as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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list 3 generic strategies firms can use to enter a new market
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1. market penetration: companies can enter new markets by using aggressive pricing strategies to capture market share.
2. geographic expansion: companies can expand their presence to a new geographical area.
3. acquisition: companies can acquire an existing business in a new market in order to gain access to its customers and distribution channels.
4. joint venture: companies can enter new markets by forming a joint venture with a local partner. 
5. product development: companies can develop new products which are tailored to meet the needs of the local market. 
6. distribution channels: companies can enter new markets by developing and optimizing distribution channels.
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