First off, market targeting is a growth strategy for businesses in which companies make and initiate certain innovations to expand their customer base in a bid to increase the use of its products and service within the target location in mind.
This is not the easiest of tasks to accomplish by companies who wish to grow as this process of targeting is one not void of challenges. Previous competition would rally to make it impossible to reach that market, and even if reached, there are other factors companies interested in entering a new target location must consider. Other factors that companies who wish to reach a new target location need to put into consideration are:
- Knowing the appropriate time to target a particular market location.
- Appropriate planning
- Location analysis
All factors mentioned above are essential in a bid to break into a particular market, but one can be very difficult to achieve which is analyzing a location to be used. Now not to bore us with all this information, majorly which does not plainly explain the topic at hand, we would like to explain how the U.S.A can use Malta to target the rest of the European market.
Malta is a part of the European Union, a union which consists of 28 countries in which as at 2018, the statistics show that Malta as a country had and still has the lowest goods export rate in the entirety of the union, a statistic you’re sure they’d like to better as time goes on. This factor comes into consideration because the most important part of Malta’s economy as at 2017 wholesale and retail trade, accommodation, transportation and food services which other investors who choose to, can actually invest in the two especially when the target is the European market. European export takes up a whopping 39% of Malta’s total export which leads us to the question, is this a profitable place for business from the United States?
The answer is yes, and I will tell you how and why relations between the U.S and Malta ever since independence have been excellent. Since independence way back in 1964 and companies from the US and those already established can look to feed on the relationship as the market from Malta and to the rest of the European market is still very low compared to other countries saturated with foreign investors feeding on the international relation.
This is also a win-win for both parties; as this will help us invest in Malta to penetrate the European market easily and at the same time improve the economy in Malta. The highly industrialized and service-based economy in Malta which is classified as an advanced economy by the international monetary fund board.
As a recap U.S business can reach the majority of the European market by first
- Establishing business ongoing in Malta generating internal revenue in the country.
- Leverage on the fact that their export rates to the rest of Europe are low pointing out the fact that more can be done and can be achieved on that note.
- Finally, express the many advantages it will have on the economy as well as the country at large.
With this we have an understanding of the fact that there are lots of business opportunities on the island of Malta in which citizens in the USA can capitalize on that is for individuals in the US who are looking for investment opportunities. The island of Malta is a land of opportunities; one which, when cashed upon could be very lucrative, one to last for a very long time.