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Many companies assume that their competitive advantages will transfer when they enter a new market. A strategy that has worked well in one market won't work in another. Through a series of more than 100 in-depth interviews with executives at multinational companies, the author identifies three hurdles that companies often face when attempting to translate an existing strategy into a new market. In response to these challenges, the author suggests that companies first acknowledge the problem, then make small adjustments, or leave the market completely.

The first thing to do when building a business is to come up with a strategy that will appeal to your market. What do you need to translate that winning strategy into new markets?