Definition, characteristics, processes and methods of 1. market entry consulting

Definition

Market Entry Advisory (Market Entry Consulting) is a comprehensive study to assist enterprises to predict market capacity, competitive landscape, consumer demand and channel status in advance before entering a new industry, new regional market or developing new products. Market entry consulting is designed to help companies develop a sound market entry strategy, reduce risk and improve success rates.

Features

Market entry consulting has the following characteristics:

Demand-driven: Market entry consulting is generated by the specific needs of enterprises. Different enterprises, different target markets, different products or services will have different market entry problems and challenges. Therefore, market entry consulting needs to be customized and personalized according to customer needs.

Comprehensive: Market entry consulting involves multiple aspects of analysis and evaluation, including macro-environment analysis, industry analysis, competition analysis, consumer analysis, channel analysis, etc., requiring the comprehensive use of a variety of data sources, research methods and tools to form comprehensive and in-depth insights and recommendations.

Dynamic: Market entry consulting is not a one-time project, but a continuous process that needs to be adjusted and optimized with changes in the target market and customer feedback to maintain synchronization and matching with the market.

Practicality: Market entry consulting is not only to provide theoretical analysis and planning, but also to help customers implement and execute market entry strategies, solve practical problems and difficulties, and provide effective support and assistance.

Process

Market entry consulting generally includes the following steps:

Determine market entry objectives and scope: communicate with customers, understand their market entry objectives, objectives, expectations and budgets, clarify the scope of market entry industries, regions, products or services, etc., and formulate project plans and programs for market entry consulting.

Collect and analyze market information: collect relevant information such as the macro environment, industry status, competition pattern, consumer demand, channel status and other relevant information of the target market through various channels and methods, and use quantitative and qualitative analysis techniques to organize, summarize, analyze and evaluate market information, identify market opportunities and threats, and determine market attractiveness and difficulty of entry.

Formulate and evaluate market entry strategy: according to the results of market analysis, combined with the resources and capabilities of customers, formulate market entry strategy suitable for customers, including market positioning, target customers, product or service strategy, price strategy, channel strategy, promotion strategy, etc. At the same time, risk analysis and income prediction of market entry strategy are carried out to evaluate the feasibility and effectiveness of market entry strategy.

Provide and implement market entry recommendations: provide customers with detailed market entry reports, including market analysis, strategy formulation, risk assessment, revenue forecast, etc., explain and explain the basis and logic of market entry recommendations, discuss and communicate with customers, obtain customer feedback and opinions, and make adjustments and modifications as needed. After the customer agrees, assist the customer to implement and execute the market entry strategy, provide necessary support and assistance, monitor and evaluate the effect and result of market entry, and make timely adjustment and optimization.

Method

The common methods of market entry consultation are as follows:

Market research: collect first-hand information about the target market through questionnaires, interviews, and observations to understand the size, structure, characteristics, and trends of the market.

Competitive intelligence: Collect second-hand information about the target market through web searches, database queries, industry reports, etc., to understand the situation, strengths, weaknesses, etc. of competitors.

Case analysis: by studying successful or failed market entry cases, lessons learned, and refining elements that can be learned or avoided.

SWOT analysis: by analyzing the customer's own advantages (Strengths), disadvantage (Weaknesses), opportunity (Opportunities) and threats (Threats), determine the customer's competitive position and development potential in the target market.

Five forces analysis: by analyzing the five competitive forces in the target industry, I .e., the bargaining power of suppliers (Bargaining Power of Suppliers), buyer's bargaining power (Bargaining Power of Buyers), existing competitors (Rivalry among Existing Competitors), potential entrants (Threat of New Entrants) and alternatives (Threat of Substitutes), assess the competitive intensity and profitability of the target industry.

Four-quadrant analysis: by dividing the target market into two dimensions, four quadrants are formed, with high growth and high competition (High Growth High Competition), high growth and low competition (High Growth Low Competition), low growth and high competition (Low Growth High Competition) and low growth low competition (Low Growth Low Competition), analyze the development prospects and ease of entry of the target market.

Value chain analysis: By analyzing the value activities in the target industry, that is, from raw material procurement, production and processing, product sales, logistics and distribution, after-sales service and other links, identify the value creation point and value capture point in the target industry, and determine the value positioning and value enhancement space of customers in the target industry.

Career Development and Opportunities for 2. Market Entry Counseling

Career Development

Market entry consulting is an important segment in the consulting industry, and it is also a challenging and developing career direction. Market entry consultants need to have extensive knowledge, keen insight, excellent analytical skills, innovative thinking skills, good communication skills and collaboration skills, etc., but also need to constantly learn and update their knowledge and skills to adapt to the changing market environment and customer needs.

Market entry consultants can generally follow the following stages of career development:

Junior Counselor (Junior Consultant): Mainly responsible for collecting and sorting out market information, assisting in basic data analysis and report writing, participating in project discussion and communication, learning consulting methods and skills, and accumulating consulting experience.

Intermediate Consultant (Senior Consultant): Mainly responsible for in-depth market analysis and evaluation, formulating and proposing market entry strategies and recommendations, responsible for project management and coordination, guiding the work of junior consultants, effective communication and collaboration with customers, and improving consulting quality and efficiency.

Senior Consultant (Principal Consultant): Mainly responsible for designing and planning market entry consulting projects, determining project objectives and scope, allocating project resources and tasks, supervising project progress and quality, solving problems and difficulties encountered in the project, establishing long-term cooperative relations with customers, and improving customer satisfaction and loyalty.

Consulting Partner (Partner): Mainly responsible for developing and maintaining the market to enter the consulting business, finding and acquiring potential customers, participating in the decision-making and execution of major projects, responsible for the construction and development of the consulting team, and enhancing the brand image and market influence of the consulting company.

Opportunity

As a professional, comprehensive, dynamic and practical service, market entry consulting has a wide range of applications and market demand. With the accelerated development of globalization, digitalization, innovation and other trends, enterprises are facing more market opportunities and challenges, and need to make more use of market entry consulting to formulate reasonable market entry strategies, reduce risks and improve the success rate. As a result, career development and opportunities for market entry consulting are vast.

Market access consulting opportunities mainly from the following aspects:

Opportunities in different industries: market entry consulting can be applied to various industries, such as manufacturing, service, consumer goods, medical care, education, energy, environmental protection, etc. Different industries have different market characteristics and development trends, and require different market entry consulting methods And strategies, therefore, market entry consultants can choose their own industry fields for consulting services according to their own interests and expertise.

Opportunities in different regions: market entry consulting can be applied to different regional markets, such as domestic markets, international markets, emerging markets, mature markets, etc. Different regional markets have different market environments and consumption habits, and different market entry consulting analysis and planning are required. Therefore, market entry consultants can choose their own regional markets for consulting services according to their own vision and experience.

Opportunities for different products or services: market entry consulting can be applied to different products or services, such as traditional products or services, innovative products or services, customized products or services, etc. Different products or services have different market needs and competitive advantages, and need different market entry consulting positioning and promotion. Therefore, market entry consultants can be based on their own knowledge and skills, choose the right product or service for your consulting services.

3. the skills and qualities needed to become a good market entry consultant

Market entry consultants need to have the following skills:

Market analysis skills: Able to use various data sources, research methods and tools to conduct a comprehensive and in-depth analysis and evaluation of the target market, identify market opportunities and threats, and determine market attractiveness and difficulty of entry.

Strategy development skills: based on the results of market analysis, combined with the customer's resources and capabilities, to develop a market entry strategy suitable for customers, including market positioning, target customers, product or service strategy, price strategy, channel strategy, promotion strategy, etc.

Risk assessment skills: able to conduct risk analysis and revenue forecasting of market entry strategies, assess the feasibility and effectiveness of market entry strategies, and propose risk avoidance and countermeasures.

Report writing skills: Able to provide clients with detailed market entry reports, including market analysis, strategy development, risk assessment, revenue forecasts, etc., explaining and explaining the basis and logic of market entry recommendations, using clear, accurate and persuasive language and format.

Project management skills: Able to design and plan market entry consulting projects, determine project objectives and scope, allocate project resources and tasks, monitor project progress and quality, and solve problems and difficulties encountered in projects.