Plan your market entry the right way – use market research to learn your product’s potential in a given market, the best prospects for success, and the market’s business practices before you first export.
If you’re just beginning to sell internationally, narrow your focus by concentrating on no more than two or three best-prospect markets. Use our Step-by-Step research guidelines to get started. (SEE BELOW)
Market Research
Access the U.S. Commercial Service Market Research Library containing more than 100,000 industry and country-specific market reports, authored by our specialists working in overseas posts.
The Library Includes:
- Country Commercial Guides (read latest “Doing Business In” guides)
- Industry Overviews*
- Market Updates*
- Multilateral Development Bank Reports*
- Best Markets*
- Industry/Regional Reports*
* These market research reports are available only to U.S. companies and students/researchers that are registered with Export.gov. Register above to get access.
Agricultural Goods Market Research Reports
Tariff Schedules, Trade Missions, GAIN Reports, and Specific Country Data and Information -- all focusing on exporters of agricultural goods and commodities. Market reports on processed and finished agricultural products can also be found in the "Country and Industry Market Reports" above.
Step 1. Find Potential Markets
- Obtain trade statistics that indicate which countries import your type(s) of products.
- Perform a thorough review of the available market research reports in the country(ies) and industries in question to determine market openness, common practices, tariffs and taxes, distribution channels, and other important considerations.
- Identify five to ten large and fast-growing markets for the firm's product(s). Analyze them over the past three to five years for market growth in good and bad times.
- Identify some smaller but fast-emerging markets where there may be fewer competitors.
- Target three to five of the most statistically promising markets for further assessment. Consult with U.S. Export Assistance Center near you.
Step 2. Assess Targeted Markets
- Examine consumption and production of competitive products, as well as overall demographic and economic trends in the target country.
- Ascertain the sources of competition, including the extent of domestic industry production and the major foreign countries the firm would compete against.
- Analyze factors affecting marketing and use of the product in each market, such as end-user sectors, channels of distribution, cultural idiosyncrasies, and business practices.
- Identify any foreign barriers (tariff or nontariff) for the product being imported into the country and identify any U.S. export controls.
- Identify U.S. or foreign incentives to promote exporting of your product or service.
- Determine whether your product is price competitive after you've figured in packaging, shipping, marketing, sales commissions, taxes & tariffs, and other associated costs. See "pricing considerations".
Step 3. Draw Conclusions
If the company is new to exporting, it is probably a good idea to target 2 or 3 markets initially. Your local Export Assistance Center can provide valuable insight into your "optimal" market opportunities.
Step 4. Test Demand
There are a number of low-cost on-line and off-line services that can help new exporters gauge foreign market interest and collect overseas inquiries:
Also, at Export.gov you’ll find additional resources from across the U.S. government including market research, trade leads and information about export finance.
Source: www.sba.gov
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.