What is the term for a planned strategy to enter a new market with goods or services?

The term for a planned strategy to enter a new market with goods or services is referred to as modes of entry. This concept encompasses various strategies that a business can pursue when seeking to enter a foreign or new domestic market. Strategies may include exporting, licensing, franchising, joint ventures, or direct investment, each with its own benefits and challenges.

Understanding modes of entry is essential for businesses aiming to expand their reach and achieve growth. Selecting the appropriate mode of entry allows a company to align its strengths with the opportunities in the new market, ensuring a smoother transition and better potential for success.

In contrast, market segmentation is focused on dividing a broad consumer or business market into sub-groups based on shared characteristics. Market penetration refers to increasing market share within existing markets rather than entering new ones. Business diversification involves branching out into new products, services, or markets but doesn’t specifically focus on the entry strategy itself.