MARKETING ASSIGNMENT Name - Asfa Aziz BBA secA AUD19601 Expanding a product into a new market can be a challenging yet rewarding experience for businesses. By making existing products available in a new market, businesses can increase their customer base, revenue, and brand recognition. However, there are several factors that businesses must consider before making this leap. A fantastic example of a business that has successfully entered new markets is Netflix. Netflix was established in 1997 and started to expand internationally in 2010. It is now accessible in over 190 countries. Netflix has faced several challenges in entering new markets as an existing product. Therefore, it wasnt easy for them to do so. One of the most important factors to consider when making existing products available in a new market is cultural differences. One of the main challenges of netflix was the need to adapt to local cultural norms and preferences. For instance, because of regional laws and cultural sensitivities, Netflix has had to filter and censor certain content in some regions. When bringing current products to a new market, language barriers might also be an issue. To effectively interact with customers, Netflix had to make sure that their product descriptions, marketing materials, and customer service are available in the language of the region. Another challenge is competition from established local streaming services. In countries such as India and Indonesia, Netflix has faced stiff competition from local players such as Hotstar and Iflix, respectively. These competitors have a better understanding of local preferences and have tailored their content offerings accordingly. Infrastructure challenges have also been a hurdle for Netflix. In countries with poor internet connectivity, streaming services can be slow and unreliable, making it difficult for Netflix to provide a seamless viewing experience. To address this, Netflix has had to invest in local infrastructure and partner with local telecom companies to improve internet speeds. Another challenge was that Netflix has had to navigate complex legal and regulatory frameworks in each new market it enters. This has included obtaining licenses and permits, complying with local content regulations, and adhering to local tax laws. Finally, businesses must also take into account the financial costs of joining the new market. Netflix was confident that the potential advantages outweigh the expenses before investing in market expansion because it might be expensive. In order to determine whether it is financially feasible to join the new market, they had performed a cost-benefit analysis. To summarize, making existing items available in a new market may be a difficult but rewarding process for firms. However, various issues must be considered by firms before making this leap. Despite these challenges, Netflix has been successful in expanding into new markets. By partnering with local production houses and investing in original content, Netflix has been able to attract a loyal following in many countries. Additionally, its focus on providing a seamless user experience and investing in local infrastructure has helped it overcome many of the challenges it has faced.
