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Development Studies Essay

941 words - 4 pages

Marketing strategy defined as a set of marketing goals, which target markets and describes how you will go about positioning the business to achieve advantage over your competitors (Brandly, 2002). Whether you are introducing a new product to the market or entering a new market with an existing product, a coherent market entry strategy is necessary because business needs to evaluate any barriers to entry. This essay explains market strategies would take to enter into new market system. These strategies are as follows, licensing, joint ventures, low price strategy and quality strategy, product adaptation strategy and time strategy.

To begin with, licensing strategy is defined as the method ...view middle of the document...

Joint ventures are a more extensive form of participation than licensing. In Malawi, Air Malawi Company has a joint venture agreement with Ethiopian Airlines Company. Joint ventures give the following advantages to both companies, sharing of risk and ability to combine the local in-depth knowledge with a foreign partner with know-how in Technology or communication, Joint financial strength and May be the source of communication for a third country(Basche, 2004 ). However joint venture is a strategy to use to penetrate into new market it has some disadvantages such as partners do not have full control of management may be impossible to recover capital if needed, disagreement on third party markets to serve and partners may have different views on expected benefits( Cunningham,2006 ).

Furthermore, low price strategy and quality strategy, these are also another strategies use to penetrate into new market. When you are entering into a business where there is already existing product or service which is very likely you have there are options to take one by means of differentiation price (Korey, 2008). Product within the market should help determine which strategy you pursue using a price strategy attempts to undercut your competition by providing your product cheaper. If you use this strategy, your business is striving to maximize profits (Frank, 2002). A quality strategy attempts to position your product as a luxury good, one that is worth paying more for. Promote the product so that potential customers will be aware of its existence and its ability to satisfy their need and ensure that the product is distributed so that it is available to customers where and when needed (Keegan, 2000).

Last but not least, Product adaptation strategy is an important strategy to consider. If you enter into new market you have to know if you product is adaptable to the risk from other competitors and consumers such as overestimating demand and consequently having overproduction (Brandly, 2002). Overproduction can be very costly in terms of capital investment, driving prices down and operations management up (Frank, 2002). Sometimes can leads to losing market share...

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