Expansion with New Products into New Markets

If you are very brave, you can expand into new markets with new products. That is the pinnacle of entrepreneurship. You may have great ideas about how to help people in markets that are new to you with solutions that are new to you. Don’t underestimate the effort and entrepreneurial risk involved. You don’t yet know the applications and requirements of your new customers and must first develop suitable products or services. In addition, you are not yet known to these new customers as a potential supplier for their applications, or you are not even known to them at all. You need to apply the full range of management skills, from market research, including the needs analysis, to innovation management, to pricing, product development and manufacturing management to marketing and sales. Finally, professional project management is indispensable for expansion with new products into new markets.

Monitor such expansion projects with tight controlling and risk management.


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