Before entering a new market you should do a Market Scan. This will give you a much better understanding of the market and enable you to address the most Critical Success Factors. In this way, you can increase the likeliness of success and reduce some of the risk.
Here are some of the elements such a Market Scan should include:
- Demographics. Find out as much as possible regarding the size of the market, number of potential customers etc
- Overview of competition
- Market Maturity. Where in the lifecycle is the product?
- SWOT analysis. The competitive situation, market maturity and demand might be totally different from your home market.
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