Nokia Connects: A Case study
What are the opportunities associated with being first into a major new country market? What are the risks? There are many benefits of being the first company to introduce your product on the market in a new country. One advantage would be gaining sales and popularity, by introducing your brand new product. But before they decide to launch their product in a new country, the company needs to research the target market, the country’s sales trends, the competition, what type of competition is in the surrounding area and the type of products they are selling. After they need to make judgment calls, incorporate strategic business plans on how to attract the target market to their new product. This plan should also include strategies on how to effectively advertise your product. A way for a company to shine would be by introducing a brand new never seen before product. This would catch the customers’ attention and it shouldn’t be difficult attracting sales through popularity. By selling an attractive product, one that has good quality and a reasonable price, this new brand would be exciting and new to the customer. Your company should never slack or stop inventing new ideas and never underestimate the competition because at any time they could come up with a brand new concept that can blow your sales away. Also, if your product is successful, business opportunities could be offered to you such as; people wanting to invest in your stock or company.
Some risks you could take when you introduce your product in a foreign country would be failing or not as prospering as well as it would in the US. The company needs to adapt to the countries needs, social lifestyle, customs, culture or manners. Also, the price for the item may be too high for the country’s economy and sales could be low due to the lack of demand of that product in that certain country. That is why it’s very...
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