There are several entry strategies that businesses can adopt, including:
1. Exporting: This is the simplest form of market entry, where products are shipped to the new market. It involves lower risk but also offers lower control over the market.
2. Joint Ventures: Partnering with local firms can provide access to local expertise and share the risk. This strategy is beneficial in markets with high entry barriers.
3. Franchising: This allows for rapid expansion with lower capital investment. It leverages the franchisee's local knowledge while maintaining brand control.
4. Wholly Owned Subsidiaries: Establishing a new, fully owned subsidiary in the target market offers maximum control but also involves higher risk and investment.