This checklist is designed to guide the team through the process of developing a market entry strategy for a new product or service. It ensures all necessary steps are taken to assess market potential, competitive landscape, and entry options before launching.
Identify and describe the specific market segment you aim to enter, including demographic and psychographic characteristics.
Gather data on market size, growth potential, and customer needs through surveys, focus groups, and secondary data sources.
Identify key competitors in the target market, assess their strengths and weaknesses, and understand their market positioning.
Consider different strategies for market entry, such as direct investment, partnerships, or franchising, and evaluate the pros and cons of each.
Create a comprehensive marketing plan that outlines pricing, promotion, distribution, and sales strategies tailored to the new market.
Develop financial forecasts including sales projections, initial investment costs, and expected ROI for the market entry strategy.
Outline a timeline for executing the market entry strategy, including key milestones and deadlines.
Present the market entry strategy to stakeholders for feedback and approval before proceeding with implementation.