What is a 'market entry strategy'?

A market entry strategy is fundamentally a plan detailing how a company will enter and compete in a new market. It encompasses various components, including the identification of target customers, competitive landscape analysis, pricing strategies, distribution channels, and promotional tactics. The primary goal of this strategy is to effectively introduce the company's products or services to the new market while maximizing potential success and minimizing risks.

This approach not only outlines the tactical steps necessary to establish a presence but also considers the strategic elements that influence long-term sustainability and growth in that market. It involves understanding the market dynamics, consumer behavior, and positioning relative to competitors. Hence, a robust market entry strategy is essential for capturing market share and achieving overall business objectives when expanding into new territories.