What is meant by 'market entry strategy'?

A 'market entry strategy' refers to the comprehensive plan that a company formulates to introduce its products or services into a new market. This strategy encompasses various elements, such as identifying target customers, determining the most effective way to reach them, selecting distribution channels, and establishing pricing structures. A well-defined market entry strategy helps businesses navigate the complexities and challenges of entering foreign markets, including cultural differences and regulatory environments. By focusing on the specifics of how to sell products or services effectively, this approach ensures that a company aligns its resources and efforts to maximize the chances of success in a new market.

The other options focus on more specific aspects of market strategy without encompassing the broader picture that a market entry strategy entails. Pricing strategies, competitor analysis, and customer satisfaction measurement are critical components that can inform a market entry strategy, but they do not represent the complete plan needed for successfully entering and establishing a presence in a new market.