Client Issue: “We are interested in entering a new market with a new product. However, the competition, market, customers, distribution/sales channels are completely different. It is a risky proposition, and if the product fails, the outcome would be detrimental. Especially, since the investment is substantial and there would be major changes to our existing business model. How do we ensure that we are making the right business decision?”
Solution: It is imperative that your company conducts a market entry study, including:
1. Defining the market
2. Understanding hidden risks and uncertainties using the Strategy 2 Market/Exploratory PD tool, called the Product Risk Framework (PRF)
3. Analyzing the market in-depth to understand market opportunity, competitors, customers, size, willingness to buy, business model changes and gaps, etc.
4. Implementing a market release plan if you do decide to launch the product after conducting the study
We work closely with your team to create a market entry study that understands not only the new market and opportunity but the risks using our proprietary PRF tool.