Abstract Expanding business globally is very challenging task. A new market is always full both of prospects and risks.

So, a thorough market research is needed to fix the strategic moves. Here, Global Furniture Ltd, a UK based furniture manufacturer is willing to expand its operations abroad. It has been operating its business in UK market successfully for more than 10 years. In this report, the prospects and probable strategy to tap Bangladeshi furniture market is shown. It is a different experience for Global Furniture to hit an economy of developing country. But, it can seek for the possibilities in this market. Only strategies can be a major weapon to succeed here.

Table of contents

1.0Analyzing Competitors Hitting a new market firstly demands a comprehensive analysis of the existing competitors. This helps a company to realize the right condition of the market. Moreover, it is important to check the possibility of new competitors to hit the market. There are some steps in analyzing competitors1.1 Identifying the companys competitors Here the existing competitors at the new market are identified. This identification is done thoroughly. Each and every player regardless small player or vital player should have to be identified. To ignore a part which may play a minor role can make the strategy fixing discussion complex. So, this step should be accomplished very carefully. 1.2 Determining competitors objectives Every company has an objective, for fulfilling which it runs. All the competitors objectives should have to be determined. This will help at a great extent in selecting the company objective to hit the new market. It is not basically very hard task. Objectives are the utterly expression of a company which is generally mentioned in their annual report. So, it can be collected with little effort. 1.3 Identifying competitors strategies As business is kind of strategic game, knowing the strategies of competitors or at least predicting those is very necessary to play the game well. This helps a company better devise its own strategies for attacking its competitors. It is not an easy task. One may even have to follow the business trend of competitors to comprehend the strategies they are adopting. 1.4 Assessment of Strengths & Weaknesses A company has to keep idea about its competitors strength and weakness. It is basically needed for determining the desired attack pattern. Different kind of attack patterns are there depending on the analysis of competitors strength and weakness. 1.5 Competitors reaction pattern This is the last part of analyzing the competitors. The reaction patterns of different competitors should have to be known. It will help devise the contingency strategy for the company. If the reaction pattern is known, the competitors become very easy to handle. But it is one hard work to determine the reaction pattern. History of the competitive rivalry in the furniture industry can be a possible area to research for tracking the reaction pattern of competitors.

1.6 Selecting competitors to attack and avoid A company will not rationally fight with all the competitors. It will just compete with the competitors within the same strategic group in which the company belongs. So, two list can be derived from all the competitor list- one is attack and another is avoid. 2.0Competitive position Global Furniture has to fix its competitive position in the new market. This competitive position can be of for kinds according to Michael Porter. A company can position itself as cost leader, differentiation provider, focused or middle-of-theroaders. Within these four positions, middle-of-the-roaders never be a choice. So, Global Furniture has to choose from the rest three. Here, it can choose differentiation and cost leadership at a time. But, if it wants to factually experience the market by operating business, it firstly can use focus to serve a niche. Then, it can expand the target customer base for making it mass customers brand. Tapping the market initially with focus is a lower risk strategy than mass people targeted strategy. 3.0Global Furniture as a market challenger Global Furniture limited is basically a market challenger here. However, it is not the market leader and yet to tap the market. So, we can ambitiously assume it as the runner-up in the industry initially. And it will fight hard to grab market share and constantly increase it. So, the strategy of Global Furniture should be like a market challenger. 4.0Devising objective and attack pattern As a market challenger, Global Furniture has to have a precise and attainable objective. The objective should be logical. A sky high objective will be hard to attain initially. So, a pragmatic objective along with goals can only lead Global Furniture to the initial penetration and subsequent success. For attaining the objective, Global Furniture has to attack its customers with strategy. As a large company operating business successfully in UK, Global Furniture is well resourced. So, it should adopt an encirclement attack strategy. It is like attacking the competitors from all sides. This attack is generally based on both the strength and the weakness of the competitors. This attack will make competitors overwhelmed. They will react to it with greater strength. But, through the known reactive strategy of the competitors, Global will defend them. And, if everything runs according to the previous competitor sketch developed from the competitor analysis, attaining objective will be a matter of time. But, the encirclement attack is very costly. So, before making this huge investment, the competitor analysis and strategy fixing should be done very carefully and wisely. Otherwise, the whole investment may go in vain. 5.0Balancing customer-competitor orientation

Doing is not only competing with the competitors. Its main objective is to serve customers. So, the customers expectation should be taken in concern. In fact, a firm has to keep balance within the competitors rivalry and customer satisfaction. It also can be a strategy for Global Furniture. It can gain customer loyalty through serving them best according to their demand. And, this will bring it the top position among the competitors.

6.0Recommendation Global Furniture is new in global market. So, it should be careful doing business abroad. The culture is different here. It should align its business perspective with the culture of the country. This is the sustainable strategy for doing business abroad. So, besides doing business, it should be conscious about the culture and try to develop a culture vulture image.