Before launching a new product or service, a market entry strategy has to be developed.
This way, the company or the entrepreneur will know they identified the best opportunities and solutions, avoided pitfalls, and prevented issues.
Of course, there are several types of market entry strategies, and choosing the most suitable one has to be made taking each particularity and the long-term business development goal into consideration.
Also known as the high price strategy, this is one of the most used tactics when launching a new product or service. It’s about setting a higher launch price compared to competitors who already have a similar product or service available on the market.
The strategy has to be applied when the market research shows that potential buyers associate the high price with the high social status they would get if they bought the product.
Thus, the high value of the product becomes an element of differentiation from other competing products.
Most of the time, this is the recommended market entry strategy for luxury products or services.
The product strategy has to reflect the dimensions, structure, and characteristics of the products sold by the company.
This way, the objectives can be achieved by:
Market strategies can be differentiated and undifferentiated.
The differentiated ones have the following characteristics:
Undifferentiated market strategies have the following characteristics:
To sum up, there are several options for the market entry strategy, and choosing the best one, advised by our specialists, will ensure the launch of a successful business.
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