Occasionally in our MBA journey, we are faced with essays that we feel we cannot write but we need to write. Join me through this exciting journey as we try to unlock the steps to writing a wining new market entry analysis essay. TMy name is Dr. watkins. Do you have the tricks of writing a winning market entry analysis essay. This 8 minutes with the coach will get you on course. Read through, share and comment whenever you can.
Global expansion is often the long-term vision of any start-up company. Usually, a company harboring a dream of expanding its operation beyond the nation in which it was established takes a long time to actualize. The company must first form a strong national base before venturing into the international space. The success or failure of an organization in its mother country determines whether it would make any impact in a foreign market. Admittedly, firms that perform well in the home market find any easy time coping with the market uncertainties in a foreign market. At the same time, business that perform poorly in the home market find it difficult to navigate the challenges in an oversea environment.
Any student undertaking marketing, business administration or a similar course would, at one time, come across an assignment that requires them to conduct market analysis of a new market for an existing product. Writing this assignment can be challenging, especially if the student is not well-versed with the principles of market research. Despite the elaborate instructions that the professor offers, planning and writing the work is not a walk in the park. This article offers a step-by-step procedure of doing a new market research assignment.
Step 1: Understand the Instructions
The instructions on this type of an assignment will consist of the prompt that introduces the objectives of the paper in line with the course concepts. The student must relate the assignment with the topics already covered in class. Since this is an application paper, the student should appreciate the efforts needed to successfully complete the paper. The other piece of instructions that comes with this paper is the length. The instructor will specify the length of the paper in terms of page numbers. The length of the work informs the student about the breath of research to undertake as well as the content of the sections of the paper. In addition to these details, the instructor will outline the format of the paper. In a market research assignment, the student may have the option of selecting a company and the market to write about and submit the suggestion to the instructor for approval. In other cases, the institution may provide a list of companies and markets to choose from. The student must also abide by the writing format provided and the number academic sources to gather information from
Step 2: Describe the New Market
If the prospective market is a particular country, the student should describe all the relevant geographical features that will influence the penetration and success of the intended product. The most important factor to consider here is the details asked for in the instructions. Remember that physical and economic geography has a role to play in the success of a new product in foreign nations. For instance, the physical landscape will determine the population density, which, in turn, shapes the consumer trends. Therefore, the student will offer an overview of the features such as topography, population, forest cover, climate, and international borders. The economic and political aspects play an indispensable role in the performance of a new product. Therefore, the student describes the GDP of the country, its per capita income, average household income, tax laws, balance of trade, major export markets, and the balance of trade. Other relevant information that should feature in this section are social and cultural aspects of the people in the destination market.
Step 3: Describe the Product and the Manufacturer
Before writing about the strategy that the company has to execute in the new market, it is imperative to discuss the product in detail. One aspect of the product description is its manufacturer. The student must conduct extensive research to understand the company that produces the goods. The students should then describe the history, market, performance in the capital market, competitors, directors, and such data. This information is important because it tells the reader about the overall strength of the company in the home market. Next, the student will discuss when the company began producing the product of interest. Some of the information that should appear in this description are the first year of manufacture, the motivation of the company’s management, the composition of the product, the usability of the product among the consumers, and the pattern of demand since inception.
Step 4: Illustrate the Marketing Strategy
This section details the market penetration strategy and the steps that the company needs to make to capture the new market. Will the company build new premises or buy vehicles? Will it rent buildings? Will it make strategic alliances? These questions help the student to explore the various strategies at the disposal of the company depending on its financial muscles and the prospects of taking over the market. The student will describe the tactics that the company will adopt to fight competition and overcome strict regulatory laws, especially those that promote the consumption of domestic products.
Step 5: Offer Recommendations
The final step in handling this paper will be to offer recommendations. The student must, therefore, conduct some research on the best measures to take in venturing into a new market. The recommendations must be clear and actionable. The student should avoid making vague recommendations that not applicable in the real life. Additionally, it is important to note any foreseen challenges while implementing these recommendations.
Step 6: Conclusion
Conducting market research is the role of marketers attached to a specific company. It means, therefore, that marketing and business administration students should possess the necessary skills to conduct marketing research and making reports about the same. The above steps are sufficient to develop a report on the new market for an existing company. The key here is to understand the instructions given by the instructor and stick by them. Additionally, searching for information from a variety of sources will equip a student with the data needed to complete this paper. I wish you the best while tackling a new market research paper. Do not forget to proofread your paper to detect typographical and grammar errors. Pass the competed work through plagiarism checking programs to avoid cases of academic misconduct.
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