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Article Check - Market Research - Identifying Key Markets for Export
It’s more than handing out promotional polo shirts. Many companies have discovered the value of employee incentive programs. Employees and staff who feel appreciated and recognized are more loyal and more hardworking. They produce higher quality efforts and can be your best ambassadors and publicity. Your employees will recognize a half-hearted incentive program, though. In order to be effective, though, an employee incentive program must meet three criteria: It must reward real accomplishments. It must be applied consistently. It must offer tangible rewards as well as recognition. Those “tangible rewards” can often ta
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4
The Occupational Safety and Health Administration guidelines for Housekeeping (. 29 CFR 1910.22 (a) (2) 1910.22) sets down specific rules and regulations for the maintenance of facilities in relation to floor safety and the rules of compliance."The floor of every workroom shall be maintained in a clean and, so far as possible a dry condition. Where wet processes are used, drainage shall be maintained, and false floors, platforms, mats, or other dry standing places should be provided where practicable" directs that floors in your workplace should be "maintained in a clean and, so far as possible, a dry condition."This regulation from OSHA is one o
Market research helps you identify promising markets through objective analysis of available facts and statistics. Its true, many companies start export whenever it receives unsolicited orders from abroad. Although this type of selling is valuable, the company may discover even more promising markets by conducting a systematic search.
Primary and Secondary Market Research
Market research is conducted by analysing primary or secondary data resources. In conducting primary market research, a company collects data directly from foreign marketplace through interviews, surveys, feedback and other such direct contact with potential buyers. Primary market research has the advantage of being tailored to the needs of the company and provides answers to specific questions, but it is invariably time consuming and very expensive.
Secondary market research is based on analysis of statistical data such as trade statistics. To be effective, the data should be reliable and cover significant historical period. Though it is considerably less expensive than primary research, one should be aware of its limitations. For example, the most recent statistics for some countries may be more than two years old. Moreover, the data may be too broad to be of much value to a company. Statistics may also be distorted by incomplete data-gathering techniques. Finally, statistics for services are often unavailable. Yet, even with these limitations, secondary research is a valuable and relatively easy first step for a company to take. It may be the only step needed if the company decides to export indirectly through an intermediary, since the later may have advanced research capabilities
Step 1 - Collect Data
Collect export statistics published by authentic sources. In India, there are two major sources for reliable trade statistics - Directorate General of Commercial Intelligence and Statistics (DGCIS) and Customs.
DGCIS publishes 'Monthly Statistics of Foreign Trade of India' Its March issue contains cumulative data for whole financial year (April to March). After publishing extremely voluminous books for years - DGCIS has started publishing this data in CD-ROM from 2004.
DGCIS statistics is extremely important for macro level data analysis. One can find out product and country wise (as also country and product wise) statistics for whole year from DGCIS publications. You may find more information on DGCIS data including examples at Sources and Evaluation of Indian Foreign Trade Statistics
Customs department publishes port-wise "Daily List of Export and Import". This list contains brief details of every shipment made through a seaport or airport. For more information including demo data - check Eximstat Database
Step 2 - Identify Promising Markets
Identify five to ten large and fast-growing markets for products in your export basket. Check volume as well as trend for a historical perspective of 5 to 10 years. Ask critical questions - has market growth been consistent year to year ? Has there been a shift in product choice ? Was there a seasonal bias ?
For example - analysis of spice export data for last few years may show increasing sale of curry-type mixed powder spices and modest or decreasing sale of whole seeds.
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4
Some years ago, when I was in the insurance industry, a colleague of mine told me a story. He had been in Insurance for 5 years selling it door to door. One night his mother commented that she had just taken out a large insurance policy with another company. My colleague screamed "why did you not come and see me?" His mother replied, well you never asked if I needed insurance but my agent did.The moral of the story is, if you are marketing something make sure everyone knows about. You do not need to shove it down their throats but mention it once in a while or you could lose a customer staring you in the face.My colleague nevertheless, is a crackin
Secondary market research is based on analysis of statistical data such as trade statistics. To be effective, the data should be reliable and cover significant historical period. Though it is considerably less expensive than primary research, one should be aware of its limitations. For example, the most recent statistics for some countries may be more than two years old. Moreover, the data may be too broad to be of much value to a company. Statistics may also be distorted by incomplete data-gathering techniques. Finally, statistics for services are often unavailable. Yet, even with these limitations, secondary research is a valuable and relatively easy first step for a company to take. It may be the only step needed if the company decides to export indirectly through an intermediary, since the later may have advanced research capabilities
Step 1 - Collect Data
Collect export statistics published by authentic sources. In India, there are two major sources for reliable trade statistics - Directorate General of Commercial Intelligence and Statistics (DGCIS) and Customs.
DGCIS publishes 'Monthly Statistics of Foreign Trade of India' Its March issue contains cumulative data for whole financial year (April to March). After publishing extremely voluminous books for years - DGCIS has started publishing this data in CD-ROM from 2004.
DGCIS statistics is extremely important for macro level data analysis. One can find out product and country wise (as also country and product wise) statistics for whole year from DGCIS publications. You may find more information on DGCIS data including examples at Sources and Evaluation of Indian Foreign Trade Statistics
Customs department publishes port-wise "Daily List of Export and Import". This list contains brief details of every shipment made through a seaport or airport. For more information including demo data - check Eximstat Database
Step 2 - Identify Promising Markets
Identify five to ten large and fast-growing markets for products in your export basket. Check volume as well as trend for a historical perspective of 5 to 10 years. Ask critical questions - has market growth been consistent year to year ? Has there been a shift in product choice ? Was there a seasonal bias ?
For example - analysis of spice export data for last few years may show increasing sale of curry-type mixed powder spices and modest or decreasing sale of whole seeds.
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4
I am sure by now everyone remembers the popular commercial that Gatorade had out stating that, “Life is a Sport”. Little did we think back then that particular commercial would be more than just another catchy phrase by another one of those brainy marketing guys at one of those power house Brand name companies. That phrase alone is really a metaphor to what life really is in essence. Life is a sport. We are all players and lets face it, there are winners and losers in this game of life. We all think it, but most of us are afraid to admit it. In school you were uniforms, at work you probably were uniforms, and at home you probably still were uniforms and these particul
Step 1 - Collect Data
Collect export statistics published by authentic sources. In India, there are two major sources for reliable trade statistics - Directorate General of Commercial Intelligence and Statistics (DGCIS) and Customs.
DGCIS publishes 'Monthly Statistics of Foreign Trade of India' Its March issue contains cumulative data for whole financial year (April to March). After publishing extremely voluminous books for years - DGCIS has started publishing this data in CD-ROM from 2004.
DGCIS statistics is extremely important for macro level data analysis. One can find out product and country wise (as also country and product wise) statistics for whole year from DGCIS publications. You may find more information on DGCIS data including examples at Sources and Evaluation of Indian Foreign Trade Statistics
Customs department publishes port-wise "Daily List of Export and Import". This list contains brief details of every shipment made through a seaport or airport. For more information including demo data - check Eximstat Database
Step 2 - Identify Promising Markets
Identify five to ten large and fast-growing markets for products in your export basket. Check volume as well as trend for a historical perspective of 5 to 10 years. Ask critical questions - has market growth been consistent year to year ? Has there been a shift in product choice ? Was there a seasonal bias ?
For example - analysis of spice export data for last few years may show increasing sale of curry-type mixed powder spices and modest or decreasing sale of whole seeds.
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4
Perhaps, the hardest thing a person will have to do is find the right career that suits their personality. The fact is, most of us have to work but how many of us are actually working in our dream job? One difficulty in getting there is not knowing what would make us happy professionally. Sure you may think you know the answer, but without indepth research you are only guessing.For most people, the process of finding a career starts in college. As a senior in high school you are expected to not only decide on a college to attend, but also to choose your profession. Then you head off to a university and begin your quest to become educated in your chosen field wi
Customs department publishes port-wise "Daily List of Export and Import". This list contains brief details of every shipment made through a seaport or airport. For more information including demo data - check Eximstat Database
Step 2 - Identify Promising Markets
Identify five to ten large and fast-growing markets for products in your export basket. Check volume as well as trend for a historical perspective of 5 to 10 years. Ask critical questions - has market growth been consistent year to year ? Has there been a shift in product choice ? Was there a seasonal bias ?
For example - analysis of spice export data for last few years may show increasing sale of curry-type mixed powder spices and modest or decreasing sale of whole seeds.
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4
Remember the Whack-a-Mole game? For many organizations, the end of the fiscal year is prime season for Whack-a-Mole. In case you aren't familiar with it, Whack-a-Mole is a children's arcade game where the child stands with a rubber mallet in front of a table, waiting for the Moles to pop up. As they pop up, the child scores points for banging them down with the mallet before they retreat.As year-end heats up (or any time things are hectic), you can easily leave your staff feeling like they are playing Whack-a-Mole. Something comes to your attention that just has to get handled. You email someone on your staff and ask them to handle it. No big deal; you're just
Another example - increased rice export to Bangladesh may be traced to floods in that country rather than any long term change in demand profile. Such spurt in demand is unlikely to sustain for long and should be considered a temporary phenomenon.
In both cases - historical analysis of foreign trade statistics can help you identify seasonal bias or shift in demand.
Step 3 - Identify Emerging Markets
Identify some smaller but fast-emerging markets that may provide ground-floor opportunities. If the market is just beginning to open up, there may be fewer competitors than in established markets. Growth rates should be substantially higher in these countries to qualify as up-and-coming markets, given the lower starting point.
Step 4 - Assess Target Markets
Ascertain the sources of competition, including the extent of domestic industry production. Analyze factors affecting marketing and use of the product in each market, such as end-user sectors, channels of distribution, cultural factors and business practices. Finally, identify tariff and non-tariff barriers (if any) for the product being imported into the target country
Step 5 - Draw Final List
After analyzing the data, the company may conclude that its marketing resources would be applied more effectively to a few countries. In general, if the company is new to exporting, then efforts should be directed to fewer than ten markets. Exporting to one or two countries will allow the company to focus its resources without jeopardizing its domestic sales efforts.
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