Strategies to engage with a global market

Referring to the interview findings, the firms applied a myriad of approaches to engage with the global market. Firstly, the firms can seek information and advice from other multinational firms that entered the new market long ago. This stage is essential as Bass and Dalal-Clayton (2011) points out, since it enables the entrepreneur to understand the situation on the ground. Also, the entrepreneurs can obtain information through attending global conferences within the industry in which they operate in. Then, entrepreneur needed to know whether the government was outsourcing such products or services from other places. This was achieved by the entrepreneur checking if there was potential to enter the market was to see if the government affairs team and regional affairs team had assessed the need and current stability of the market. This is vital as it offers insights on available market niche (Brück et al. 2013). After establishing this, the entrepreneur can apply permits or license to offer the market with such products. Based on the information gathered, the findings established that can modify the current strategy and match the specifications and the requirements of the parent company. The entrepreneur can also apply brand expansion and overhead synergies to engage in the new market. In particular, this strategy will involve reduction of prices (Peng et al.2014). Another market entry strategy could be to engage in providing differentiated products such as a different blend of coffee to a country that had an increase in the want for Organic produce which corresponds to Kuivalainen et al.(2012) assertion.

Moreover, firms can capitalise on the pipeline……………………..

Buy full answer or You will get assigned a top 10 writer in our team. Additionally, for this your first order, one page will be written for you for free.  . .