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The company enter into new market in order to reduce the unsystematic risk of the business. More diversification in the business more reduction in unsystematic risk. The company can enter in horizontal dimension i.e. entering into a new segment that the company don’t have any prior knowledge or in vertical dimension i.e. introducing the new product in the existing business. The strategies should be strong enough so that the company can penetrate the market easily and attract the customer.
What should be considered to enter new markets ?
There are number of strategies that need to be considered in the back of the mind when entering into the new market. The competitive strategy which include low price to penetrate the market, focus on niche market, new geographic market, develop new channels to reach to the customers. Marketing strategy also play a significant role which help to gain a maximum market share. Before entering into the new market you should know your target audience and business model that serve the target audience. For successfully launching a new product in market it requires a pragmatic approach and alignment between marketing and sales.