course hero when monster.com enters a new, foreign market, it often tweaks

Introduction

In this six-module course, you will learn how businesses and organizations behave in situations in which strategic decisions are interdependent, i.e. where my actions affect my competitors' profits and vice versa. Using the basic tools of game theory, we will analyse how businesses choose strategies to attain competitive advantage.

Skills You'll Learn

This module is about market entry. We first look at different tools to assess the attractiveness of a market – and then discuss strategies that have proven to be helpful for entering a new market, such as positioning and marketing strategies.

Will You Be Exporting to a New Foreign Market?

This is also a cost-effective method. That’s because you won’t need to invest in production methods in a foreign country. You can simply ship the products you already make in the location where your business is already based.

Why is it important to break into a new market?

That’s because you are allowing someone with more experience in that location to manage that branch. For example, if you’re taking your business to a new foreign market where you aren’t overly familiar with the language, allowing a local businessperson to run ...

What does it mean to franchise a business?

Franchising your business means that other business owners can open branches of your brand. Then, these other business owners pay you a fee and sometimes forward cuts of their profits to you. This is a great way to break into new markets, especially in a foreign market.

Why is it important to be objective when researching?

That’s because it’s important to be objective when you’re researching. It’s all about finding the gap in the right market. In other words, be strategic in your planning, instead of picking the location where you’d personally rather set up.

What is partnership in marketing?

The partnership would consist of your already established brand working with that of a local business in the area you’re trying to tap into.

Does franchising your business involve compromises?

However, franchising your business does involve a lot of compromises.

Can you ship products you already make?

You can simply ship the products you already make in the location where your business is already based. However, if you’re looking to start exporting to a new foreign market, it’s important to forecast your new expenditures. For example, consider the rising cost of transportation.