market expansion case study

Introduction | Case types | Sample framework | Example case

Market entry cases ask a candidate to evaluate a specific growth opportunity and decide whether or not the company should pursue it.

Introduction to market entry cases (Top)

For example, a classic market entry case might read like this:

“Retail Co. specializes in outdoor apparel for children. They’ve been very successful in the midwest and are considering launching in Canada due to similar climate and demographics. What factors would you look at to determine if this expansion would be successful?”

Just hearing this type of question makes some people nervous - where do you start and how do you evaluate the problem in a structured way? Don’t worry; after reading this post, you’ll be able to recognize a market entry question like this and crack it in no time!

Market entry cases are a very common type of case during the interview process. There are two reasons for this. First, they test a variety of skills consultants care deeply about: structured problem solving, logical reasoning and creativity. Second, consulting companies frequently help clients with market entry problems, and case interviews mirror real world consulting work. Since consultants often give candidates cases they’ve worked on with real clients, tso there’s a good chance you’ll get one of these eventually.

The good news is, these are fairly straightforward cases. We’ll go through one framework that can be used to solve these types of cases, as well as a more detailed example. As always, don’t forget that every problem is unique, and a great answer will always take into account the nuance of the problem and propose a tailored framework.

Types of market entry cases (Top)

There are three main buckets of market entry cases: geographical, product line expansion, and generic growth strategy.

1. Geographic expansion cases

The question you’re trying to answer in the geographical type is whether a company should expand their current business to a new market. For example, if Chipotle should expand into Europe, or if Uber should launch in China.

2. Product line expansion cases

In the product portfolio type of market entry case, the question is if a company should launch a new product into their existing market. For example, if Harley Davidson should launch an electric motorcycle, or if Whole Foods should start selling meal kits in addition to groceries.

3. Generic growth strategy cases

Sometimes market entry cases can be hidden in the introduction but appear partway through the case.

For example, your interviewer might say something akin to: “Client Co. has seen declining revenue recently. What should they do?” This is a growth strategy case, which could have various paths such as acquire a competitor or invest in internal R&D. One hypothesis may be expanding to a new market to grow their customer base. In this example, the market entry aspect of the case would branch out from a higher-level growth strategy problem.

Market entry case framework (Top)

Now that you’ve seen what market entry cases look like, let’s talk about how to solve them. There are four steps to these cases: assessing the target market, evaluating the company’s capabilities, quantifying the opportunity, and outlining a go-to-market strategy.

Assessing the target market

In this step, you’ll want to evaluate the market in question. The main goal here is to determine if the market is large, growing, and what the competitive landscape looks like. In addition, you’ll want to determine if there are any additional factors that might prevent a company from expanding successfully, for example, if there were a war in the country, high levels of corruption or anti-American sentiment.

Key questions include:

• How big is the market and is it growing?
• Who is the target customer and what are their needs or preferences?
• What is the competitive landscape?
• Are there any social, macroeconomic, or geopolitical factors to consider?

Evaluating company capabilities

Now it’s time to look internally, you’ll want to dive into the client’s business to understand their product offering, their current customers, strengths and weaknesses, and their financial situation. Just because a new market is attractive doesn’t mean a company should always expand there. The company needs to have the right characteristics to successfully enter.

For example, expanding into China might look like a good opportunity for a hotel chain, but if they don’t have anyone on their team with experience in China and have never grown internationally before, it will probably be a very tricky strategy to carry out successfully.

The key questions you’ll want to answer in this step are:

• What is the current product and customer mix?
• What are the strengths and weaknesses of the company?
• Who are the key suppliers or partners?
• What is the current financial position?

Quantifying the opportunity

If you’ve gone through the first two steps and decided the market entry is a good idea for the client, the next step is determining the investment that would be required to enter the market versus the expected revenue potential. In other words, would the juice be worth the squeeze?

• What share of the market could be captured?
• What would the primary costs of entry be?
• What are the outstanding risks?

Developing a go-to-market plan

The final step for a market entry case is laying out the ‘how’ once you’ve come up with an answer on whether or not to enter. There are several ways a company could enter a new market.

Each of these would be evaluated using pros and cons:

• Acquire a company in the target market
• Form a partnership with a company e.g. sell through a local distributor rather than direct to consumers
• Grow organically into the new market, either with an existing brand or through a new brand

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Example market entry case (Top)

Let’s try going through a market entry case using the framework above. The question we’ve been given is: “Taco Bell recently expanded into the UK with great success, should they launch in France as well?”

We’ll walk through each question below and demonstrate the kind of thought process the candidate should be going through (and voicing over to the interviewer) if they were in a real case interview. Remember, this isn’t how an actual conversation would go, but it does provide an example of how this framework could be applied to a real question, and the types of issues you should be thinking about.

Step 1: Assess the market

We’ll begin by assessing the attractiveness of the French market. Let’s go through our key questions:

How big is the market and is it growing? Here, we’d want to know how big the fast food market is in France and what the growth rate is. Let’s say our interviewer tells us it’s a $50B market and has been growing at 12% for the past 3 years. Right away, we see that this is a large and rapidly growing market, which means this is an attractive place to be at a high level.

Who is the target customer and what are their needs or preferences? Based on what we know about Taco Bell domestically, we can build a profile of the target customer: someone who goes to other fast food restaurants, is looking for a quick and cheap meal, enjoys Mexican food, and isn’t very health conscious. The biggest question is if this type of consumer is as prevalent in France as they are in the US. We might receive additional information from our interviewer that the French don’t prefer spicy food and aren’t as familiar with Mexican cuisine.

What is the competitive landscape? Competitors to Taco Bell would include any other businesses that meet the same customer needs mentioned above. For example, other fast food restaurants or other Mexican restaurant chains that are popular in France. In this case, we’re told there are no direct competitors (no Mexican fast food restaurants) but McDonalds, Subway, and Pizza Hut have ~25% of the fast food market.

Are there any social, macroeconomic, or geopolitical factors to consider? Here we could bring in any current events that might impact our strategy. For example, we might know that the minimum wage in France is much higher than the US. This higher cost of labor could cut into Taco Bell’s profits if they weren’t able to raise prices to offset it.

Overall, after a quick evaluation of the market, it appears to be an attractive region for a fast food restaurant, but there’s an open question on the customer preferences piece and whether French people will embrace Mexican food.

Step 2: evaluating company capabilities

The next step is looking at Taco Bell’s current performance and determining if they would be successful expanding into France:

What is the current product and customer mix? Taco Bell serves lunch and dinner with a broad menu of American Mexicanized food. Historically, their largest customer segment is 18-25 year old men, although menu additions such as salad bowls have aided in their effort to attract 25-35 year olds as well as women. Domestically, the bulk of their business comes from drive-thru orders, however, in the UK their urban locations attracted a broader demographic, including teens and families.

What are the strengths and weaknesses of the company? Taco Bell is a well known brand that’s recognized globally. They’ve recently proved an ability to successfully co-brand menu items (for example their domestic partnership with Doritos) which could be employed abroad with popular brands in the target country. In addition, their success in the UK has shown they have the skills and experience needed to launch in a new market.

What is the current financial position? Taco Bell’s revenue is ~$11B and has been growing in the double digits recently. We would also want to look at same store sales to determine if revenue was growing solely due to expansion or if existing locations were also seeing an increase in business.

From this quick look, we see that Taco Bell is in a solid place financially and has a dominant position in the market. They’re experienced with new market entry as well.

Step 3: quantifying the opportunity

Now we want to determine if expanding into France will be financially attractive for Taco Bell.

What share of the market could be captured? Of the $50B fast food market, how much do we think Taco Bell can capture? At this stage, we would likely be given some additional information, such as the market share of the largest competitors. We find out McDonalds has a 10% market share and they’ve had to transform their product in order to be successful - focusing on a Cafe area and larger seating spaces. In this case, we might assume Taco Bell could eventually capture just 1% of the French fast food market, or $500M, as the cuisine isn’t nearly as popular

What would the main costs of entry be? The primary costs would include real estate, building the team, and doing market research to develop a menu tailored to local tastes. Marketing would also be a large cost to educate the French market about their brand and product.

What are the outstanding risks? The biggest risk for Taco Bell is there’s no product-market fit e.g. the French consumer doesn’t eat Mexican food. One way to mitigate this is to start with a very small footprint, just a couple locations, and put them in a densely populated area with a more diverse population.

Step 4: Developing a go-to-market plan

Finally, we would want to recommend a strategy for Taco Bell to enter France. In this case, growing organically makes the most sense as the brand is the major strength. Starting with a couple locations in Paris where there is lots of foot traffic and both locals and tourists makes sense. Additional market research would need to be done to determine which menu items should remain and what should be added to localize the flavor profiles.

You’re bound to get a market entry case during the interview process, so it’s a good idea to get familiar with this framework and the types of questions you’ll be looking to answer. Your interviewer will guide you through the process a bit in terms of the additional information they start to share, so you’ll see where to push more or less. Remember, these are real problems clients are looking for advice on, so it’s great practice in that regard as well!

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Strategies for Market Entry and Business Expansion

Expanding your business into new markets is a strategic move that can unlock global growth opportunities. In this comprehensive guide, we explore the strategies and tactics for successful market entry and business expansion. Whether you’re eyeing international markets or seeking to broaden your domestic reach, our insights will help you navigate this transformative journey.

Unlocking Global Growth

Introduction

Market Entry Strategies

Market entry is a critical phase in expanding your business. Consider these strategies:

• Exporting: Start by exporting your products or services to international markets. This low-risk strategy allows you to test the waters.
• Joint Ventures: Partner with local companies in the target market to share risks and leverage their expertise.
• Franchising: Expand through franchising, granting others the right to operate your business model in different locations.
• Mergers and Acquisitions: Acquire existing businesses in your target market to quickly gain a foothold and access their customer base.

Business Expansion Tactics

Once you’ve entered new markets, effective expansion tactics are essential:

• Adapt to Local Culture: Understand and respect local cultures, customs, and preferences to tailor your offerings accordingly.
• Invest in Marketing: Develop localized marketing strategies to reach and engage with your target audience effectively.
• Build Strategic Partnerships: Collaborate with local businesses, suppliers, and distributors to strengthen your presence.
• Continuous Innovation: Stay ahead by continually innovating your products or services to meet changing market demands.

Benefits of Global Growth

Expanding your business globally offers numerous advantages:

• Increased Revenue: Access new customer segments and revenue streams in untapped markets.
• Risk Diversification: Spreading your operations across multiple markets can mitigate risks associated with economic downturns in one region.
• Competitive Advantage: Gain a competitive edge by being a global player with a diversified portfolio.
• Brand Recognition: Enhance your brand’s recognition and reputation on a global scale.

Government Resources

Government websites provide valuable resources to aid in your market entry and business expansion efforts. Here are some reputable .gov resources:

• Explore the U.S. Commercial Service’s Export.gov for market research, export guides, and trade data.
• Access funding and support programs for expanding businesses from the U.S. Small Business Administration (SBA) .
• Learn about trade regulations and international trade agreements from the U.S. Department of Commerce .
• Discover export financing options and resources on the Export-Import Bank of the United States (EXIM) website.

Case Study: Global Expansion Success

Let’s explore a real-life case study of a company that successfully expanded globally:

In 2019, Company XYZ, a tech startup, sought to expand its software solutions into international markets. They:

• Conducted thorough market research using resources from Export.gov , identifying high-demand regions.
• Formed strategic partnerships with local IT firms to provide customized support and implementation services.
• Implemented a targeted marketing campaign, considering cultural nuances and preferences.
• Complied with trade regulations with guidance from the U.S. Department of Commerce .

Their efforts paid off. Within two years, Company XYZ established a strong global presence, with international markets contributing over 40% of their total revenue.

Market entry and business expansion are transformative steps that can lead to unprecedented global growth. By utilizing effective strategies, tactics, and government resources, you can navigate the complexities of expanding your business. Unlock new opportunities, diversify your revenue streams, and gain a competitive edge in the global marketplace.

Arthur Mansourian , who works out of the Beverly Hills office, has a 12-year track record as both a management consultant and investment banker. He played an instrumental role in making NMS Consulting a Top 10 Cybersecurity Company and a Top 50 Fastest Growing Company. Arthur holds the Certified Information Privacy Professional, United States (CIPP/US) certification from the International Association of Privacy Professionals (IAPP). His expertise lies in providing data privacy and cybersecurity consulting regarding protocols, data breaches, and practices in regard to GDPR, GDPR-K, CCPA, CPRA, HIPAA, SB 220, and other relevant regulations.

Aykut Cakir , Managing Director, Partner and Head of Turkey, has a demonstrated history in Negotiations, Business Planning, Business Development and as a Finance Director for gases & energy, pharmaceuticals, retail, FMCG, and automotive industries. Mr. Cakir has worked for major Fortune 500 companies such as Procter & Gamble, Roche Pharma Group, John Deere, and Linde Gas. He has twenty-eight years of experience in Operational Finance, Accounting and in General Management, with international business experience including in the USA, Europe, Middle East and Turkey.  Mr. Cakir holds a Bachelors degree in Finance and Economics from the University of North Carolina.

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Market Entry Case Studies - A Comprehensive Overview

Market entry cases are a recurring theme in the management consulting interview process.

This is because consultants will frequently deal with market entry when working on real projects – which in turn means they are likely to base interview case studies on recent market entry work.

Releasing new products and entering new markets is fundamental to growing any business over time. Thus, CEOs across all sectors will be consistently confronted with market-entry issues - many of which then prove complex enough to mean bringing in the consultants!

Whilst this article will aim to give you a clear overview of market-entry theory and methods , a fully exhaustive treatment is impossible here. For a comprehensive view of market-entry and related issues, your first stop should always be our MCC Academy course .

Market entry: definition

So, what exactly is market entry?

In very simple terms, it’s exactly what you would expect: the process by which a company enters a new market.

In practice, things are a bit more complicated. However, the fundamental principle that the company is getting itself into a novel situation remains. Market entry scenarios (and implicitly market entry cases) can be divided into the following broad categories:

Geographical scenarios: when a company is trying to introduce a product in a new geographical region. An example of this would be Red Bull moving into the US market.

Product diversification scenarios: when a company is introducing a new product to an existing market. The attempts by Xerox to sell computers to their customers is one such instance.

New customer segment scenarios: when a company targets a new segment of an existing market with its products. For example, if Old Spice made a fragrance for women.

Covert Market Entry Cases

As mentioned, because market entry cases are interconnected with growth, you might come across an ‘incognito’ market entry case, where a consideration of market entry is necessitated to solve the initial problem.

This means you might come across a question - such as “How can Heineken increase its revenues?” - which is not explicitly about market entry, but for which any one of the market entry scenarios could be applied.

Old fashioned market entry frameworks can be hard to adapt to these trickier “hybrid” cases.

This general problem where idealised frameworks encounter complex cases is why we at MCC always teach you how to structure your answers for yourself - so that you can logically break down the questions you are given and deal with any market entry aspects in a flexible manner to fit the particular scenario.

What to consider when thinking about market-entry?

A typical market entry case might sound like this:

Ecobank is a South African bank looking to expand by moving into the Congo? Should they do this?

So, how should we tackle it?

As always, the most important thing to remember is that each unique case requires its own unique approach, tailored specifically for the situation at hand .

However, there are a few elements that recur in most market-entry cases and that are helpful when tailoring our analysis. Thus, we need to consider:

• The Company
• Strategies to enter the market

We’ll give a brief primer on each of these three elements over the rest of the article.

1.The Market

The first step for a company in any market entry scenario is to understand the market it’s engaging with.

In the real world, businesses continuously engage in market research, using different techniques in order to appreciate their market context.

For an example of how this then applies in a market entry context, McKinsey recommends having a reference class of previous entrants to similar (and sometimes different) markets. By doing so, companies can analyze the results of this class of previous entrants and draw better conclusions regarding the potential outcome of their endeavor.

McKinsey give the Segway as a case of failed market entry that could have been prevented. The company failed to anticipate that Segways would be confined to running on pavements rather than roads. Ultimately, they sold only 6000 units in its first 21 months as opposed to the 10,000 per week they had predicted.

If the sellers had evaluated a reference class including not only vehicles such as automobiles, fuel cell cars, hydrogen cars, but also technologies that were dependent on infrastructure like high-definition television and telephones, then Segway’s market entry might have been more successful.

However, these studies take time and money, so companies have to consider carefully what areas to inquire into.

In the same way you, in your case interview, need to think through what questions you want to ask about the market.

An unstructured, “laundry list” approach, where you just ask whichever questions come to mind will most likely irritate the interviewer. In the real world you need to be efficient when gathering expensive-to-acquire data, so asking efficient questions in the interview will be strong evidence that you can do so when it matters as well.

1.1. Market size

The first thing to determine is the size of the market being targeted. In some interviews this might be given to you as an existing figure. However, you will often have to estimate market size (read in our article on estimation ).

For example, imagine a company producing confectionery wants to expand its ice-cream business into the city of Milan. Before it does so, it needs to evaluate the potential client base.

You might start by guessing the population of Milan and then dividing it into people who are lactose intolerant (and therefore cannot eat ice-cream) or people who do not like ice-cream and people who are not lactose intolerant and do like ice-cream. You can make the assumption that each category is about 50% of the total population (remember to sense-check later). One segmentation might look like this:

Of course, there will be more than one way to segment and you will have to determine which one is most appropriate for your case. In the example above, for instance, you could have opted for a segmentation based on the age of population. As discussed in our full-length article on segmentation , make sure always to use a MECE segmentation scheme.

1.1.1. The Market Cycle and Growth

Market size is seldom static. Once you have determined (or have been given) the market size, you will have to understand how it will change over time – that is, you need to determine the market growth rate .

For example, a tech company seeking to launch a new smartphone can calculate current global demand for handsets, but will also need to factor in likely future demand as consumers in developing economies become wealthy enough to afford to buy.

Typically, the interviewer will be able to provide you with information on market growth on request.

A market goes through several phases and usually, the further along in its life cycle it is, the less likely it will be for the company entering it to make profits.

Therefore, a market early in its life cycle presents more opportunities for entrants . For example, Apple registered huge revenues with its pioneering entry into the smartphone market.

Normally, a company should avoid entering a declining phase, as this means that consumer demand for a certain service or product is dwindling or new alternatives have rendered it obsolete.

However, fast-growing markets also experience severe shakeouts – which means that, after a period of massive expansion, one of consolidation generally follows. At this stage, bigger, stronger companies use their resources to acquire or get rid of weaker ones.

Additionally, the first mover’s advantage – that is entering a certain market before the competition does – will not always translate to higher profits .

Rather, there is a high chance that companies entering later will learn from the mistakes of the first movers. Later entrants will then leverage that negative experience into improving their product, which will likely lead to higher profits.

While Google’s position as the search engine might seem perennial, in fact it climbed to the top by learning the does and don’ts from pioneers like Altavista and Ask Jeeves.

1.2 Market dynamics

Economist Michael Porter argued that, to understand a market, you need to understand the various forces that can put pressure upon it and how they function. He divided these up into five forces:

• Buyers’ power
• Suppliers’ power
• Threat from substitutes
• Threat from new entrants
• Industry rivalry

Porter’s idea can be captured visually as follows:

Let’s look at what each of them means and how they interact with one another and the market as a whole.

1.2.1 Buyers’ power

The main things you need understand about buyers when entering a new market are:

How many there are

Whether the products they are purchasing are generally available (commodities) or unique

These factors are significant in establishing the influence that buyers can have on the market. As Porter explains, there are a few scenarios in which buyers’ power is high. These include:

When buyers purchase in bulk, their purchase power is concentrated . For example, large soft drinks manufacturers purchasing aluminum cans have the upper hand because they buy in bulk and can dictate the price.

When the products they purchase are not differentiated and therefore can be sourced from multiple suppliers. For example, in the steel industry, the product is virtually identical and can be bought from many manufacturers.

When the products purchased make up a high fraction of the cost of the buyers’ own product . Naturally, in this scenario, the buyer will be very conscious about the price, as it will impact their own pricing as well. For a car manufacturer, the more expensive the steel the car is made of, the more expensive the car. This will mean suppliers will have to keep prices low to attract any purchases in the first place.

1.2.2 Suppliers’ power

The same three factors are equally important when considering suppliers:

Their number

How big they are

Whether they are dealing in unique products or commodities

These also determine buyers’ power in the market. According to Porter, buyer’s power is high when:

There are only a few suppliers and they are concentrated . Again, the soft drinks market is a perfect example of how a few major players can dictate prices. Companies that bottle soft drinks have very little choice when determining their suppliers and must accept the price they dictate.

Suppliers offer a differentiated product and/or the switching costs to a different product are high . Where a school’s entire teaching infrastructure is built around Google Classroom, associated costs will make them reluctant to switch to a different product.

Suppliers are not forced to compete with other products. For instance, furniture manufacturers can choose whether to make tables out of steel or aluminum, which keeps in check the prices of companies producing each metal.

For a detailed analysis of the power of buyers and suppliers, check out the Marketing 101 and Strategy 101 sections of the MCC Academy .

1.2.3 Threat from substitutes

The existence of substitutes or alternatives to products will also determine the profitability of a market. The existence of one or more substitutes can cause the industry to plateau and eventually decline.

For example, cash is a potential substitute for credit cards but presents a low threat to the credit card industry since it is to be expected that technological advances will eventually render it obsolete.

However, mobile pay platforms such as PayPal and TransferWise might eventually cause credit card usage to decline and with it the industry.

1.2.4 Threat from new entrants

The potential entry of new players in the market can also lead to its destabilization.

For example, with the arrival of the iPhone, the mobile phone market had to re-prioritize to face the new threat. Nokia , an industry giant, then holding 51% of the market, failed to do so, nearly went bankrupt and was eventually acquired by Microsoft.

However, market destabilization is highly dependent on the type of industry and the barriers that are set in place for those wishing to enter . The size of these barriers determines whether new players will have a hard or an easy time on the market.

For example, the pharmaceutical industry is very profitable, but has a high barrier for entry in the form of regulatory practices. New medicines need to be tested thoroughly, in turn leading to long delays and high manufacturing costs.

Alternatively, the food market has relatively low barriers to enter, hence the constant emergence of new food trucks and delis.

Let's have a closer look at some of the main barriers to entry in a market, as identified by Porter:

      1.   Costs

Entry to certain markets is impeded by high initial costs , which may be difficult or impossible to recover. These take the form of capital expenditure for new facilities, R&D and advertising, but also come from coming up against economies of scale .

In other words, incumbent companies might have concentrated so many resources (in production, research, marketing etc.) that they will be able to produce at minimal cost.

Additionally, companies new to a market may incur other costs related to a steep learning curve, which incumbents will not.

An example of a market with high-cost entry barriers is the computer manufacturing industry, where the costs or research and development are very high.

2. Branding

In certain industries, market entry will be made difficult by  brand loyalty , where new companies will have to incur significant costs to overcome the inertia of customer loyalty.

In the soft drinks world, players like Pepsi and Coca-Cola dominate the market and have well established brands. Market entrants will need to differentiate their product in some way – such as Dr Pepper’s emphasis on its unique flavor.

3. Access to distribution channels

New companies will need access to means of distribution, which can prove difficult if competitors monopolize them.

The only way out in some situations would be for the new entrant to create its own distribution network , which may prove very costly and negate potential profits.

Timex is an example of a company which met with such high distribution costs that it had to develop its own network.

4. Government regulations

Governments may restrict access in the case of certain markets by requiring licensing (such as in the alcohol industry) or limiting access to raw materials.

Legislation can also indirectly deter market entrants through environmental legislation or safety regulations, as we saw above for the pharmaceutical industry.

1.2.5 Industry rivalry

One of the most important things to understand when considering market-entry is potential competition and degree of market fragmentation.

There two paradigm kinds of market are:

Fragmented markets

Concentrated markets

Fragmented market

In a fragmented market, there are many players and each controls a small portion of the market . Typically, barriers for entry are low and the market is very competitive if players don’t differentiate between their products.

The retail clothing market is a good example of a fragmented market. There are many brands, with none really having monopoly of the market and offering similar types of apparel, which sparks competition. Raw materials are also easy to source and available from many sellers.

Below is a pie-chart showing a hypothetical fragmented market:

Concentrated market

In a concentrated market, there are few players controlling most of the market , usually with high barriers for entry . Players might engage in price wars or, alternatively, try to control a specific segment of the market. The soft drink market is a good example here again.

Here’s what concentrated markets typically look like:

It is important to understand what competitors do well and what they specialize in, since you will have to analyze them in comparison to your client’s company.

A good idea is also to look at what share of the market your competitors control, so that you have a realistic idea of what market share your company can hope to gain.

1.3 Customers

Customers are possibly the most important factor when considering market-entry, since they are at the center of most of company strategies.

You should get a good grasp of who the customers are in the proposed market, how they behave and what  they look for.

This crucial information will then be used in conjunction with information you have about the company to determine whether the market is a good fit (see below).

You will likely also need to segment the market appropriately to determine where the company should operate, given its strengths and weaknesses.

For example, if your client is a domestic European airline known for low prices seeking to expand operations to service North American routes, you will most likely target customers looking to travel on a budget.

2. The Company

As a consultant, after you've understood what kind of market you’re dealing with, you must turn your attention to the client. There are three aspects you should consider:

Company profile

Essentially you want to understand the company’s brand , what it’s good at and how it’s perceived by customers.

For example, Coca-Cola is a top player in the soft drinks industry, with extensive experience producing and selling soft drinks. Its very strong brand image means customers generally consider it to be number one fizzy drink.

The value proposition

Here, you will want to determine what value the company needs to bring in order to enter its proposed market, as well as what skills are necessary to enter it and whether the company possess them.

Then you will want to determine whether the company’s brand and values are in line with those of its targeted consumers .

For example, a new energy drink company might struggle in targeting the Californian market, where a large fraction of consumers are very health conscious.

Similarly, Starbucks failed to penetrate the Australian market because, for Australians, Starbucks' offerings were simply too expensive. Furthermore, customers had a strong preference for smaller, local alternatives.

Capabilities and targets

Crucial here is what the company’s objective is and whether it would be able to compete in the proposed market. Would the costs of entering the market still allow for profitability?

Say a new soft drinks company wants to enter the global market and sets a market penetration target of 20% in the first year. However, the top two companies in the industry each hold close to that percentage of the market. This clearly wouldn’t be a realistic objective.

Here, information about previous attempts to enter the market from companies with similar profiles would be useful for comparison. Again, the interviewer can provide this information.

3.Strategies to enter

If, after evaluating these two main criteria, you decide that market entry is the right thing to do, you then need to consider your entry options.

There are three main possibilities:

Enter the market organically

Merge with, acquire or conduct a joint venture with another company already in the market

Enter through a distributor

Let’s have a look at the pros and cons of each of these systematically – just like consultant!

Organic entry

Pros : Although this means that you will enter the market without any prior contact with it, you will be in complete control over the strategy you formulate and how the company operates.

Cons : Organic entry will require significant capital expenditure – you need to make sure that your company has the capabilities (financial and otherwise) necessary for this effort. It will also be much slower than the other two options.

Uber launching on the Chinese market is an example of such organic entry.

Pros : The advantages of acquiring an existing player in the market would be that the company still retains control and it is a fast way of penetrating the market. The situation would be similar in the case of a merger, although control would be more equivocal. A joint venture would also be a quick route to entry, entailing even lower costs.

Cons : The disadvantage of a merger or acquisition would be the potentially high costs of the process, as well as the ability to fully integrate the two companies and take advantage of any synergies between them. In the case of a joint venture, the main disadvantage would be the possibility that the two companies will not see eye to eye on strategy and operations and therefore will not work well together.

Many law firms choose the M&A route to gain quick access to markets by partnering with local firms.

Selling through a distributor

Pros : If you decide to sell through a distributor you will reduce costs whilst accessing the distributor’s existing network and connections.

Cons : You will have very little direct control over strategy and operations and there will be less opportunity for you to prioritize your product if the distributor is acting on behalf of more than one company.

For example, Apple chose to use IStyle as a distributor to enter the Romanian market rather than build its own distribution chain from scratch.

Formulating a strategy

Once you’ve decided that your company needs to go through with market-entry and have decided which option to go with, you will need to determine your actual strategy.

Bear in mind that, depending on which of the three options you choose, there will be more or less scope to implement this strategy. For now, let’s assume that you’ve decided to enter the market organically.

Three key things you’ll have to consider when devising an actual marketing strategy are:

Segmentation

Positioning.

This means you’ll start off by breaking up the population of a target market into consumer groups. This can be done in several ways, such as:

Demographics

For example, Starbucks, trying to enter the Italian market, might divide the population as follows:

In this case, we have opted for a need-based segmentation that will allow you to take the next step, which is target your customer group.

There are several elements to consider here:

Size – is the segment we want to target big enough and will it generate the revenue that the company is looking for?

Profitability – how profitable is the targeted segment?

Growth – is the segment of the market chosen growing or shrinking?

Fit – does the segment fit with what the company offers and its strengths?

A company could, of course, choose to cater to the entire market but this would be difficult and generally undesirable . Think of Nokia again, who couldn’t figure out what its customer base was after the emergence of smartphones and got ‘stuck in the middle’, trying to do everything and eventually losing its position.

Let’s say Starbucks has decided to target the segment of regular drinkers since, it’s both the most profitable (pretty much everyone in Italy frequently drinks coffee) and fastest growing.

Taking all these factors into consideration and learning from its mistakes in Australia, Starbucks has decided it can’t compete with local coffee shops in price and wants to instead position itself as a premium coffee seller. As such, it will further target the high-revenue consumers (who make over 35k a year) who drink coffee regularly – primarily time poor business people who will benefit most from Starbucks' fast, quality service.

This article is a great primer, and gives you a solid introduction into to the key ideas around market entry theory. As such, it should be immediately useful when practicing market-entry case studies.

However, if you want to perform in top level interviews, you are going to need more detailed knowledge and to learn how to apply it. In particular, you will have to deal with more complex cases, where market entry overlaps with other concerns.

This is where generic frameworks fail most notably. They might (perhaps) cover simple, idealized cases, but real-life scenarios are never so clear cut – and navigating this complexity is how consultants earn their fees! So, in order to cope with tough questions in interviews for top firms, you need to be able to cope with realistically complex, unique cases.

Learning How

The MCC Academy is your ideal tool here! It is a structured course that will provide you with all the detailed knowledge you need in order to solve these more demanding cases, including business fundamentals in its Case Interview Foundation and Building Blocks sections.

You will also need to practice seriously to form the mental muscle memory necessary to quickly structure and solve cases. Our extensive case library and meeting board give you the opportunity to practice both individually and with other applicants.

Work with the Pros

However, while practicing with peers is useful, there’s only so far you can get when neither of you has any real consulting experience.

The best way to practice is with a real consultant, and our coaching program provides you with a way to do just that! It is designed to give the best possible interview preparation and feedback by MBB consultants with at least two years of experience in the field.

All of this prep that’s required might seem like a lot to take in – especially if you are working or studying at the same time. Fear not, though! Our comprehensive mentoring program will streamline everything for you!

It is the full package, making most efficient use of your time by having an MBB consultant plan and oversee your entire prep–from planning your CV and cover letter to learning business fundamentals, through to final case practice.

Candidates who sign up to our free services are 3 times more likely to land a job in one of their target firms . How?

• We teach how to solve cases like consultants , not through frameworks
• Our Meeting Board lets you practice with peers on 100+ realistic, interactive cases.
• Our AI mentor creates a personalised study roadmap to give you direction.
• All the advice you need on resume, cover letter and networking.

We believe in fostering talent, that’s why all of the above is free .

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Case study: Data-driven decision-making in building a market expansion strategy

In today’s ever-evolving business landscape, expanding into new markets is considered a strategic decision imperative for growth-oriented organizations. By leveraging extensive yet tailored research techniques, founders can gain valuable insights to inform their market expansion strategies, minimize uncertainties and maximize their chances of success. 

This case study explores a real-life example, highlighting the power of data-driven decision-making in building a market expansion strategy.

The research process: Determining success factors, scorecard ranking and conducting qualitative analysis

First, there’s no one-size-fits-all solution to market expansion. However, the process starts with understanding the target market to determine the best fit. 

1. Determining success factors and assigning weightings to each factor

Deciding on the right success factors forms the bedrock of assessing the potential market’s viability and opportunity. These factors refer to parameters that can affect the success of the product or service in any market and vary based on the company’s value proposition, key differentiators and target customer segment. 

Once decided, these factors are weighted in percentage based on their possible impact on product performance in the new market. For instance, in highly regulated industries such as financial services and healthcare, different countries’ regulations would impact successful expansion, hence the regulatory landscape would have a higher weighting. 

With Asset Direct, the MaRS MI team agreed on four main factors: 

• Fintech landscape: An overview of Fintech innovation and adoption in proposed markets, considering the number of Fintechs and their growth rate
• Customer profile: Characteristics that define Asset Direct’s ideal customer persona, such as smartphone adoption
• Country’s macroeconomics: Understanding macroeconomic factors that could impact adoption in the proposed market, such as ease of doing business
• Regulatory landscape: Researching relevant regulations and policies that impact Asset Direct’s activities

2. Scorecard approach

Scorecards are valuable tools for ranking the performance of the intended markets based on predetermined success factors. They have use cases in several comparative analyses and are helpful in making data-driven decisions. 

The scorecard approach involves ranking the countries based on the subcategories per success factor on a scale (e.g., 1 to 5, with 1 being the least and 5 being the highest). The subcategories are summarized and averaged, multiplied by the previously assigned percentage weightings and summed up to 1.0 or 100% for each proposed market. The markets are then ranked to determine the top considerations. 

3. Qualitative analysis

The previous step focused on quantitative data. However, new markets must also be assessed on qualitative features that make them the best fit. 

For example, qualitative indicators such as willingness to implement open banking or the population’s overall attitude to financial services and technology emerged as key differentiating factors for the winning market based on our analysis. Qualitative data can be acquired through primary (e.g., direct interviews or surveys with potential market stakeholders) or secondary (e.g., existing reports and analysis on the market) sources. 

Summary and Asset Direct’s feedback  

A culmination of these steps can provide data-driven insights when deciding what markets to explore. These insights can be tested and validated as companies seek to expand into new markets. They help design a well-aligned expansion strategy that uniquely caters to the preferred market, mitigates risks and unlocks growth potential. 

Client feedback:

This case study underscores the importance of understanding the market landscape, determining and ranking success factors, and identifying risks and opportunities through quantitative and qualitative research to decide on new market potential. As companies navigate the complexities of expansion, leveraging data-driven insights will be key to unlocking new growth frontiers and ensuring a competitive edge in the global marketplace.

Learn more about Asset Direct’s experience in expanding their offerings into new geographical markets from our AMA session with Adam Rice: Overcoming Barriers: A Conversation on Scaling Globally and our International expansion playbook: How to plan for successful global expansion.

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Exploring Market Expansion: Entering New Geographical Areas

14 Min read

Published on: August 12, 2023

Market expansion is a critical strategy for business growth, allowing companies to tap into new customer segments and increase their overall profitability. In this article, we will explore the various aspects of market expansion, from understanding its definition to identifying potential new geographical areas and analyzing the different entry strategies. We will also discuss the challenges that businesses may encounter during the expansion process and highlight some successful case studies. Finally, we will examine future trends in market expansion, considering the role of digital technology and the impact of globalization.

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Understanding market expansion.

Market expansion refers to the strategic initiative taken by businesses to enter new geographical areas to reach untapped markets and attract new customers. This expansion can be achieved through various means, such as opening new physical stores, establishing an online presence in different regions, or partnering with local businesses.

When a company decides to expand its market, it embarks on a journey of exploration and growth. It carefully analyzes the potential of new geographical areas, identifying the needs and preferences of the local population. By understanding the unique characteristics of each market, businesses can tailor their strategies to effectively penetrate and capture the attention of the target audience.

Entering new markets can be a daunting task, as it requires a deep understanding of the local culture, language, and business practices. Companies often invest in extensive market research to gain insights into consumer behavior, competition, and regulatory frameworks. Armed with this knowledge, they can develop comprehensive expansion plans that align with the specific needs and expectations of the new market.

Definition of Market Expansion

Market expansion can be defined as the process of expanding a company's operations, products, or services into new geographical areas where the company previously had little or no presence. The objective is to increase the customer base and generate additional revenue streams.

Expanding into new markets requires careful strategic planning and execution. Companies need to consider factors such as market size, growth potential, competitive landscape, and infrastructure availability. By evaluating these aspects, businesses can determine the feasibility and profitability of expanding into a particular market.

Market expansion is not limited to physical presence only. In today's digital age, companies can leverage technology to establish an online footprint in new geographical areas. This allows them to reach customers beyond borders, breaking down barriers of distance and time. With e-commerce platforms and digital marketing strategies, businesses can create virtual storefronts that cater to the needs of diverse customer segments in different regions.

Importance of Market Expansion for Business Growth

Market expansion is vital for maintaining business growth and remaining competitive in the ever-evolving global marketplace. By entering new geographical areas, businesses can reduce their dependence on existing markets, minimize risks associated with market saturation, and seize opportunities for revenue diversification.

Expanding into new markets brings several benefits for businesses. Firstly, it allows them to tap into new customer segments, increasing their customer base and potential revenue streams. This not only boosts short-term profitability but also establishes a foundation for long-term growth and sustainability.

Furthermore, market expansion enables businesses to mitigate risks associated with market saturation. In highly competitive markets, where customer demand reaches a plateau, expanding into new regions provides a fresh opportunity for growth. By diversifying their customer base, companies can safeguard themselves against fluctuations in demand and economic downturns.

Moreover, entering new markets can lead to innovation and the development of new products or services. As businesses adapt to the unique needs and preferences of different regions, they may uncover untapped market niches and identify gaps in the existing offerings. This can spur creativity and drive the creation of innovative solutions that cater to the specific requirements of diverse customer segments.

In conclusion, market expansion is a strategic endeavor that allows businesses to grow, diversify, and remain competitive. By venturing into new geographical areas, companies can tap into untapped markets, attract new customers, and generate additional revenue streams. Whether through physical expansion, online presence, or partnerships, market expansion opens doors to new opportunities and ensures the long-term sustainability of businesses in an ever-changing global marketplace.

Identifying Potential New Geographical Areas

Expanding into new geographical areas is an important strategic move for businesses looking to grow and increase their market reach. However, before venturing into uncharted territories, thorough research is crucial to identify promising locations with potential for success. This involves considering a variety of factors that can impact the business's operations and growth prospects.

Researching Emerging Markets

One effective approach to identifying potential new geographical areas is by researching emerging markets. These markets are characterized by growing economies, rising consumer purchasing power, and untapped market potential. By entering emerging markets, businesses can gain a strong foothold early on and capitalize on future growth prospects.

When researching emerging markets, businesses should consider various aspects. Firstly, they need to analyze the economic stability of the country or region. A stable economy provides a favorable environment for business growth and reduces the risk of sudden downturns. Additionally, understanding cultural compatibility is crucial. Adapting to local customs, traditions, and preferences is essential for businesses to establish trust and build long-term relationships with customers.

Furthermore, it is important to evaluate the regulatory environment of the potential new geographical area. Understanding the local laws, regulations, and business practices is crucial to ensure compliance and avoid any legal issues. This includes studying taxation policies, import/export regulations, labor laws, and intellectual property rights protection.

Evaluating Market Saturation in Existing Areas

Another aspect to consider when identifying potential new geographical areas is evaluating the level of market saturation in existing areas. If a company's current market is highly saturated, expanding into new areas becomes more favorable as it enables the company to tap into fresh customer segments and reduce competition.

When evaluating market saturation, businesses should conduct a comprehensive analysis of their current customer base and competitors. This involves examining the demographics, preferences, and purchasing behaviors of existing customers to identify potential gaps in the market. By understanding the unmet needs of customers, businesses can tailor their expansion strategy to target these specific segments.

Moreover, analyzing the competitive landscape is crucial. Identifying the key players in the industry and their market share can provide valuable insights into the level of competition. Expanding into new geographical areas with less competition can give businesses a competitive advantage and increase their chances of success.

In conclusion, identifying potential new geographical areas requires careful research and analysis. By researching emerging markets and evaluating market saturation in existing areas, businesses can make informed decisions and strategically expand their operations. Considering factors such as market potential, economic stability, cultural compatibility, and regulatory environment will contribute to the success of the expansion efforts.

Analyzing Market Entry Strategies

Once potential new geographical areas are identified, businesses must analyze different market entry strategies to determine the most suitable approach for their expansion efforts. This crucial step requires careful consideration of various factors, including market conditions, competition, cultural differences, and legal requirements.

One of the most common market entry strategies is direct exporting. This approach involves selling products or services directly to customers in the target market. However, it is not as simple as it sounds. Businesses must establish physical distribution channels, which may involve building warehouses, setting up distribution centers, or partnering with local logistics providers. Additionally, they must comply with local regulations and adapt their marketing and sales strategies to meet the preferences and needs of the local customers. This may include translating marketing materials, adjusting pricing strategies, and tailoring product packaging to align with cultural norms.

Licensing and franchising are also popular market entry strategies that businesses often consider. These strategies allow companies to enter new geographical areas through partnerships with local entities. Licensing involves granting the rights to use intellectual property, such as trademarks, patents, or copyrights, to a local partner. In return, the local partner pays royalties or licensing fees to the company. Franchising, on the other hand, involves granting the rights to operate a specific business model and use a recognized brand name to a local partner. This strategy not only allows businesses to expand their brand presence but also generates a steady stream of royalty income. However, businesses must carefully select their licensing or franchising partners to ensure they have the necessary expertise and resources to successfully operate the business.

Another market entry strategy that businesses often explore is forming joint ventures or strategic alliances with local companies. This approach allows companies to share resources, knowledge, and risks while benefiting from the local market insights and networks of their partners. Joint ventures involve establishing a separate legal entity with the local partner, while strategic alliances involve a less formal partnership. In both cases, businesses can leverage the local expertise and market understanding of their partners to navigate the complexities of the new geographical area. However, it is important to establish clear agreements and expectations to ensure a successful and mutually beneficial partnership.

When analyzing market entry strategies, businesses must carefully evaluate the advantages and disadvantages of each approach. Factors such as market size, competition intensity, cultural fit, legal and regulatory requirements, and the availability of local partners all play a crucial role in determining the most suitable strategy. Additionally, businesses must consider the long-term sustainability and scalability of their chosen approach to ensure a successful expansion into new geographical areas.

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Overcoming Challenges in Market Expansion

Expanding into new geographical areas presents various challenges that businesses must overcome to ensure successful market entry and sustained growth.

When it comes to market expansion, one of the major challenges that businesses face is dealing with cultural differences and language barriers. Companies need to invest in cultural sensitivity training to understand the customs, traditions, and values of the target market. By doing so, they can tailor their products or services to meet the specific needs and preferences of local consumers.

Language barriers can also pose a significant obstacle to market expansion. To overcome this challenge, companies should consider localizing their products or services by translating them into the native language of the target market. This not only helps in effective communication but also creates a sense of trust and familiarity among local consumers.

Furthermore, hiring local talent who understand the target market's culture and language can greatly contribute to the success of market expansion. These individuals can serve as valuable resources in bridging the gap between the company and the local consumers, ensuring that the business strategies align with the cultural norms and preferences of the target market.

Legal and Regulatory Hurdles

Every country has its own legal and regulatory framework that businesses must navigate when expanding into new geographical areas. Compliance with local laws, obtaining necessary permits and licenses, and understanding import/export regulations are crucial for a smooth market entry process.

When expanding into new markets, businesses must conduct thorough research to understand the legal and regulatory requirements of the target country. This includes identifying any specific industry regulations, tax obligations, and intellectual property laws that may affect business operations. By proactively addressing these legal and regulatory hurdles, companies can avoid potential legal disputes and ensure a seamless market entry process.

Economic and Political Instability

Economic and political instability in new geographical areas can pose significant challenges for businesses. Fluctuating currencies, inflation, political unrest, and policy changes can impact a company's profitability and operational efficiency.

Before expanding into a new market, businesses need to carefully assess the stability of the potential target market. This includes analyzing the country's economic indicators, such as GDP growth, inflation rates, and exchange rates. Additionally, evaluating the political landscape and understanding any potential risks or uncertainties is crucial in making informed business decisions.

To mitigate the risks associated with economic and political instability, companies can implement effective risk management strategies. This may include diversifying their investments, hedging currency risks, and establishing contingency plans to adapt to unforeseen circumstances.

In conclusion, market expansion comes with its fair share of challenges. By addressing cultural differences and language barriers, navigating legal and regulatory hurdles, and mitigating the risks of economic and political instability, businesses can increase their chances of successful market entry and sustained growth.

Case Studies of Successful Market Expansion

Examining successful case studies can provide valuable insights into the strategies and practices that lead to successful market expansion. These case studies offer a glimpse into the intricate processes and decisions that companies make when venturing into new markets, showcasing their ability to adapt, innovate, and capture the attention of consumers.

Starbucks in China

One notable case study is the success of Starbucks in China. Starbucks, a renowned coffeehouse chain originating from the United States, embarked on a journey to conquer the vast and diverse market of China. With a population of over 1.4 billion people and a rich tea-drinking culture, China posed both incredible opportunities and challenges for Starbucks.

Recognizing the need to adapt to local preferences, Starbucks underwent careful localization efforts to suit Chinese tastes. They introduced a variety of teas and tea-based beverages alongside their traditional coffee offerings. This strategic move allowed Starbucks to cater to the Chinese palate and establish itself as a preferred coffee brand for many Chinese consumers.

Moreover, Starbucks went beyond product adaptation and focused on creating a unique store experience that resonated with Chinese consumers. They incorporated elements of Chinese culture into their store designs, such as traditional Chinese artwork and architectural influences. This attention to detail created a sense of familiarity and comfort for customers, making Starbucks a popular destination for social gatherings and business meetings.

Starbucks also prioritized its digital presence in China, leveraging the country's mobile-first culture. They partnered with popular Chinese mobile payment platforms, such as WeChat Pay and Alipay, to offer seamless and convenient payment options. This integration not only enhanced the customer experience but also allowed Starbucks to gather valuable data and insights into consumer behavior.

Through a combination of localized menu offerings, culturally immersive store designs, and digital innovation, Starbucks successfully entered the Chinese market and established a strong presence. Today, China is one of Starbucks' largest and fastest-growing markets, showcasing the power of strategic market expansion.

Uber's Global Expansion

Another compelling case study is the global expansion of Uber. Uber, a technology-driven transportation company, disrupted the traditional taxi industry with its innovative ride-hailing platform. From its humble beginnings in San Francisco, Uber quickly recognized the potential for global expansion and embarked on a journey to revolutionize the transportation industry worldwide.

One of the key factors contributing to Uber's successful global expansion was its ability to leverage technology. By harnessing the power of mobile applications and GPS tracking, Uber created a seamless and user-friendly platform that connected riders with drivers. This technological advantage allowed Uber to enter new markets with ease, providing a convenient alternative to traditional taxi services.

However, Uber's global expansion was not without challenges. Each country presented unique regulatory hurdles that Uber had to overcome. From navigating licensing requirements to addressing concerns about passenger safety and driver background checks, Uber had to adapt its business model to meet local regulations. This flexibility and willingness to work with regulatory authorities played a crucial role in Uber's ability to expand rapidly into numerous countries.

Furthermore, Uber recognized the importance of understanding local cultures and preferences. They tailored their services and marketing strategies to resonate with each market's unique characteristics. For example, in India, where cash transactions were prevalent, Uber introduced a cash payment option to cater to local preferences. These localized efforts allowed Uber to establish a strong foothold in diverse markets around the world.

Uber's global expansion not only transformed the transportation industry but also showcased the power of innovation and adaptability. By embracing technology, overcoming regulatory challenges, and tailoring its services to local markets, Uber successfully expanded its operations to become a household name in many countries.

Future Trends in Market Expansion

As businesses continue to explore new geographical areas, they must adapt to future trends that will shape market expansion strategies.

The Role of Digital Technology in Market Expansion

Digital technology plays a crucial role in market expansion, enabling businesses to reach global audiences through e-commerce platforms, social media, and online advertising. Embracing digital transformation can significantly enhance companies' capabilities and competitiveness in new geographical areas.

The Impact of Globalization on Market Expansion

Globalization has made the world more interconnected than ever before, presenting both opportunities and challenges for market expansion. Companies must navigate increased competition, diverse customer preferences, and changing trade policies to successfully expand into new geographical areas.

In conclusion, market expansion is a strategic business approach for entering new geographical areas to tap into untapped markets and generate additional revenue streams. It involves understanding market expansion, identifying potential new geographical areas, analyzing market entry strategies, and overcoming challenges. By examining successful case studies and adapting to future trends, businesses can successfully explore market expansion and unlock new growth opportunities.

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What is the Ansoff Matrix?

Understanding the ansoff matrix, market penetration, market development, product development, diversification, ansoff matrix and financial analysis, related readings, ansoff matrix.

The Product/Market Expansion Grid

The Ansoff Matrix, often called the Product/Market Expansion Grid, is a two-by-two framework used by management teams and the analyst community to help plan and evaluate growth initiatives. In particular, the tool helps stakeholders conceptualize the level of risk associated with different growth strategies.

The matrix was developed by applied mathematician and business manager H. Igor Ansoff and was published in the Harvard Business Review in 1957. The Ansoff Matrix is often used in conjunction with other business and industry analysis tools, such as the PESTEL, SWOT, and Porter’s 5 Forces frameworks, to support more robust assessments of drivers of business growth.

The Ansoff Matrix is a fundamental framework taught by business schools worldwide. It is a simple and intuitive way to visualize the levers a management team can pull when considering growth opportunities. It features Products on the X-axis and Markets on the Y-axis.

The concept of markets within the Ansoff framework can mean different things. For example, it could be a jurisdiction or geography (i.e., the North American market ); it could also mean customer segments (i.e., target market /demographic).

The Matrix is used to evaluate the relative attractiveness of growth strategies that leverage both existing products and markets vs. new ones, as well as the level of risk associated with each.

Each box of the Matrix corresponds to a specific growth strategy . They are:

• Market Penetration – The concept of increasing sales of existing products into an existing market
• Market Development – Focuses on selling existing products into new markets
• Product Development – Focuses on introducing new products to an existing market
• Diversification – The concept of entering a new market with altogether new products

The least risky, in relative terms, is market penetration.

When employing a market penetration strategy, management seeks to sell more of its existing products into markets that they’re familiar with and where they have existing relationships. Typical execution strategies include:

• Increasing marketing efforts or streamlining distribution processes
• Decreasing prices to attract new customers within the market segment
• Acquiring a competitor in the same market

Consider a consumer packaged goods business that sells into grocery chains. Management may seek greater penetration by amending pricing for a large chain in order to secure incremental shelf space not just for packaged food products but also for several lines of its pet food products, too.

A market development strategy is the next least risky because it does not require significant investment in R&D or product development. Rather, it allows a management team to leverage existing products and take them to a different market. Approaches include:

• Catering to a different customer segment or target demographic
• Entering a new domestic market (regional expansion)
• Entering into a foreign market (international expansion)

An example is Lululemon; management made a decision to aggressively expand into the Asia Pacific market to sell its already very popular athleisure products. While building an advertising and logistics infrastructure in a foreign market inherently presents risks, it’s made less risky by virtue of the fact that they’re selling a product with a proven roadmap.

A business that firmly has the ears of a particular market or target audience may look to expand its share of wallet from that customer base. Think of it as a play on brand loyalty, which may be achieved in a variety of ways, including:

• Investing in R&D to develop an altogether new product(s).
• Acquiring the rights to produce and sell another firm’s product(s).
• Creating a new offering by branding a white-label product that’s actually produced by a third party.

An example might be a beauty brand that produces and sells hair care products that are popular among women aged 28-35. In an effort to capitalize on the brand’s popularity and loyalty with this demographic, they invest heavily in the production of a new line of hair care products, hoping that the existing target market will adopt it.

In relative terms, a diversification strategy is generally the highest risk endeavor; after all, both product development and market development are required. While it is the highest risk strategy, it can reap huge rewards – either by achieving altogether new revenue opportunities or by reducing a firm’s reliance on a single product/market fit (for whatever reason).

There are generally two types of diversification strategies that a management team might consider:

1. Related Diversification – Where there are potential synergies that can be realized between the existing business and the new product/market.

An example is a producer of leather shoes that decides to produce leather car seats. There are almost certainly synergies to be had in sourcing raw materials, although the product itself and the production process will require considerable investment in R&D and production.

2. Unrelated Diversification – Where it’s unlikely that any real synergies will be realized between the existing business and the new product/market.

Let’s work on the leather shoe producer example again. Consider if management wanted to reduce its overall reliance on the (highly cyclical) consumer discretionary high-end shoe business, they might invest heavily in a consumer packaged goods product in order to diversify.

It’s a common misconception that financial analysis is exclusively a quantitative exercise. And while it’s true that analysts must know how to make sense of assets and liabilities, dig through 10K filings, and build financial models, it’s also imperative that they understand the drivers of business growth, as these will inform a wide range of model assumptions.

The ability to translate qualitative findings from a SWOT or PESTEL analysis, an Ansoff Matrix, or a Porter’s 5 Forces framework into model assumptions is what sets world-class analysts apart from everyone else.

High-quality due diligence includes the ability to effectively model growth drivers, as these can have a profound impact on valuation estimates and important credit metrics.

Thank you for reading CFI’s guide to the Ansoff Matrix. To keep learning and developing your knowledge base, please explore the additional relevant resources below:

• FREE Analyzing Growth Drivers & Business Risks Course
• PESTEL Analysis
• SWOT Analysis
• Porter’s 5 Forces 
• FREE Assessing Drivers of Business Growth Course
• See all management & strategy resources
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Mastering the Market Entry Framework for Case Interviews

Table of contents.

Consulting firms use a special type of interview, called a case interview , to test whether candidates have the skills to understand and solve real business problems.

One common example of a case interview question is a market entry question. And this covers both launching new products and entering new geographies, so it’s considered one of the most challenging types of case interview questions.

In this article, we will teach you how to recognize and ace market entry case interview questions. And you can also check out our guide to profitability case interview questions too.

Overview of the market entry framework

What is a case interview framework.

A framework is a template that can be applied to break down and solve case study questions. It aids candidates by giving them a clear approach to resolving the case question they are given. 

However, frameworks are just a starting point. They should be customized according to your own thinking and understanding of the case question.

What is the market entry framework?

Market entry framework is a tool to assess and evaluate the viability of entering a new market for a company, this could be the development of a new product or entry into a new geography.

There are 2 main types of market entry cases:

• Geographic Entry : These types of cases ask the candidate to evaluate whether a company should venture into a new geography. For example, standard expansion, joint ventures, mergers, and acquisitions. For example, Lyft might want to venture into Europe or Amazon might want to expand its business into Asia by purchasing a local distributor.
• Product Entry: These types of cases ask the candidate to evaluate whether a company should diversify its product range or launch a new product line. For example, Pepsi Co might be looking to expand into the alcoholic beverages market or Tesla might be looking to expand into the airline industry.

How to apply the market entry framework

There are four steps to apply to the market entry framework in a case interview, including:

• Desirability: Do we want to enter the market?
• Feasibility : Do we have the right people, processes, and technology to enter the market?
• Viability : Can we make the market entry business case work?
• Execution plan : How do we enter the market?

Step 1. Assess the target market (desirability)

The first step is to assess if you should be entering the new market. You should ask questions like:

• How big is the revenue opportunity?
• Is the target market growing and how quickly?
• Are there desirable customer demographics in the target market?
• What is the competitive landscape in the target market?
• What stage of the industry lifecycle is the market in?
• What share of the market can we reasonably expect to capture?

Step 2. Evaluate internal capabilities (feasibility)

The second step is understanding whether our company has the internal capabilities to enter the market successfully. You should ask questions like:

• Are our current product offerings / new product offerings suitable for the target market?
• Do we have an appropriate organizational structure and operating model for the target market?
• Do we have sufficiently robust processes to scale up successfully?

Step 3. Analyze investment case (viability)

The third step is determining whether it makes economic sense to enter the new market. You should ask questions like:

• What are the estimated costs and revenue of entering the new market?
• What is the forecast payback period for any investment?
• What is the expected ROI of entering the new market?
• What are the main risks? (e.g. technological, legal, etc)

Step 4. Build an execution plan

Once you have identified and shared key considerations for market entry to your interviewer, they will often ask you how the company should enter the market.

To answer this accurately, you need to build an execution plan.

The execution plan requires you to synthesize all the information you have gathered so far and make recommendations as to how the company should enter the market.

The key questions you should answer in your execution plan include:

• How should you expand into the new market? In the case of a product expansion question, this is build vs partner vs license. And in the case of a geographic expansion question, this is expand organically (greenfield) vs enter a joint venture vs partner vs acquire a competitor.
• What is the timeline? Propose a timeline for entering the market based on the market and competitive dynamics.

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Example market entry case interview questions

Example 1: grocery chain.

A grocery chain in New England is considering offering an Internet delivery service (i.e., groceries can be ordered via the Internet and delivered directly to your home). Including the client, there are three main grocery chains in the area. One of them has already entered the Internet market. The only other grocery store currently offering Internet delivery service in the U.S. is a Midwest store.

Should the client enter this market? If so, what issues would they face? If not, how should they protect their market share?

Example 2: Corn feed company

A corn feed company has eight manufacturing plants located in the Midwest. These plants service the entire United States. Their plant in Ohio is in need of refurbishing. The company has four possible options:

• Refurbish the existing plant
• Build a larger plant at the current location
• Build a similar size plant at a new location
• Build a larger plant at a new location

Which is the best option for this plant?

Example 3: Gas manufacturer

Your client is a gas manufacturer. Currently, the client owns and operates its gas plants nationwide. They have hired you to investigate whether they should enter into the business of running 3rd party gas plants. How will you structure the analysis of this case? Should the client enter or not enter into this business?

Example 4: Construction firm

An overseas construction firm wants to expand by establishing a presence in a growing U.S. regional market. What factors should it consider? How should it go about doing this? What factors are critical for its success?

Example 5: Chicken vitamin manufacturer

Your client is a chicken vitamin manufacturer. The vitamin helps increase the size of chicken breasts and reduce fat content. Should they enter China?

Example 6: Travel agent

An Israeli travel agent has been extremely successful. His primary source of revenue is customers who fly to and from the U.S. He manages to fill up over two planeloads on a daily basis. Given his success, he is considering buying an aircraft and flying the U.S.- Tel Aviv route himself. What advice would you give him?

Example 7: Food processing company

You have been hired by a food processing company that recently introduced a new hot dog to the market. Sales in the first two weeks have far exceeded the marketing department’s projections. Your client thinks he may need to add more capacity. What advice would you give him?

Example 9: Airline

A major American airline is considering establishing new routes from Tokyo to several sites in the United States. Would you recommend this action to your client?

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Market expansion strategies: Guide for innovation businesses

We spoke to Tom Kinney, senior innovation and growth specialist, about market expansion and strategies for success.

The majority of businesses tend to expand into new international markets by accident or default, rather than taking a strategic approach.

This can lead to various issues down the line, stalling growth rates, increasing costs and making it harder to focus on business goals. So, how do you do it right?

What is market expansion?

As your business grows, your current market may become too small, causing progress to stagnate. To continue growth, you may need to seek new customers in new markets.

Market expansion strategies include:

• Market penetration : Offering your current product or service to your existing markets on a wider scale
• Product development: Adapting or adding new products or services to reach wider markets or customer segments
• Market development: Introducing your existing product or service to a new demographic or market, at home or abroad
• Diversification : Introducing a new product or service into a new market – this strategy carries the most risk but has high growth potential

Types of market expansion

Take a closer look at some of the common types of market expansion.

Geographical market expansion

Geographical expansion involves offering your products or services to new geographical markets. As so many UK businesses are seeking to expand into new geographical terrains, at home and overseas, you will need to be innovative to succeed.

Sector market expansion

Sector expansion involves modifying your product or service to fit a different sector. For example, repurposing a healthcare product into one for use in the education sector. In this case, you will need to adapt your offering, value proposition, messaging and marketing to compete in the new market.

Domestic market expansion

Domestic market expansion involves offering your products or services to a new market within your home country. One of the benefits of UK domestic expansion is that there may be less competition for your offering than in Europe or the US.

However, as your business grows, your home market may become too small and you may need to look for a wider customer base overseas.

International market expansion

If your innovation business is looking to expand internationally, there may be more hurdles to look out for, as this type of expansion can be risker and more costly.

Logistics becomes more complicated, with the delivery and transportation of products across borders, particularly as new EU regulations have come into force. Time differences and longer timescales also need to be factored into production and planning.

Businesses also need to think about how they will service the foreign market and their overseas customers. Who will manage and develop the business in the overseas market? What support will you need to give those working on the ground?

Our Global Business Innovation Programme (GBIP) helps ambitious businesses to collaborate and expand in new global markets through overseas missions, networking opportunities and continued support.

Market expansion strategy benefits & challenges

Having a clear strategy in place can help you to reduce costs, minimise risks and find new business opportunities.

Common market expansion challenges

International expansion in particular takes time, effort and resources.

According to Tom, some of the most common challenges for businesses looking to expand into new markets include:

• Securing the right funding to develop the business or product
• Understanding the market – which requires market research, and more importantly, customer research
• Language barriers – although English is commonly the language of business, in certain countries this may be an issue
• Negotiating different timezones in international markets
• The costs of servicing the market can be a barrier
• Logistics and market regulations
• Product modification
• Understanding trends in your target market
• Not following up or maintaining relationships with contacts in the target market
• Supply chain issues

How to expand your business into new markets

To overcome the challenges detailed above and avoid common pitfalls, follow these steps for successful business expansion.

Step 1: Market and consumer research

Robust research should be the starting point when thinking about market expansion. This could include;

• Customer feedback
• Market size analysis
• Market trend analysis
• Market share analysis
• The creation of buyer personas
• Competitor research
• SWOT analysis of the target market
• Benchmarking against the existing market
• Risk analysis
• Growth potential analysis
• Cost-benefit ratio analysis

Step 2: Define your new target market

Next, you need to redefine your new target market. Who are the customers? What are their needs, pain points and habits? How can you serve them with your products or services?

Step 3: Business planning and strategy

Once you have processed the insights that have come out of the research stage, you can start to put together a business plan and market expansion strategy.

You will need to think about:

• Whether you need to adapt or add new products or services to your offering to meet the demands of the new market
• Whether you need to adapt your marketing strategy and messaging
• If you need to make new hires or forge new partnerships
• Which channels of distribution and promotion are right for the business

Step 4: Securing finance

Expansion and growth can’t happen without having the funds in place.

If you require external funding, you need to understand the different options available to you and, in some cases, make a pitch to investors. To do this, you will need a firm understanding of your expected expenditures and revenue projections.

We can help you to propel your growth by finding the right innovation funding & finance options and getting investment ready.

Step 5: Measuring success

Don’t forget to continually measure and assess progress in order to learn, optimise and grow. KPIs should be set out in the business plan in accordance with your business goals.

How to do market expansion right

Find more tips from innovation and growth specialist Tom…

Ask yourself why

Before embarking on a market expansion strategy, first, ask yourself WHY you are looking to expand. Whether it’s to increase sales, turnover or introduce new products to the right people – have you explored all the options at your disposal?

Have you explored the possibility of further growth in your current market? Are your existing products or services ready for the market or do they need to be adapted? Do you have partners in the target market? Particularly for smaller companies looking overseas, market expansion is difficult to do alone.

The importance of business strategy

One of the most important elements to consider when looking to expand into new markets, according to Tom, is having an overarching strategy in place. Market expansion strategy shouldn’t exist in isolation from your overall business strategy. A well researched and robust business plan can help you to innovate and grow.

Understand your customer and the value proposition

Understanding your target customer base is essential when looking at new market opportunities. You need a full picture of their requirements, pain points and existing habits to develop your messaging and marketing strategy.

Are you able to modify your offering to fit their needs and fill the gap in the market?

Draw on experience

Knowing ‘what not to do’ often comes down to experience and learning from mistakes. Younger businesses don’t have this advantage, which is why speaking to potential business partners or specialists can be a helpful tool for overcoming barriers to market expansion.

Innovate UK EDGE helps innovation businesses expand into new markets

I want to leave the company in a stronger position than when they started

– Tom Kinney, senior innovation and growth specialist

Innovate UK EDGE innovation and growth specialists offer knowledge, experience and bespoke support to help you develop your business growth strategy and enter new markets.

With extensive international linkages, our specialists can connect you to key partners through our business networks, events and programmes.

From understanding how to access funds to detailed market research and signposting – we can help you to expand into international business markets to continue your growth journey.

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3 steps to building better market expansion strategies

Nowadays, companies can do international expansion faster than ever before. But many companies underestimate how hard it is to break into a new market. There’s quite a lot that goes into getting it right, as each country has its own unique set of quirks and challenges.  

Here’s everything you need to know to develop better market expansion strategies, broken into a few key phases. 

What is market expansion and why do companies expand into new markets?

Market expansion is a growth strategy which involves offering your existing product/service to a new market. This “new market” is generally outside of the current geographic regions in which you currently operate. 

Depending on your business, you might have multiple goals to accomplish with your market expansion plan. Many people think that the only reason companies expand into new markets is to capture more market share and grow revenue. While that’s often true, there are a whole host of benefits beyond growth:

• Capture market share 
• Expand sales presence 
• Diversifying investments 
• Ability to acquire top talent 
• Reduction of costs 
• Mergers and acquisitions
• Add an employee in-country near a customer or client 

Research from Globalization partners and CFO Research shows that the reasons for international expansion vary. While the top-cited reason amongst 166 senior executives was capturing market share, the desire to expand sales, diversify investments, and acquire top talent were also cited. 

Global marketing playbook

You’ll get guidance on how to create a global marketing strategy and practical tips on assembling a team, selecting vendors, and more.

Considerations for international business expansion

Expanding into international markets takes deliberate planning. As you’re revving up for market expansion, follow these steps to create a roadmap.

Phase 1: Prioritize and select markets

1. use real-time analytics.

The obvious place to start your market selection process is your existing data. What are the early signals of interest you’re seeing from different markets?  Look at the country level data to answer: 

• Where are you seeing traction? 
• Where are people signing up? 
• Where are they trialing but maybe not converting? 
• What is your average order value in those countries? 
• Do customers in some countries have a higher lifetime value? 

Use these key performance indicators (KPIs) to get a general sense of where you should be taking a deeper dive and measuring the broader opportunity.

Pro tip: When looking at these KPIs, pay less attention to top of funnel metrics like traffic volume, and look more closely at metrics that directly impact revenue such as closed-won leads. 

2. Measure the opportunity

To plan your international growth strategy, estimate how many customers could buy your product in each country.

According to Nataly Kelly, the golden rule of creating successful international expansion strategies is: one market = one country . Here’s a handy exercise borrowed from Nataly to calculate the opportunity:

As a simple example, let’s assume you’re selling a software product that costs $1000 for an annual subscription. Now, let’s assume 1,000,000 potential customers could buy your product in your chosen markets. 

A simplified way to calculate the opportunity would be to multiply $1000 by your potential customers. You’d have a market size of $1 billion, but it wouldn’t account for economic differences. 

Now, let’s assume that 30% of these customers are in a developed country and 70% are in a developing market. And let’s assume you’ll have to sell your product at a 50% discount. 

This gives you a more accurate market size of $650 million. But bigger doesn’t always equal better – you need to factor in difficulty as well. 

3. Asses the difficulty

In the chart above, we broke down the top considerations for market expansion. Here they are, grouped into four areas that will give you a better grasp of how difficult it will be to enter the markets in question.

Go-to-market path. Launching in a new market and attracting customers needs a go-to-market strategy. What channels are available to you? Think of how you can leverage partners, direct sales reps, search, and PR activities for awareness. 

Ease of business. How easy will it be for your company to actually do business in other markets? Definitely use the ease of doing business scores above to get the broader picture of each country. Also take into account local regulations, data privacy issues, and cybersecurity. 

Economy. Do some homework on markets you’re considering. This includes payments but it also extends to the broader economy. Is it stable? Is there solid growth? What about currency fluctuation? 

Localization & Internationalization. While language is a core component of localization, you’ll have to take into consideration the degree of localization that is needed. Will you need straight translation or transcreation ? You may have to invest in local content that accounts for cultural differences and other requirements. And if you’re building digital products, you’ll need to ensure your products are internationalized to easily localize them without writing additional code. 

Pro tip: Train your developers on internationalization best practices to avoid hard-coded strings so that you have global ready code from the get-go. 

Phase 2: Craft your market entry strategy

Now that you understand the opportunity and you have an idea of which target countries will be the easiest to enter, it’s time to formulate a market entry strategy. It usually involves: determining primary focus markets, target customer and channel strategy, resource allocation, product offerings, brand positioning, and readying operations.

As you keep in mind the outputs from your market research, here are the two essential elements to consider to put yourself on the path to clarity.  

What is the company goal?

All international expansion goals must tie back to your company’s objectives and key results (OKRs). What is your ultimate goal in expanding into this market? Examples of goals include: 

• To accelerate the company’s growth rate 
• To prevent competitors capturing market share 
• To capitalize on existing market demand signals 
• To reduce costs by setting up in cheaper markets

While your goal will likely fall into one of those buckets, it needs to be more specific for you to be able to form a strategy and tactics around it. 

For each of your high-level goals, you need measurable success criteria. For example, your company plans to add $2 million in revenue next year and $1m in new pipeline should be attributed to international. 

It’s clear, but it’s not enough to answer how you’re going to generate that pipeline. That’s where it comes down to strategy:

  Goals → strategy → plan + tactics .  

What is the strategy?

There are any number of growth models you can try and map your organization to. You’ve got your Ansoff Matrix, BCG Growth-Share Matrix, or Hambrick and Fredrickson’s Strategy Diamond, all of which are well documented, discussed, and used by organizations the world over. But if the fear of getting lost in all those matrices is too daunting, take a look at The Alchemy of Growth: Practical Insights for Building the Enduring Enterprise, written by three McKinsey consultants: Mehrdad Baghai, Steve Coley, and David White.  

It acts as a practical guide to jumpstarting expansion and keeping it going: “Growth is a noble pursuit. It creates new jobs for the community and wealth for shareholders. It can turn ordinary companies into stimulating environments where employees find a sense of purpose in their work,” they write. “Growth’s transformative power is akin to the alchemy of old.” The book is less academic and more practical, and has a focus on constant innovation. It also provides a starting point for those of you who find yourselves sitting at your desk looking at a Google Doc titled “Growth Plan” for hours on end. The Seven Degrees of Freedom of Growth provide a framework intended to help businesses broaden their horizons. The seven degrees are:  

1. Selling existing products to existing customers  

2. Acquiring new customers in existing markets  

3. Creating new products and services  

4. Developing new value-delivery approaches  

5. Moving into new geographies  

6. Creating a new industry structure  

7. Opening up new competitive arenas

Take an hour and examine your business in terms of each of these points; it should give you a much better idea of the growth path your business is best equipped to take. Then, look at what other companies have attempted with their market expansion strategies. There’s a reason Harvard teaches business students with real-world case studies – the best way to learn is from people who have been there before. 

Note: Take a look at The International Expansion Podcast by Ramsey Pryor , which includes actionable insights from people who have led international growth at companies like Notion, Canva, Zoom, and more. Note the lessons learned, especially failures and best practices. 

Next, think about the best way for your company to enter the market. This is your go-to-market strategy. Will it be product-led, heavily sales-assisted, self-service, or any of the other paths you have available to you? 

There are plenty of other considerations specific to your business model and market, but the key is to keep it simple. 

Phase 3: Build your plan

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Who will run the overall process and where will the function sit within your organization? 

Depending on the scope of your launch, this will ideally be someone in a cross-functional role who has strong relationships with leaders, and who is familiar enough with all parts of your business.

When Squarespace chose to enter Germany, they appointed Sofia Guzman as the International Lead to run strategic initiatives. Her function sat in operations and a large part of the role involved getting buy-in from the executive team to then sell the idea throughout the company. 

Once bought in and approved, it’s time to set up a cross-functional team. 

How should you build your international team? 

Even at a much smaller organization, successfully executing your market expansion strategy will require support from all your teams. 

At Squarespace, every team had a representative for international that led the initiatives through:

• Engineering 
• Data analytics

It will take your entire team to build an international strategy that works for everyone. Any plan you build should include training on aspects of your new markets, processes, and localization tools you use. 

What tools and processes do you need?

Many companies find market expansion chaotic because there aren’t clearly defined tools and processes. Instead, lots of manual work. Scattered files. It’s a pain and your team feels like it distracts them from their core work. 

As the person leading international expansion at your company, you’re in a position to advocate for and invest in the right tools and processes – the key to driving performance at scale. 

If you think about scalability in the context of market expansion, it’s clear that you want a replicable process that you can apply to all new markets and languages. In which systems is content created, stored, and published? In an ideal world, the content will live in a content management system (CMS) with connectors to a translation management system (TMS). That will ensure you have a truly “central” place where content gets stored in multiple languages company-wide. 

Note: If you’re planning your 2022 expansion needs, we made a guide to choosing the right translation management system to help you find the platform that’s right for your company and team. 

Do the legwork before entering your first market  

While the key steps listed in this article are general, they will give you a good idea of the legwork needed to make international expansion easier. As you can see, there’s a ton that goes into launching in a new market.

There will be many other questions and items to consider depending on your business model, company stage, and industry. But the most important thing to successfully enter your first market is to have a market entry framework that your company believes it can rely on.

And once you’ve done it a few times, you can develop a playbook that works for your company.

Want to know more?

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More From Forbes

Expansion planning: strategies for scaling across new markets.

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Brandon Dawson is CEO of Cardone Ventures , Leader & Scaling Expert. His mission is to help 1 million business owners 10X their success.

The allure of new markets is a common dream for many entrepreneurs. The promise of untapped opportunities and exponential growth is enticing.

Yet the journey is often fraught with challenges and uncertainties. Without the right knowledge and strategies, business owners can quickly become overwhelmed by the complexities of navigating unfamiliar markets.

Over the years, I’ve helped clients implement essential strategies to ensure smooth and successful scaling. Here are some of the most valuable approaches I've found to help you confidently expand your business into new markets:

1. Develop a clear expansion strategy.

Through my decades of helping scale businesses, I have seen the enormous value in starting with the end in mind. Ask yourself these critical questions: What markets are you aiming to enter? What are the specific growth targets you want to achieve in these new markets?

Then, craft a detailed outline of the steps you need to take to achieve these goals. This plan should include timelines, resource allocation and key performance indicators (KPIs) to measure progress. Break down your objectives into manageable tasks, assigning responsibilities to team members and setting realistic deadlines.

Your expansion strategy should also take into account potential risks and challenges. Conduct a thorough SWOT analysis (strengths, weaknesses, opportunities, threats) to understand the internal and external factors that could impact your expansion. By anticipating obstacles, you can develop contingency plans to mitigate risks.

Through years of perfecting methods of analyzing and building companies, one thing remains essential to the success of any growth strategy: Understanding and committing to your end goal.

2. Conduct market research.

To truly grasp the dynamics of the market you're planning to enter, you need to dive deep into its nuances. This involves more than just skimming the surface; it requires a comprehensive analysis of the various factors that can influence your business's performance in that market.

First and foremost, examine the competitive landscape. Who are the major players in the market? What are their strengths and weaknesses?

Next, delve into customer needs and preferences. Conduct surveys, interviews or focus groups to gather insights directly from your target audience. What are their pain points? What features or benefits are they looking for in a product or service?

Additionally, pay attention to regulatory requirements and legal considerations. Different markets may have unique regulations governing business operations, product safety or marketing practices. I've witnessed how failing to comply with these regulations can result in costly fines or even legal consequences.

3. Establish strong partnerships.

When venturing into unfamiliar territory, tapping into the expertise and network of local partners can significantly enhance your chances of success. Look for partners who not only have a deep understanding of the local market but also share your vision and values.

Moreover, partnering with established entities in the market can enhance your credibility and reputation, especially among local customers. I've found that people are more likely to trust brands that have the endorsement of reputable local partners.

Ultimately, establishing strong partnerships is not just about expanding your network; it's about leveraging the collective strength and expertise of your partners to drive mutual success.

4. Adapt to local conditions.

Related to finding local partners, successful expansion also demands a deep understanding of and responsiveness to local conditions. Each market presents distinct characteristics, cultural nuances and consumer behaviors that must be carefully considered.

To thrive, customize your products or services to align with local preferences and requirements. For instance, modify product features, packaging and pricing to meet local tastes and purchasing power. Additionally, create marketing campaigns that reflect local cultural values and traditions, using language and imagery that resonate with the target audience. Develop distribution strategies that leverage local channels and practices; this includes using region-specific online platforms.

This level of flexibility and willingness to adapt can help position your business as a relevant and competitive player in the new market.

5. Build a strong team.

Expanding into a new market necessitates assembling a talented and dedicated team. Because of this, make sure to invest in recruiting and developing individuals who possess the specific skills, knowledge and experience essential for success in the new market.

Prioritize hiring professionals who are well-versed in the local culture, fluent in the local language and knowledgeable about regional business practices. You want candidates with a proven track record in the target market and who understand local consumer behavior and regulatory environments. Local experts and consultants can help provide insights and facilitate smoother integration.

As the leader of a global team, I've seen firsthand how essential it is to include diverse perspectives and to respect these employees' unique contributions. On this note, I encourage you to make the same commitment to the personal, professional and financial goals of your employees as you do to your businesses. In this way, your team understands that the business’ success is also your success.

As one last piece of advice, a strong, authentic and visible mission can help keep everyone focused regardless of the particulars within each market. Overall, I believe a strong, locally-savvy team can be your greatest asset in navigating challenges, establishing valuable relationships and driving sustainable growth in the new market.

6. Monitor your progress.

Expansion is a complex process that requires continuous monitoring and evaluation. After you establish key performance indicators (KPIs) to track your progress and measure the success of your expansion efforts, regularly review and analyze your results, identifying areas for improvement and making necessary adjustments along the way.

This iterative approach will allow you to optimize your strategies and maximize your chances of long-term success in the new market.

In closing, expansion planning is the linchpin for successfully scaling your business into new markets. By crafting a robust strategy that, among other considerations, uses market research, forges strategic partnerships and tailors your approach to local nuances, you can navigate the intricate landscape of new markets and set the stage for enduring growth.

I encourage you to embrace these steps with confidence knowing that each one brings you closer to unlocking the full potential of your business.

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• Tesla’s global expansion: Where to go next?

Tesla set out to build “awesome” electric vehicles with a mission to accelerate the world’s transition to sustainable energy. In so doing, Tesla not only disrupted existing incumbent manufacturers but also proved that there was a market for high-end electric vehicles. By the close of 2020, Tesla’s market cap was $669 billion—nearly as much as the next five most valuable car companies combined. Despite that, its global footprint was still relatively small with production of over one million vehicles at only two sites – the US and China. While Tesla had built strong markets in these two countries, it was still lagging in Europe and elsewhere. In January 2021, Tesla was planning to build a new factory in Berlin and enter the Indian market aggressively. The stock market seemed to welcome Tesla’s current and future plans for expansion, with the stock trading at a record high value by mid-January 2021. At the same time, financial analysts and observers were wondering whether much of Tesla’s stock price growth could be viewed as part of a tech-led asset bubble. In this highly uncertain and volatile environment, with the COVID-19 pandemic still not under control in large parts of the world, Tesla had to decide where to go next in its quest for global leadership. In view of the electric car industry’s changing landscape and in the aftermath of the COVID-19 pandemic, was Tesla’s international footprint fit for the future?

• Analyze how cross-border expansion can contribute to Tesla’s growth and success in the marketplace
• Examine the extent to which geopolitical events can have an impact on Tesla’s international footprint and ability to create value across borders
• Analyze the extent to which the COVID-19 pandemic has impacted the business operations of companies such as Tesla
• Explore how companies such as Tesla can create value via their international presence

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Life Sciences, Market Research, Research and Information Services

Conducting a Market Expansion Study for Business Growth

Market expansion study helps major biopharma firm to expand its existing presence in the Turkish market.

Our client, a major producer and distributor of plasma-derived therapeutic products, wanted to identify the best route to increasing market share and strengthening its presence in Turkey’s hemophilia treatment market. To do so, a comprehensive understanding of the market opportunity, including the existing market size, total consumption in unit volume, and the future market demand for plasma-derived products in Turkey was crucial.

As the demand for its products is largely prescription-driven, the client was also keen to understand the key prescribers’ perceptions and the potential to prescribe plasma-derived products.

We conducted a market assessment and expansion study to address the client’s business challenge. We used a combination of primary and secondary research to:

• Identify the competitors and the major brands in the target market segment.
• Estimate the market size, share and future growth prospects of plasma-derived products in Turkey.
• Identify major prescriber segments and the value chain in different types of hospital settings.
• Identify the distribution channel and the margin level across hospital pharmacies, distributors/ wholesalers, and retailers specific to plasma-derived products.

Results delivered

We provided a market model on plasma-derived products in Turkey, which included:

• A market landscape report with key information on epidemiology, treatment algorithm, regulatory guidelines and approval process, physician perception, market size and the overall consumption of plasma-derived products.
• The key competitors, products, brands, cost, margin, yearly consumption in terms of value and volume, and the market forecast from 2016 to 2025.
• Executive summary and recommendations including key hospitals, prescribers, and key opinion leaders for promoting the product.

Based on the insights about the market potential in Turkey, our client was able to plan their annual budget, clearly segment key prescribers, and identify the unmet needs of the market. Our price cascade analysis also helped our client identify the discounts and margins at various levels of channel partners. Pleased with the results, the client asked us to perform a similar study for its Vietnam and Middle East markets.

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27 Case Study Examples Every Marketer Should See

Published: July 22, 2024

Putting together a compelling case study is one of the most powerful strategies for showcasing your product and attracting future customers. But it's not easy to create case studies that your audience can’t wait to read.

In this post, I’ll go over the definition of a case study and the best examples to inspire you.

Table of Contents

What is a case study?

Marketing case study examples, digital marketing case study examples.

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A case study is a detailed story of something your company did. It includes a beginning — often discussing a challenge, an explanation of what happened next, and a resolution that explains how the company solved or improved on something.

A case study proves how your product has helped other companies by demonstrating real-life results. Not only that, but marketing case studies with solutions typically contain quotes from the customer.

This means that they’re not just ads where you praise your own product. Rather, other companies are praising your company — and there’s no stronger marketing material than a verbal recommendation or testimonial.

A great case study also has research and stats to back up points made about a project's results.

There are several ways to use case studies in your marketing strategy.

From featuring them on your website to including them in a sales presentation, a case study is a strong, persuasive tool that shows customers why they should work with you — straight from another customer.

Writing one from scratch is hard, though, which is why we’ve created a collection of case study templates for you to get started.

There’s no better way to generate more leads than by writing case studies . However, without case study examples from which to draw inspiration, it can be difficult to write impactful studies that convince visitors to submit a form.

To help you create an attractive and high-converting case study, we've put together a list of some of our favorites. This list includes famous case studies in marketing, technology, and business.

These studies can show you how to frame your company's offers in a way that is useful to your audience. So, look, and let these examples inspire your next brilliant case study design.

These marketing case studies with solutions show the value proposition of each product. They also show how each company benefited in both the short and long term using quantitative data.

In other words, you don’t get just nice statements, like “this company helped us a lot.” You see actual change within the firm through numbers and figures.

You can put your learnings into action with HubSpot's Free Case Study Templates . Available as custom designs and text-based documents, you can upload these templates to your CMS or send them to prospects as you see fit.

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6. FREE Case Study Templates & Examples

   

COMMENTS

1. Market Entry Framework: How to Apply in Case Interviews

   The MConsultingPrep market entry framework. In a market entry case interview, you are expected to evaluate an expansion opportunity (entry into new markets, new segments or new product lines in existing markets), decide whether the client company should pursue it, and, if yes, suggest an entry strategy. The underlying principle of the market ...

2. What is Market Expansion? Strategy Tips + Examples + Checklist

   Case Study: Netflix Market Expansion Strategy and Localization. In just a little over 20 years, Netflix has transformed from a local DVD rental company to a global media company and online streaming service available in over 190 countries. Starting their global expansion in 2010 after a period of slow growth in the US, Netflix succeeded with ...

3. What Is Market Expansion, and How to Build a Strategy?

   A market expansion strategy is a detailed plan—it can take the form of a document, spreadsheet, or even a presentation—that outlines a business's goals and objectives for entering new markets. It can also include a financial plan, team planning, and detailed market research. The main benefit of creating a market expansion strategy is that ...

4. Market Entry Case Interview: Step-by-Step Guide

   Market Entry Case Example Let's put our strategy and framework for market entry cases into practice by going through an example of a market entry case. Market entry case example: Facebook is an online social media and social networking service with $70B in annual revenue, $20B in annual profit, and roughly 2.5 billion users. They are looking ...

5. What Is Market Expansion? Examples + Strategy Tips

   Market expansion is a company's growth strategy to increase its market share, operations, customer base, and presence in existing locations or new markets. ... CASE STUDY. Learn how Hello Yellow reduced costs and avoided entity expenses while onboarding their employee. Read the case study. 185 Countries.

6. The Market Entry Framework: A Step-by-Step Guide

   Tips On Using The Market Entry Case Framework. 1. Look for market entry cases buried inside other types of case study interviews. If a company is looking for growth, market entry is one way they might achieve it, so your revenue growth case could turn into a new product or new geographic market case. 2.

7. Product Market expansion Grid: Decoding a Powerful ...

   Product Market expansion Grid: Decoding a Powerful Strategic Tool for Businesses with 10 Examples / Design thinking and New Product. Product Market Expansion Grid. ... We will also present a case study of the successful implementation of the grid and wrap up with some concluding thoughts on the framework's importance in today's business ...

8. Ansoff Matrix: Use, Examples, Case Study, and Template

   Ansoff matrix also known as corporate Ansoff matrix and product/market expansion grid is an essential business strategy tool used in business schools globally. The model focuses on providing a structure for business owners and marketers to strategize growth and risks of growth for their businesses. The Ansoff Matrix can be used during various ...

9. How to Develop a Targeted Market Expansion Strategy

   MARACA consists of: MA = market availability, which is the size of the opportunity in a market. RA = real-time analytics on how the company is performing in a market. CA = customer addressability ...

10. What is a market entry case?

    There are three main buckets of market entry cases: geographical, product line expansion, and generic growth strategy. 1. Geographic expansion cases. The question you're trying to answer in the geographical type is whether a company should expand their current business to a new market.

11. Strategies for Market Entry and Business Expansion

    Case Study: Global Expansion Success. Let's explore a real-life case study of a company that successfully expanded globally: In 2019, Company XYZ, a tech startup, sought to expand its software solutions into international markets. They: Conducted thorough market research using resources from Export.gov, identifying high-demand regions.

12. How to Build a Market Expansion Strategy

    A successful market expansion strategy is built on understanding where your business opportunities are. Market research helps you decide better how, when, and where to take your business. Primary research such as focus groups, questionnaires, and site visits can be expensive and time-consuming, especially when you have to decide the target market.

13. Market Entry Case Studies

    Market entry cases are a recurring theme in the management consulting interview process. This is because consultants will frequently deal with market entry when working on real projects - which in turn means they are likely to base interview case studies on recent market entry work. Releasing new products and entering new markets is ...

14. Case study: Data-driven decision-making in building a market expansion

    This case study explores a real-life example, highlighting the power of data-driven decision-making in building a market expansion strategy. Asset Direct is a financial services company that provides access to credit and financial products, connecting consumers with financial organizations through a global network of partners and affiliates.

15. Exploring Market Expansion: Entering New Geographical Areas

    Examining successful case studies can provide valuable insights into the strategies and practices that lead to successful market expansion. These case studies offer a glimpse into the intricate processes and decisions that companies make when venturing into new markets, showcasing their ability to adapt, innovate, and capture the attention of ...

16. Ansoff Matrix

    The Ansoff Matrix, often called the Product/Market Expansion Grid, is a two-by-two framework used by management teams and the analyst community to help plan and evaluate growth initiatives. In particular, the tool helps stakeholders conceptualize the level of risk associated with different growth strategies. The matrix was developed by applied ...

17. Market Entry Framework for Case Interviews & 8 Examples

    Example 1: Grocery chain. A grocery chain in New England is considering offering an Internet delivery service (i.e., groceries can be ordered via the Internet and delivered directly to your home). Including the client, there are three main grocery chains in the area. One of them has already entered the Internet market.

18. Market expansion strategies: Guide for innovation businesses

    Step 1: Market and consumer research. Robust research should be the starting point when thinking about market expansion. This could include; Surveys. Customer feedback. Market size analysis. Market trend analysis. Market share analysis. The creation of buyer personas.

19. 3 steps to building better market expansion strategies

    Capture market share. Expand sales presence. Diversifying investments. Ability to acquire top talent. Reduction of costs. Mergers and acquisitions. Add an employee in-country near a customer or client. Research from Globalization partners and CFO Research shows that the reasons for international expansion vary.

20. Expansion Planning: Strategies For Scaling Across New Markets

    Overall, I believe a strong, locally-savvy team can be your greatest asset in navigating challenges, establishing valuable relationships and driving sustainable growth in the new market. 6 ...

21. Tesla's global expansion: Where to go next?

    In January 2021, Tesla was planning to build a new factory in Berlin and enter the Indian market aggressively. The stock market seemed to welcome Tesla's current and future plans for expansion, with the stock trading at a record high value by mid-January 2021. At the same time, financial analysts and observers were wondering whether much of ...

22. Conducting a Market Expansion Study for Business Growth

    Solution. We conducted a market assessment and expansion study to address the client's business challenge. We used a combination of primary and secondary research to: Identify the competitors and the major brands in the target market segment. Estimate the market size, share and future growth prospects of plasma-derived products in Turkey.

23. Breaking Down the Market Study Framework

    We start with the market study framework when it is important to understand these various external elements of the market and industry landscape in addition to some internal elements about the client. The categories of 'market' and 'competitors' include fully external questions. The 'customers' category includes a mix of internal ...

24. 27 Case Study Examples Every Marketer Should See

    19. " Bringing an Operator to the Game ," by Redapt. This case study example by Redapt is another great demonstration of the power of summarizing your case study's takeaways right at the start of the study. Redapt includes three easy-to-scan columns: "The problem," "the solution," and "the outcome.".

25. 3Pillar Client Case Studies- 3Pillar

    Case Studies. At 3Pillar, our clients' success is our top priority. From growing revenue to delivering amazing user experiences to boosting efficiency, see how our focus on innovation and business impact has helped turn bold ideas into breakthrough solutions. ... Seizing Market Expansion and Reopening Opportunities With University Buyers July ...

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