Marketing Research Basics

MARKETING

Target Geographical Region

Europe, Asia, Middle East, Pacific Rim, South America, Africa. Create a COUNTRY PROFILE. Get background knowledge about who you are dealing with.
Export Readiness

Set short term and long-term goals for exporting.
Statement of why Company is ready to export (i.e., management commitment, financial and personnel resources, etc.)
State product description and function of the exportable line.
Statement of why product is ready to export (i.e., domestic product success, targets a specific market need, competitive pricing vis-à-vis locally available product).
Provide brief description of the industry structure, competition, and demand.

Export Strategy

Market Size
Market Growth
Market Accessibility
Economic Stability
Political Climate
Cultural Climate
Environmental Factors
Geographical Factors

Market Research

§ Product classification

§ Basic customer profile

§ Target industry (identify and evaluate)

§ Target country (identify and evaluate)
i. Special challenges of country (culture, climate, resources, etc…)
ii. Product modifications needed

§ Target market (identify and evaluate)
i. Special challenges of market (culture, import controls, etc…)
ii. Product modifications needed

§ Competition and demand (identify and evaluate)

Market Research Modality

Identify where product is most likely to sell.
Specify market segment.
Determine both domestic and international competitors; and
Establish a fair market price for product line-up.

Conducting a systematic market search takes time, but normally pays off in the long run.

Distribution Research

Explore distribution arrangements.

Political
Transportation infrastructures
Market and product preference
Geographic
Climatic
Cultural

Competitive Analysis

How does product compare with competition in the target market?

Is price competitive
Foreign exchange rate
Current economic conditions

Plan Implementation Schedule

Time frame for implementing elements of plan..

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