Expanding into New Market

Essay by ghfsmln1 May 2005

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1. Introduction

Successful Business frequently seek growth and market share development by selling existing products in new markets, this was the objective of a leading clothing company located in Damascus. It aimed to expand to Aleppo market as it's a vital trade center in Syria.

Acquiring accurate and specific information about the new market, the potential customers and existing competitors is a critical step to enter that market.

The market impacts and directs all aspects of the company's activities and ultimately will lead to success or failure of the business. In developing a market plan, the primary functions are to understand the needs and desires of the customer select or develop a product that will meet that customer need, develop promotion material that will make the customer aware

2. Information needed

Knowing what we need to know is vital; the seeds of success lie in the ability to ask the right questions.

Before making decisions we need to decide what information is needed to make a particular decision. (INFORMATION IS POWER)

Here is some information, analysis and forecasts help the business succeed.

* To develop budgets and forecasts we should know:

Market size

detailed five year market forecasts

trend analysis

seasonal sales analysis

* To identify development opportunities we should know:

Market segmentation

regional data analysis

distribution analysis

market location

* To monitor your company performance we should know:

Demand trends

market trends

industry structure

company profiles

3. The influencing decision

Set a suitable and accurate strategy to market the products.

Set an effective marketing mix.

Verify advertising technique to the target market.

Plan the positioning strategy and create the right image.

Determine the pricing objectives

4. Studying the Market

4.1 General Description of Aleppo

Aleppo or Halab with 3 million people (2000), it is Syria's second largest city 193...