Ken research is market research report provider that enables business to formulate the market entry & expansion strategy. Our product expansion strategy is used for planning to increase the sale of products by expanding product range & entering new markets. This strategy considers two main factors: product and market. Product can be current or new product and market can be current or new market. We help firms to bring the required change in trade by assessing current & future investments, manage risk and by providing innovative ideas for business expansions.
We have established in the development of a variety of product expansion strategy and International Expansion Strategy for multiple companies. We can develop product expansion strategy by market penetration, introduce new products, market development, increase sales of current product, learn from competition, invest in workers, diversification and finally expands the business. Market penetration strategy involves selling current products & services to the existing market in order to attain a higher market share.
International expansion strategy is a formal and multi level strategy that companies use to enter an overseas market, establish an emergent presence, and become quickly profitable. This strategy covers the development process, which is varies from business to business and it includes targeting market, review of competitors, recommendations, alternative action evaluation, development of strategic road map, SWOT analysis, identification of critical success factors for new market.
There are various key strategies for product market expansion grids are market development strategy, market penetration strategy, diversification strategy and product development strategy. Additionally, there are some key Steps To Expand Your Business Globally are:-
Perform a “deep dive” due diligence
Develop a strategy and business plan
Establish a beachhead team
Establish a go-to-market –strategy
Tax and finance readiness
Prepare final budget preparation
Establish close relationship with local business
All these steps are important for expanding business globally. Expansion is an indication of success. Moving from national business to globally/international business are not a difficult task for our company. We can be easily access to other markets in the area. Additionally, we have a great deal of insight into smaller markets that can make international product expansion easier and also allow growing our business naturally.
We plan to invest in more sophisticated technology to increase our production process. Through upgrading our existing production and research & development (R&D) facilities, we believe that we would be able to maintain abreast of industry trends or meet the evolving demands of our clients. Moreover, we plan to invest in information technology (IT) and management information (MI) systems to improved manage our manufacturing processes and for improving the procurement of raw materials and utilization of resources for our business.
We aim to leverage on our global sales organization to tap into cross-border business opportunities, penetrate into new markets as well as explore investment opportunities through investments, mergers & acquisitions, strategic alliances or joint ventures with suitable strategic partners. In near future, we will also explore opportunities to increase our manufacturing operations into other nations that will provide us with competitive advantages mainly in terms of servicing our customers' needs and other vocational benefits.
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Ankur Gupta, Head Marketing & Communications