About This Chapter
International Market Entry Strategy - Chapter Summary
This chapter outlines a variety of methods that organizations can take to strategically enter the international market. From the product development phase to market penetration, this chapter's lessons cover the basics of international retailing, product improvements and foreign market entry. You can access these lessons on any device, and we encourage you to take the accompanying assessments to check your understanding of the material. The chapter also comes with an Ask the Expert feature that you use if you have any questions. When you're finished with the chapter, you should be equipped to:
- Explain how organizations develop and market new products to consumers
- Compare new product types
- Tell how consumers adopt new products
- Evaluate the pros and cons of market penetration
- Assess the advantages/disadvantages of acquisitions and Greenfield ventures for foreign market entry
- Recognize considerations for market entry in international retailing environments
1. How to Develop and Market New Consumer Products
In this lesson, you will learn the six stages of the new product development process that companies use when they develop new consumer products. You'll also learn why it is important for companies that develop new consumer products to use this process.
2. Types of New Products: New Product Lines, Product Improvements & More
You will learn about the types of new product categories, such as new product lines or repositioned products, and the new product development process, from idea generation to commercialization.
3. How a New Product is Adopted by Consumers
In this lesson, you will learn the five stages consumers go through to determine whether or not to adopt a product that is new to the marketplace. You will also learn why it is important for companies introducing new products to understand the adoption process their customers use.
4. Market Penetration: Examples, Definition, Advantages & Disadvantages
Often the hardest part of marketing is gaining a foothold for your product or service. In this lesson, you'll learn about market penetration and some of its advantages and disadvantages. A short quiz follows.
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Other chapters within the Business 205: International Retailing Strategy & Operations course
- Introduction to Business Globalization
- International Market Dynamics
- Cultural Differences in Business
- International Trade Theories
- International Trade Policy
- World Trade Organizations
- Strategies for International Business
- International Production & Logistics
- International Supply Chain Management & Distribution
- International Product, Pricing & Marketing Strategy