bahrisch
A collection of videos on doing business in Korea can be viewed here
Online workshop on creating an entry strategy/Business plan . By this time, all groups will have identified a Target market for the selected company. The task is to determine the most effective entry strategy and marketing plan based on company’s goals, resources, strengths relative to the competition and market conditions by using the following procedure:
- Develop marketing strategies and action plans that will most successfully penetrate the Target Market country.
- Identify the Target Market in the country using key segmentation variables.
- Develop Market Penetration and coverage objectives that fully exploit market opportunity.
- Determine whether the company should create, extend, and/or adapt its current product/service.
- Determine the best pricing strategy and method for the company’s product after investigating terms of sale and value added costs in the Target Market.
- Develop an effective promotional strategy by carefully matching company resources with perceived product/service benefits and buyer behaviour in the Target Market.
- Determine the best distribution strategy and channels for the company’s product/service in the Target Market.
- Based on entry strategy and the developed marketing plan, forecast future sales/profits as well as breakeven financial analysis for the Target Market