What does "market entry strategy" refer to?

The term "market entry strategy" specifically refers to the approach a business takes to start selling its products or services in a new market. This includes various methods such as exporting, franchising, joint ventures, or establishing a wholly owned subsidiary. These strategies are crucial for businesses aiming to effectively reach new customers and navigate the unique challenges and opportunities of different market environments.

The correct answer aligns with the core concept of how companies prepare and position themselves to enter new markets, focusing on understanding market dynamics, customer preferences, and regulatory considerations as they develop their plans. This strategy plays a pivotal role in determining how successful a business will be in establishing its presence and achieving growth in unfamiliar territories.