Market entry strategy for construction chemicals firm in Vietnam
Keywords:barrier to market entry, market entry strategy, Vietnam construction chemicals market, Vietnam market entry
Economic development has led to rapidly increased demand for construction in Vietnam, which creates great potential for the growing market of construction chemicals. This paper examines influential factors of market entry success by reviewing related literature, gathering information about market characteristics in Vietnam, and surveying firms in the field. This study’s results reveal some factors that strongly influence the success of a market entry strategy including research and development and adaptive abilities of marketing and sales when responding to market changes. With strict technical requirements and fluctuating demand due to changes in construction activities and market trends, all aspects of market entry need to be gathered and considered carefully. No market entry model suits any business forever. According to the circumstances of each market and firm, market entry should also change appropriately. Firms should have insight into the market including knowing customer needs, anticipating demand trends, and identifying competitive advantages of the firm by understanding customers, market, competition, and competitors.
Received 26 November 2021; revised 1 February 2022; accepted 21 February 2022
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