Identifying suitable markets involves several key steps:
1. Market Research: Conduct both primary and secondary research to gather data on potential markets. Analyze market size, growth rates, competition, customer preferences, and regulatory environment.
2. SWOT Analysis: Perform a SWOT analysis for each potential market to evaluate strengths, weaknesses, opportunities, and threats.
3. Entry Barriers: Assess the entry barriers such as tariffs, import regulations, and cultural differences. Understanding these barriers will help in formulating effective entry strategies.