MARKET ENTRY SUCCESSIntroductionMarket Entry Success and Product Identification: Market entry is the efforts to sell new and/or pre-existing products to a consumer segment which were not been targeted earlier. In simple terms to enter into a new market and to sell your pre-existing products or new products aligned according to the target market is known as market entry. To enter into a new market a company has to strategize innovative ideas, or partner with another company which is already in that market, expand its current distribution channel, with cooperation with other businesses through Virtual Corporationwhere both the companies combine their skills and assets to accomplish the shared goal. There are barriers for market entry which can be cited as, existent competitors, patented technology, and large capital outlays along with economic and political conditions. However, to succeed among all these adverse environment is known as market entry success. E.g. The entry of Kentucky Fried Chicken (KFC) Some of the drivers for successful market entry are early entry into the market, greater control of entry mode, and shorter cultural and economic distances between the home and the host countries [Joh08].Kentucky Fried Chicken’s Market Entry to IndiaKFC (Kentucky Fried Chicken) is a global fast food restaurant chain, with headquarters in Louisville, KY with 18,875 outlets in 118 countries across the globe, with the annual revenue of $23 billion dollar. The most popular products of KFC are fried chicken, chicken sandwiches, wraps, French fries, soft drinks, salads, desserts, and breakfast serving around 12 million customers every day [KFC]. KFC entered the Indian market after the liberalization of government policy of India, on June 1996 by targeting upper middle class starting with 30 outlets2
MARKET ENTRY SUCCESSacross the country. The most differentiated and demanded products of KFC in India are fried chicken and vegetable menu since 42% of Indian households are vegetarian [Sar14].
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Fried chicken, Fast food restaurant, Hamburger, Market entry success