Uber, one of the early entrants providing services such as ride-hailing, food delivery and transportation, decided to leave the fragmented Southeast Asia market. After operating for 15 years in Singapore, Carrefour has decided to exit Singapore as one of the main reasons is its inability to differentiate from its competitors and retain customers.
Undoubtedly, Market Entry is a complicated activity involving many strategic business decisions that even multinational corporations can fail at. It involves the need to develop and re-evaluate the product and its positioning in the market. Company will also need to consider various factors such as barriers to entry, the cost of marketing, sales and delivery, and the estimated demands to enter the new market.
The company's challenges are even greater when entering a foreign market that bears little resemblance to its home country. Southeast Asia is one such region that companies have faced difficulty establishing a foothold in.
According to data from the Asian Development Bank, Southeast Asia grew at a robust 4.8% in 2019 and has been touted as one of the fastest developing regions in the world, attracting companies with its increasingly educated and affluent workforce. In recent years, attempts to wholesale-replicate business models that succeeded abroad in Southeast Asia have been met with resistance from both its residents and the local authorities for various reasons.
In this course,
01. Uncover what to consider when expanding a business into Southeast Asia or any parts of the world
This course offers you the opportunity to explore the strategies companies exploit to expand internationally and discover the most effective global market entry strategies for your targeted market.
02. Delve into foreign market entry strategies
You'll understand how to use a systematic approach to form a considered market entry strategy. Every business needs an action plan to bring it to life. This course will give you the chance to review everything you need to know to build a robust strategy – from product offerings, pricing mechanisms, unique selling propositions to distribution strategy.
03. Learn and apply international business strategy and global market entry strategies
You'll learn to apply international business strategies, models, and techniques that businesses may implement when taking their services to new geographies.
By the end of this course, you'll understand the factors businesses must consider in international market entry and the tools you can use in your strategies.
What is going to be covered
· Defining Market Entry
· Framework for Preparation of Market Entry
· Identify the 4 Key Elements of your Business
· Understand the 3 P's of your Offering
· Finding the right type of Product Offering
· Pricing your Offering
· Distribution Strategy for your Offering
· Effective Researching
· Understand the new Market Environment
· Crafting your Unique Selling Proposition
· Review your Market Entry Strategy
· People and Process Aspects of Strategy Internalisation
· (Slide) Courseware — How to Prepare for Market Entry in Southeast Asia
· (Excel) Worksheet — Preparation for Market Entry — Activity 1: Factual Check
· (Excel) Worksheet — Preparation for Market Entry — Activity 2: Research on the New Market
· (Excel) Worksheet — Preparation for Market Entry — Activity 3: Review your Market Entry
· All business owners or entrepreneurs currently in or intending to branch into Southeast Asia (SEA)
· Business development executives intending to upgrade their skills in venturing into new markets
· Aspiring entrepreneurs or startup founders researching entry into SEA
By the end of the course, you’ll be able to:
· Identify the offerings, customers, unique selling proposition, and partners in your home country or headquarters.
· Research effectively about your targeted new market.
· Review your plan from a macro perspective.
· Internalise all these changes from 2 aspects — process and people, to ensure your business can run smoothly.
Meet your Instructor
Managing Partner of BlackStorm Consulting
Jeslin Bay is the Managing Partner of BlackStorm Consulting. As a business scaler, she has expertise in business partnerships, human resource, market-entry, and business structuring in Southeast Asia. She also co-founded a fashion brand, SHINE APART that specialises in loud pieces of outwear that are stylish and yet professional.
Being trained in operations and organisation management, Jeslin also conducts deep analytical dives into target subject matter, both internally and externally. Her responsibilities also include the formulation of frameworks and business tools to provide objective and innovative solutions to the clientele, as well as business development.
An introduction to what market entry is.
There is a total of 23 videos divided into five sections in this course:
· Lecture 1: Overview of Market Entry
· Lecture 2: Identify
· Lecture 3: Research
· Lecture 4: Review
· Lecture 5: Internalise
You will be able to access the following materials in this course:
· Course Slide Deck (PDF)
· Activity Template (Excel)
The overview of the steps on how to prepare for new market entry.
Understand what the four elements are a business needs to identify.
Understand how to identify features, advantages, and benefits of a product.
Understand the different types of offerings.
Understand the types of pricing mechanisms: one price, add-on pricing, conditional pricing and tiered pricing.
Understand how to position your product through pricing.
Understand the different types of revenue streams.
Understand the payment mechanism.
Understand what distribution strategy and the various types of distribution strategies is.
This activity is aimed at helping you to identify the elements required for you to enter into a new market.
Learn about the customer centric approach and why it is advantageous.
Understand the four elements you need to research on.
Understand the agenda of conducting research on your customers.
Understand how the offerings can be researched on based on the aspects of product, pricing and place.
Understand how external factors affect your market entry performance.
Using the research on the customers, offerings and external environment to determine the unique selling proposition.
This activity aims to help you to kickstart your research on the four elements as mentioned earlier.
Review the previous steps using a company centric approach.
This activity aims to help you to identify the gaps between what you have been doing and the market needs.
Identify which areas will require support from the internal team, mainly on the process and people.
Understand what boundaries you need to identify as well as activities and responsibilities for each process.
Identify what support is needed, what are the resources available, and plan what changes are needed.