Whether you are introducing a new product to the market or entering a new market with an existing product, a coherent market entry analysis is necessary. Your business needs to evaluate any barriers to entry, such as cost, legal considerations, industry regulations and existing competition. If there are no significant barriers to market entry, your business should proceed in designing and implementing its market entry strategy. Your business’ product or service should fill a market gap. In other words, you need to provide something that doesn’t already exist in the marketplace.
Your business could also fill a gap by doing something better or cheaper than anyone else. Identifying what market gap you fill is helpful in positioning your product or service. Following to GAP analysis, for better performance and to continuously strive to increase the performance standards, business benchmarking is the second most essential objective of the organization as it identifies the areas where the gap between their standard and that of the industry is the largest.