MARKET RESEARCH
MARKET RESEARCH
Market research is vital to the success of your international import/export business. Is your product salable? Does anyone care? You must be able to sell enough of the product or service to justify undertaking the import/export project. If you are presenting a new product, you might have to create a market. A good rule of thumb for the new import/export business is: "If the market isn't there, get out of the project and find another product."
International market research will save money and time. Unfortunately, too many newcomers plunge into import/export without determining whether they can sell the product at a profit.
Following are checklists of research items for importers and exporters.
Exporter Checklist
Is there already a market for the product?
What is the market price?
What is the sales volume for that product?
Who has market share, and what are the shares?
What is the location of the market; what's its size and
population? People in major urban areas generally have
more money than they do elsewhere.
What are the economics of the country its CNP
industries, and sources of income?
Who are the employees of the country? How much do they
earn? Where do they live? '
Is the government stable? Do they like Americans? Does
the country have a good credit record?
What are the tariffs, restrictions, and quotas?
What are the other barriers to market entry, such as
taxation and repatriation of income? 0 What language do they speak? Are there dialects? Does the
business community speak English? 0 How modern is the country? Do they have electric power? How do they move their goods? How good is the hard infrastructure (roads, trains, etc.)? What about the soft infrastructure (schools, etc.)?
Does the country manufacture your product? How much do
they produce? How much is sold there? 0 What kind and how much advertising generally is used? Are there local advertising firms? Are there trade fairs and exhibitions?
What distribution channels are being used? What levels of inventory are carried? Are adequate storage facilities available?
Who are the customers? Where do they live? What influences the customer's buying decisions? Is it price, convenience, or habit?
What kinds of services are expected? Do they throw away or repair?
What are the property right implications?
Importer Checklist
Is there already a market for the product? 0 What is the market price?
What is the sales volume for that product? 0 Who has market share, and what are the shares? ~7] What is the location of the market; what's its size and population? Major American urban areas are generally where the people have more money than elsewhere.
Who are the wholesalers?
What sort and how much advertising generally is used? Are there local advertising firms? Are there trade fairs and exhibitions?
What distribution channels are being used? What levels of inventory are carried? Are there adequate storage facilities available?
Who are the customers? Where do they live? What influences the customer's buying decisions? Is it price, convenience, or habit?
What kinds of services are expected? Do they throw away or repair? Can repair services be set up?
What about competition? Do they have sales organizations? How do they price?
What are the property right implications?
The answers to these questions are available through most good libraries, the Department of Commerce's International Trade Administration (ITA), the United States Chamber of Commerce, or private market research companies
Market research is vital to the success of your international import/export business. Is your product salable? Does anyone care? You must be able to sell enough of the product or service to justify undertaking the import/export project. If you are presenting a new product, you might have to create a market. A good rule of thumb for the new import/export business is: "If the market isn't there, get out of the project and find another product."
International market research will save money and time. Unfortunately, too many newcomers plunge into import/export without determining whether they can sell the product at a profit.
Following are checklists of research items for importers and exporters.
Exporter Checklist
Is there already a market for the product?
What is the market price?
What is the sales volume for that product?
Who has market share, and what are the shares?
What is the location of the market; what's its size and
population? People in major urban areas generally have
more money than they do elsewhere.
What are the economics of the country its CNP
industries, and sources of income?
Who are the employees of the country? How much do they
earn? Where do they live? '
Is the government stable? Do they like Americans? Does
the country have a good credit record?
What are the tariffs, restrictions, and quotas?
What are the other barriers to market entry, such as
taxation and repatriation of income? 0 What language do they speak? Are there dialects? Does the
business community speak English? 0 How modern is the country? Do they have electric power? How do they move their goods? How good is the hard infrastructure (roads, trains, etc.)? What about the soft infrastructure (schools, etc.)?
Does the country manufacture your product? How much do
they produce? How much is sold there? 0 What kind and how much advertising generally is used? Are there local advertising firms? Are there trade fairs and exhibitions?
What distribution channels are being used? What levels of inventory are carried? Are adequate storage facilities available?
Who are the customers? Where do they live? What influences the customer's buying decisions? Is it price, convenience, or habit?
What kinds of services are expected? Do they throw away or repair?
What are the property right implications?
Importer Checklist
Is there already a market for the product? 0 What is the market price?
What is the sales volume for that product? 0 Who has market share, and what are the shares? ~7] What is the location of the market; what's its size and population? Major American urban areas are generally where the people have more money than elsewhere.
Who are the wholesalers?
What sort and how much advertising generally is used? Are there local advertising firms? Are there trade fairs and exhibitions?
What distribution channels are being used? What levels of inventory are carried? Are there adequate storage facilities available?
Who are the customers? Where do they live? What influences the customer's buying decisions? Is it price, convenience, or habit?
What kinds of services are expected? Do they throw away or repair? Can repair services be set up?
What about competition? Do they have sales organizations? How do they price?
What are the property right implications?
The answers to these questions are available through most good libraries, the Department of Commerce's International Trade Administration (ITA), the United States Chamber of Commerce, or private market research companies
Comments
Post a Comment