Whether you are approaching the Import/Export (IMEX) game as an export management company (EMC), export trading company (ETC), or trade merchant... a market research plan and execution of it is mission critical to your success and sustainability.
Knowing what the key relevant factors are is the difference between being properly informed to make the best decision or deciding your companies commitments off of guesswork and irrelevant factors.
5 Key Market Research Factors are:
Global Competition
- What other companies (if any target) with similar product (s) the same market?
- Do they have any advantages? If so, what (political relations, personnel from the market, etc,.)?
- Do you ask questions ...
Local competitors
- Are there existing local businesses in your target market with similar product (s)? If yes, how many?
- How long they have been in operation?
- Do you ask questions ...
SOCIAL CHANGES
- What kind ofsocial changes occurring in your audience that your product would affect (s) successful?
- What changes are the trends and new models of life are?
- Do you ask questions ...
Suppliers
- How many potential suppliers do you currently have compiled for your product (s)?
- How strong is your supply chain (for tax purposes, historically, logistics, capacity, future demand, etc. to the presidency.)?
- Do you ask questions ...
GOVERNMENT REGULATIONS
--Agencies are invited to a list of agents with successful track records in your target market.
- Does your home government does not have specific rules that trade in the target country? If so, how?
- Do you ask questions ...
(Click here to get 5 more factors, Market Research)
Be relentlessly thorough exercise of all relevant facts and data about your potential venture. Leave no stone unturned. What may seem insignificant may be (and usually does not) lead tosomething that you do adjust your entire market entry strategy.
Be detail oriented in this step, your due diligence will take advantage of great opportunities in the near future and to facilitate the development of a platform for long term sustainability. Ask questions, ask a few questions, and attach a couple of questions that, for good measure ... and that does not mean that you should stop regarding a specific date. Always looking for new information, allowing you to stay lean and flexible andExploit the directions of the volatile markets of today rather than catches, too flat-footed by them.
Well informed, you may want to decide so that your business and ensure competitiveness, sustainability, and profitability.
Click here for 5 Missing Market Factors
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