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Market Entry Strategies - Coggle Diagram
Market Entry Strategies
EXPORTING
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Exporting is the sale of a product by the exporter directly to the importer located in other country
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PARTNERING
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Partnering can take a variety of forms from a simple co-marketing arrangement to a sophisticated strategic alliance for manufacturing. Partnering is a particularly useful strategy in those markets where the culture, both business and social, is substantively different than your own as local partners bring local market knowledge, contacts and if chosen wisely customers.
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Can costs more than exporting, licensing and franchising
BUYING A COMPANY
Much faster process, no time wasted starting the company.
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In some markets buying an existing local company may be the most appropriate entry strategy. This may be because the company has substantial market share, are a direct competitor to you or due to government regulations this is the only option for your firm to enter the market.
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PIGGYBACKING
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Piggyback marketing is a marketing strategy where two firms collaborate and represent each other’s complementary products in a competitive market rather than competing with each other.
JOINT VENTURE
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Joint ventures are a particular form of partnership that involves the creation of a third independently managed company.
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TURNKEY PROJECTS
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Turnkey projects are particular to companies that provide services such as environmental consulting, architecture, construction and engineering. A turnkey project is where the facility is built from the ground up and turned over to the client ready to go
GREENFIELD INVESTMENTS
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A greenfield investment is where you buy the land, build the facility and operate the business on an ongoing basis in a foreign market.
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