Expansion of the Business into a New Region or Country
Justus Rotich Korkou
Writerscash.com
Expansion of the Business into a New Region or Country
Every business person’s dream is to grow and spread the business to other places where there are opportunities. Often, this dream is not achieved by all business people because there are hurdles on the way to its accomplishment. McDougall (2007) explained that some of the causes of unsuccessful business expansion are lack of proper planning, poor market research, lack of enough expansion capital, lack of flexibility, and poor choice of marketing options. A successful replication of business’ good results to a new region calls for understanding of the targeted market and invention of a tactical way of entry to the new market that ensures the expected competitors are outsmarted (McDougall, 2007). Therefore, one of the processes of expanding a business to a new region or country that guarantees success is proper market research followed by intensive marketing.
Market research enables finding out of facts on the existing businesses and understanding of the prospective customers’ demands. Before coming up with an expansion plan for a business, first, it is important to find out if the targeted population accepts products or services that the business is about to offer. This is imperative because there are some products or services that are unacceptable by culture and or religion of some people. For instance, a business dealing on pork products is susceptible to failure in a community where Muslims are the majority (Dlabay & Scott, 2010). Secondly, it is important to know if there are other businesses in the newly targeted region that are already offering products or services that the business intends to offer and how they are performing. Such information helps to learn if the market is already saturated and requires intensive marketing. Lastly, researching about the market helps in the discovery of the best location for the establishment of the business and the amount of capital to start on. Having these three facts, which is only possible via market research, is a big stride in the process of introducing a business to a new region or country.
The next step in this process after understanding the market is the introduction of the business and its products or services to customers. Because this is a new business in the region, most customers do not know about its offers. Hence, the only way to bring their attention to the new business in their environment is through marketing. Successful attainment of the marketing objectives requires a proper identification of platforms through which to reach a majority of the prospective customers. This ensures adverts are put on advertising platforms that are seen or heard by most customers. For instance, Dlabay and Scott (2010) advised that if the majority of the targeted population listen to a particular radio station and or watch a specific television station or channel, then those are the right places to put the adverts. Plus, if they embrace internet technology, meaning, they are on social media communities then affiliate marketing becomes appropriate. Another option to consider is trial marketing. Finally, the business is known in the new region.
Therefore, success in expanding a business requires proper understanding of the market, which starts with market research. To achieve this successfully, it is essential to contact experts to help in the task. Also, location to set put up a business is paramount. Over and above, to dominate a new region or country with a new business and maintain good performance, demands continuous advertising.
References
Dlabay, L. R., & Scott, J. C. (2010). International business. Mason, Ohio: South-Western.
McDougall, J. S. (2007). Expand your business using eBay. Irvine, California: Entrepreneur Press.
