Several market entry strategies exist, each with its own set of benefits and challenges. Common strategies include:
- Exporting: Selling products directly in the new market. - Joint Ventures: Partnering with local firms to leverage their market knowledge. - Franchising: Allowing local entrepreneurs to use your brand and business model. - Direct Investment: Establishing a wholly-owned subsidiary.
Leaders must weigh the risks and rewards of each strategy and choose the one that aligns best with their organizational goals and resources.