When making the decision to enter an emerging market, every business should include the following four pillars in its market entry strategy:
Market incorporates macroeconomic stability, consumer market size, growth and openness.
Population focuses on demographics: this assists in understanding how a business product or service will fit into a competitive landscape.
Access, or the reality of market entry: if a country is not easily accessible, businesses will not successfully produce goods in the market or reach consumers. Other topics discussed within the access pillar are infrastructure, Internet, partners and the retail landscape.
Business environment emphasizes the regulatory environment and corruption.
According to Euromonitor’s Head of Strategic, Economic and Consumer Insight, Sarah Boumphrey, “Too many companies perform inadequate amounts of research prior to launching a product or service in a new market. This is problematic because some markets simply might not work. Utilising Euromonitor’s four pillar model before entering new markets provides a better understanding of the needs of consumers and the business environment in countries of interest.”
Euromonitor’s four pillar market entry strategy model should be tailored on a case-by-case basis based on sector-specific and business-specific factors to ensure the best information is used for each business. This white paper gives you all the tools you will need to implement this approach for your customized best results.