How do companies research potential new markets? Choose a global company who has a record of successful new market entry and explain why it has had this success, and consider also the reasons for any failures.

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Business

Bunny Rabbit

18 November, 15:04

How do companies research potential new markets? Choose a global company who has a record of successful new market entry and explain why it has had this success, and consider also the reasons for any failures.

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Avery Suarez · Answer 1

Companies search for potential new markets by collecting consumer data to understand their opinions, wants and needs, and then being able to enter a new market with a safe and effective strategy to generate profits and successes. Data collection occurs in the form of primary and secondary research. The primary research takes place directly with the consumer, it can be carried out in the form of focus groups, which is a direct analysis of the market demand researched by the consumer.

As for secondary research, information is received through third parties, such as online sites, trade associations, etc., which give an idea of market behavior.

IKEA in China is an example of a global company that entered a different market in the form of strategic adaptation to meet the needs of the Chinese, through ideas and concepts aimed at this public.