Market Entry Plan

Market Entry Plan

Executive Summary

Element AI entry into the Bangladesh market marked the beginning of a new era for local companies. The essay highlights the overview of the firm following its entry into the market. The Bangladesh-based firm has transformed the sector in different ways. The paper also describes the Strengths, Weaknesses, Opportunities and Threats faced by the firm. The report also highlights the general information about Bangladesh and how AI has changed the lives of the local population. The piece also talks about the product launch, financial analysis, risks, market plan and strategy track. The evaluation provides insights into the market as well as strategies the firm can use to enter the market.

COMPANY INFORMATION

Element AI is one of the giant manufacturing companies in Bangladesh. The main goal of the firm is providing advanced machines to the industries within the manufacturing sector. The firm has grown into a global spanning conglomeration because of its dedication to offering the highly esteemed clients nothing but the best services they are less likely to find elsewhere within the market. The main objective of the firm is providing better quality machines to the industry.  The management of the firm understands that quality is more important than quantity presented to the same. For decades, the firm has been providing the industry stakeholders with the latest technology machines. The top leadership’s primary mission is providing the industry with the best quality AI Tech as well as gain a market base within entire Bangladesh. The firm aims at providing a platform for different companies on the market to build AI-powered situations. Companies that lack in-house talents can take advantage of the services offered by

AI to meet the expectations of their customer base. The company has specialized in building application to help in predictive modelling, language recognition, image recognition, forecasting models, and automatic tagging. Element IA also helps different industries to perform regular and high volume tasks on their devices. The firm relieves the owners of the firm from the fatigue that comes with the process as well as ensures efficiency at the end of the day. The firm utilizes human inquiry in setting up the entire. The technology utilized by the firm is different from the robot automation and hard-driven processes on the market. The team helps to add intelligent to the existing products on the market. It is worth noting that AI is never applied in an individual’s setting. Instead, the firm helps to improve the products already in use to improve their AI capabilities. For instance, Siri is one of the notable applications of AI since it entailed the addition of extra features on the new generation of products manufactured by Apple. The technology helps in combining different aspects in the industry, including smart machines, bots, automation and conversational platforms. The improvements can be undertaken in different workplaces as well as homes. The common application of AI includes investment in security intelligence while in the business set up, there is investment analysis. Element has ventured in finding regularities in data and structure so that it can enable the algorithm in question to acquire the necessary skills at the end of the day. For instance, just like an algorithm can learn different skills to play games such as chess, the firm’s team has unveiled ways the same can reach itself the recommendations of the product online. The model tends to adopt whenever new data emerges on the dame. The firm also utilizes AI techniques to enable its models to adjust through the addition of data as well as training. Adaption can only take place when the first answer is correct ( Domingos, 2015).

The firm also takes advantage of neural networks to deeply analyze and evaluate data for future use in different departments of the organization. The firm also utilizes data in training different deeper learning models to the partners.  The aspect is common since the industries in question often learn directly from the application of data. The firm increases the accuracy of the information presented to the market through the addition of data. In other terms, the addition of data into the system leads to more levels of accuracy. For example, the interactions of different persons with giant platforms such as Google, Google photos and Alexa are all linked to deep learning. Element AI capitalizes on different techniques such as object recognition, image classification and deep learning to detect the existence of cancer on MRIs. The team comprised of well-trained radiologists who understand the way the field operates and they determined to give nothing but the best to the management at the end of the day. The firm gets most of the data presented to the team.  The firm understands that hiring machine learning talent is not the same as the recruitment of traditional software developers. Training and experience are the main consideration of the firm despite the scarcity of talent on the market as expected by customers within the industry. The management and hiring managers of the firm often look at specific skills and qualities in their experts during the recruitment to ensure that they meet the customer requirements in the long run. Most of the projects of the firm are not only experimental but also explanation. The recruitment panel always looks at these elements to hire its team for future projects, unlike traditional software engineering, where skills such as statistics and mathematics, machine learning projects do not require these qualifications.

SWOT analysis

• Strength
  The firm has an excellent track record when it comes to the development of new products. It has worked with different firms within the industry and ensures customers’ satisfaction at the end of the day.
• The firm has a highly-skilled workforce. The workforce acquired the skills through different training programs as well as learning programs adopted by the management. The firm has invested huge resources in the training and development of its staff for the sake of its progress. The workforce of the firm is not only skilled but also highly motivated to undertake their duties as a requirement by the management. (Helms & Nixon, 2017).
• The firm has ensured that it provides its customer base with quality products through automation of different activities. The products have created room for the firm to scale up and scale up as the forces of demand and supply dictate.
• Customer satisfaction guarantee to all the companies that seek services from the firm. The firm has adopted a customer relations department whose main aim is building strong relations with different parties. The management has ensured that there is good brand equity for the most potential clients and satisfaction to the existent or loyal customers.
• The firm has a strong distribution network. Over the decades, the firm has managed to build a reliable and robust distribution network. The network has made it easier for the firm to reach its target market in Canada and the rest of the world. The system has also placed it in a good position to beat its competitors in the same field. The firm has taken advantage of the distribution network to remain at the top of the game all these years.
• Free and easy cash flow: The free cash flow allows the firm to easily acquire different resources needed for its growth in different parts of Canada. The firm has utilized the cash to open branches in different parts of Bangladesh in a bid to beat its competitors in the battle for the market segment. The firm does not struggle to get funds before it can unveil new projects on the market since it is already well endowed by the customer base.
• Exemplary performance in the new markets: The firm has exhibited amazing results in the new markets where it has opened stations. The management of the firm has managed to build expertise at accessing the new markets as well as making them as successful ventures at the end of the day. The expansion of the firm into new markets has enabled the organization not only to diversify the economic cycle risk by also build a new revenue stream for the growth of the firm.
• Consistent and reliable supply: The firm boasts of reliable suppliers. The strong base of suppliers ensures that it can easily acquire different materials needed for its growth. The reliability of the firm helps in overcoming supply chain obstacles on the market. (Helms & Nixon, 2017)

Weakness

• The firm faces challenges of financial planning. The firm lacks a team that can perform the process properly and efficiently. The current liquid asset ratio and current asset ration of the firm indicate that the firm is not properly utilizing its funds and there is need for a better team to be hired in the place of the current one.
• Low investment in research: The firm is yet to implement adequately in research like other fastest-growing firms in the same industry. Even though the firm has channelled some funds towards research and development, there is more than should be done to promote its growth in the long run. The firm has not managed to compete for some of the top players in the industry although it has shown considerable effort towards the same. The firm needs to partner with other global leaders to determine the best way to approach the same aspect before it is too late for the same.
• Inability to resolve issues brought into the market by new entrants. The industry has always attracted new entrants. The firm has failed to resolve the challenges that come with the entrance of the new companies into the market. The firm is yet to adopt a mechanism whereby it can use the feedback from the customers to resolve some of the issues affecting different parties within the organization.
• Inability to have a breakthrough outside its core business: Even though the firm is one of the largest organizations in the market, it has continued to face endless challenges within its industry. The firm has been unable to move to other segments of production. In other terms, the firm has not managed to invent new products to enable reach out to a larger target audience in the long run.

• Existence of gaps in the products sold by the firm is likely to allow new competitors to gain access to the market at the end of the day.
• The daily inventory of the firm is higher compared to that of its competitors on the market. The firm, therefore, is able to raise more capital for investment into different channels. The occurrence is bound to affect the long term growth of the technology firm of the company.
• The firm has been unable to integrate with companies with different cultures. The firm has the management to integrate with small firms in the industry but not the large ones.  The failure of the firm to integrate with these cultural practices has made it hard for the same to progress in different areas of operation.

Opportunities

• The government of Bangladesh has also opened an opportunity for the different departments to procure products from the firm. Contractors from the government departments are advised to procure services from the firm hence giving it an added advantage to its competitors in different fields of operation.
• The environmental policies enforced by the Bangladesh government create a level playing ground for the firm and its competitors. The firm, therefore, can take advantage of the same to increase its sales without spending too much on an advertisement of the same. The firm can also use the opportunity presented by the policies to gain a larger share of the market concerning the new product as launched on the market.
• The firm is better-placed to invest in adjacent product segments because of the existence of free cash flow to support the same. They will not find it hard to invest in new technologies because of the presence of funds. The cash flow opens more channels for the firm to benefit from the investment in different sectors as a result of the existence of capital to support the same.
• The new policy of taxation adopted by the Bangladesh government has also worked in favour of the firm. The government has provided opening firms with new opportunities to gain entry into the market. The firm is bound to utilize the said opportunity presented by the government through taxation to increase its level of profitability. Unlike other nations of the world, entry into the Bangladesh market is easy since there are no barriers to the market for the same.
• The cost of transportation is lower in Bangladesh because of the lowered prices of shipping. The low cost of productivity increases the chances of the firm, making massive profits from different companies. Also, the lower cost of transportation can enable the firm to gain entry into the new market share.
  The new trends of consumer behaviour on the market have also opened up new opportunities for the firm to strengthen its customer base. The new trends offer the management a great opportunity for the firm to diversify its product categories as well as build new streams of revenue from the same.
• An increase in the number of new online customers: The firm has gained a high number of customers in the past few years. The management has also invested in online platforms to increase its customer base. The investment in the online platforms has also opened u channels for the new technology. The firm is likely to leverage the opportunity once it continues to serve more customers. The online platform allows the management to serve its customer better through the analysis of data.

Threats

• The firm has been experiencing a shortage of skilled workforce in some of its global markets. The steady increase in the profits of the firm is likely to be threatened by the lack of skilled persons.
• Irregular supply of innovative products on the market: The firm has not managed to develop new products for the last decade. Secondly, the firm has also been experiencing a low supply of new products needed for the development of new goods.
• The increasing pay level has also affected the success of the firm. Unions in the nation have been advocating that firms should give their employees a minimum of $ 15 per hour. The increases in the pay have been occasioned by the changes at the global level with references to nations such as China (Helms & Nixon, 2017)
• Ever-changing consumer behaviour: The consumers on the market are always looking for new products they can use. The firm must ensure that it remains innovative all the time to remain competitive.
• The increasing trends towards the isolation of companies in different sectors have also affected the firm. The reaction of the same from the Bangladesh government is a threat to the existence of the firm in the near future.

The development of new technologies by competitor firms: The firm is at risk of being outsmarted in the market following the development of new technologies by firms in the sector

Stiff competition from giant firms: The multinational companies operating in the same industry are a big threat to the success of the firm. The management of the firm has to determine some of the best measures to ensure that it remains at the top of the game amid the stiff competition in the industry.

Over the past decades, the firm has been facing endless lawsuits because of its products and services. The lawsuits have been determined by the laws and the fluctuation in the market.

Country Report

The government of Bangladesh has shown interest in expanding its limits in the artificial intelligence sector. The nation is not developed, but billions have been pumped into research and development in a bid to transform the nation. The firm’s main mission is to give support to the nation in terms of technological development. Thousands of foreigners from different parts of the world have opted to invest their money in Bangladesh (Islam & Habiba, 2015).  Element AI stands the opportunity to take advantage of the whole situation to transform the technology of the nation. The firm aims at supplying products to the government and other companies at a low cost. The company has also ensured that it implements effective features. The firm intends to help the people in this nation to perform tasks that need human intelligence. The residents of the region will benefit from a wide range of services including decision-making, speech recognition, visual perception and translation of concepts from one language to another. If we analyze the current state of affairs of AI in Bangladesh, the pace has continued to experience revolution. Research in AI is progressing in the entire nation of Bangladesh, and different companies are not ready to be left behind. Hundreds of companies in the nation are now looking forward to utilizing their power in AI to improve the efficiencies of their services.  Element AI is expected to compete with other firms such as Amazon and Walmart. The automobile firm has been investing a lot of money in this field to beat competition from other companies in the same industry. It is worth noting that Tesla Motors has embarked on the production of AI into their vehicles. The automobiles boast of auto-pilot mode as well as features for changing lanes. Toyota is also another giant firm in the Bangladesh market that is utilizing the technology to increase its productivity. The firm has been combining AI with Big Data in order to enhance the mobility of persons who find it hard driving themselves.

Bangladesh has a population of around 160 million persons. The country has been ranked as one of the densely populated nations in the entire world. The main driver of the economy is agriculture. A new wave of technologies continues to be embraced by different firms on the market. Different areas of production have adopted control technologies and automation. It is until recently that Blockchain, Big Data, IoT and AI became popular in Bangladesh. However, the impacts of AI are now being felt in the entire nation. Different sectors of the Bangladesh economy continue to benefit from AI including agriculture, education, transportation, service, environment and health. The listed sectors have been identified for the implementation of AI in the entire country.  In general, we noted a significant increase in the usage of AI-related technologies in different areas such as real-time mapping and booking hotels as well as flights, among others. The technologies have not only made life simpler but also more comfortable. It is estimated that 34% of the population of Bangladesh comprises of the youth. The integration of AI in the economy of the nation holds a huge impact on its economy in different ways. The nation continues to adopt the use of technology to grow different areas of the economy. Element AI has to take into account several issues such as data privacy, security, regulations and ethics before venturing into different sectors of the economy. The firm has to define how people plan to use AI in their daily lives before launching different products on the market. The firm needs to create a system of checks and balances to maintain its prevalence in the market. The company certainly needs to adopt an ethics charter to ensure that sticks within the societal norms during the research. Public organizations are also required to make faster decisions about the use of technology so that they can support the firm in its bid to grow into a global spanning conglomeration. It can also be a tough task to predict the future of the human generation in the world where changes are part and parcel of life(Nilsson, 2014).

Market Segmentation and Target

Market Entry Strategy

Our target market for our new product is Bangladesh. We plan to use a television advertisement to reach the target audience. We have opted to use Bengali in our publication to enable the local population to get the message with ease. Majority of the natives of this nation use Bengali to communicate with each other. We also intend to provide potential customers with the demos of the kind of services we offer. We plan to identify a technical hotspot within the nation to increase our sales at the end of the day. We will centre our campaigns to these regions to ensure that we get support from them to market our products. Our team will highlight all the benefits of our products and services. We believe that the information will help potential customers to make an informed decision on the same. We will demonstrate to the potential customer how artificial intelligence can transform their lives in different. We are hopeful that our new products and services we are received positively once we launch the same to the market. Our firm aims at providing quality and affordable services to our target market. Customers from different parts of Nepal will benefit from the affordable products and services they are not likely to find in any part of Bangladesh. We believe that the affordable pricing of our services will enable us to attract thousands of customers to subscribe to our services in the long run. We also plan to hire a brand ambassador to enable us to cut a niche in the Bangladesh market. Our firm will scout different places in the target nation so that we find a personality who is not only famous but also experienced in matters of marketing products in the region.   We plan to comb through celebrities and public figures from the region to enable us to market a wide range of our products to the target market as we put in place different measures to increase our sales as well as profitability.  We also plan to contact technical companies across the nation to educate them about our products and services.  We intend to take advantage of the existence of several technology firms in the region to reach a large target market. We decided to select this strategy to enter the market because we believe that it will enable us to attract businesses and solo customers request for our services and products. The strategy will also allow us to create strong bonds with the people since we will be speaking their local dialect. Customers and businesses will feel part of our company once we communicate to them using their local languages. It is important to note that customers are more likely to purchase products and services if the firm uses the local language rather than foreign languages. For instance, products and services will attract more sales when advertised in Hindi as opposed to English. The adoption of the local dialect during our advertisement will enable our team to connect with the general public. The marketing technique will enable our firm to gain trust among the members of the general public as we strive to become popular among potential customers. The entry strategy will entail undertaking a lot of groundwork.

The process will allow us to get additional information on the market so that we can do better in the future. We will only target the selected region so that we do not incur a lot of costs when it comes to advertising our products and services. We are confident that the strategy will work in our favour because we will reach a broader target audience while at the same time save the cost of advertising different products. We have organized our team to use in-house technology to collect data from the entire population in Nepal. The statistics will help us set the right pricing for our products. We will also be in a good position to estimate the ways we will use to bring different products to the market. The approach will play a central role in the entry into the market.

Market Plan

We plan to use billboards and flyers for advertising our products to the target audience in Nepal.  Our team will set aside funds to ensure that we create high-quality billboards and flyers for marketing our products. The two will have information on products and services as well as pricing. We will ensure that we are prices and clear in our communication to the world about the kind of products and services we plan to offer to the market. We also plan to use different social media platforms for advertising our products to the target market as follows

• Facebook: We will use Facebook to market our services and products. We will apply paid and freed techniques to reach a larger audience.
• Twitter: We plan to post on social media platforms such as Twitter information on our products. The tweets will include products and services we offer as well as pricing of the same (Islam & Habiba, 2015).
• YouTube: We will use YouTube to share short videos of the kind of products and services clients can seek from our firm whenever they need assistance from us
• Instagram: The huge number of Instagram makes it ideal for advertisement. We will use the same platform to share content on our services as well as products.

Product Launch  

We will use different strategies to ensure that our product launch works in our favor. First and foremost, we plan to evaluate new product initiatives before we enter the new market. The evaluation will enable us to make accurate decisions even when we are facing uncertainty about the future. We will use an integrated decision-making app based on different AI techniques to launch the new product. We also adopt an intelligent approach that will enable our potential customers to quickly and roughly analyze the product presented to the market (Nilsson, 2014). Also, we will create new collect resources to enable us to attract more customers to purchase our products and services once they are available on the market. We will also conduct a risk analysis to determine the potential of our project failing to work as expected. One of the risks we need to evaluate is the refusal of the market to accept the new product once it comes into the market. We will use data to determine the potential of rejection from our customers. The delay in the updating of people and knowledge could be other risks that our firm is bound to face. We will ensure that information reaches everyone and updates are made regularly. The failure to reach our target sales is also another major risk we are likely to face when we launch our product on the market (Nilsson, 2014).

Financial Analysis

Profit maximization is one of the reasons we decided to enter the Bangladesh market. We will take into account different aspects before setting the price of our products. The factors we intend to take into consideration include product cost, utility and demand,  the level of competition on the market, government regulations and requirements as well as pricing objectives. We will ensure that our price is related to the current prices of our competitors but not the same.

Strategy Tracking

            Tracking the success of a market entry strategy can be one of the most daunting tasks in for novices. Element AI must track the success of the strategy to determine whether a change is necessary in future when entering another market. We will use different techniques to analyze the success of the entry strategy including determination of the website traffic growth; sales qualified leads generated, resultant profits, visitor lead conversion rate and opportunities generated from the strategy.

Conclusion

 Element AI is considered among the most successful companies in Bangladesh. The firm entry into the market has transformed the lives of the local population as well as the population. Artificial Intelligence has shown excellent progress in Bangladesh, and the firm has decided to venture into the same. Element intends to use different marketing strategies to reach the target audience. The firm plans to use the local Bengali language in the TV advertisement. It also plans to take advantage of social media platforms such as Facebook, Twitter, Instagram and YouTube to reach millions of customer. The choice of the strategy has been embraced because it will enable the firm to connect with the general public. The firm also plans to evaluate the success of the strategy using different ways such as opportunities generates from the visitor lead conversion rate, strategy, website traffic growth, sales qualified leads generated and profits.

REFERENCES

Domingos, P. (2015). The master algorithm: How the quest for the ultimate learning machine will remake our world. Basic Books.

M., & Nixon, J. (2017). Exploring SWOT analysis–where are we now?. Journal of strategy and management.

Islam, M. M., & Habiba, U. (2015). Use of social media in marketing of library and information services in Bangladesh. DESIDOC Journal of Library & Information Technology, 35(4), 299-303.

Nilsson, N. J. (2014). Principles of artificial intelligence. Morgan Kaufmann.