A great answer to this question should include:
1. Research methods used to gather market data (e.g. industry reports, competitor analysis).
2. Identification of key market trends and drivers impacting the industry.
3. Assessment of market size, growth potential, and competitive landscape.
4. Evaluation of regulatory and legal considerations in the new market.
5. Analysis of potential risks such as political instability, economic volatility, or cultural barriers.
6. Strategies for mitigating risks and capitalizing on opportunities identified.
7. Examples of successful market entry strategies or lessons learned from past experiences.
8. Clear communication of how the candidate’s skills and expertise can contribute to successful market entry.