| First step of export marketing is to identify target | | | | categorized by HS code. |
| market and market needs where your products | | | | - Other online sources like Comtrade also publishes |
| services have good market potential and demand. | | | | International trade statistic data. |
| There are many countries in world and you should | | | | Step 2: Screening |
| pick right one(s) for your product and services. If | | | | - From those collected data, select 5 to 10 countries |
| you know your target market and market needs, | | | | where your product or service has maximum volume |
| you could easily get export orders from those | | | | of export from your country. Check them over the |
| countries. | | | | past three or five years to know whether growth |
| You can identify target market by conducting | | | | been consistent year-to-year? Did import growth |
| International Market research activity that will give | | | | occur even during periods of economic recession? If |
| you detailed knowledge of opportunities in | | | | not, did growth resume with economic recovery? |
| International market. It can confirm that an | | | | - Also select some smaller emerging countries that |
| opportunity actually exists in a particular market and | | | | may hold ground-floor opportunities for you. If the |
| can help you to understand the market's | | | | market is just beginning to open up, you may not |
| characteristics. It can give you insight into how a new | | | | have as many competitors as you would in an |
| market can be developed. Most important, it helps | | | | established market. |
| you to identify needs of your potential customers | | | | - Screen and target three to five of the most |
| and factors influences their buying decisions. | | | | promising countries for further analysis. |
| Types of Market Research | | | | Step 3: Analysis |
| There are two main types of market research: | | | | - Analyse market trends and situation of those |
| secondary and primary. | | | | screened countries that could influence demand for |
| Secondary research | | | | your product or service. Calculate the overall |
| This can be done by using data and information | | | | consumption of your products or services category |
| gathered from periodicals, studies, market reports, | | | | and identify the amount imported. |
| books, surveys and statistical analysis available | | | | - Study the competition, both domestic and |
| through various sources like chambers of commerce, | | | | non-domestic. Look at each competitor's market |
| economic development organizations, industry and | | | | share. |
| trade associations, websites, libraries and government | | | | - Identify what affects the marketing and use of the |
| sources. | | | | product or service in each market, such as channels |
| Primary research | | | | of distribution, economic situation, cultural differences |
| This can be done by using data and information | | | | and business practices. |
| gathered by Interviews, Focus groups, Mystery | | | | - Identify any foreign barriers (tariff or non-tariff) for |
| shopping etc. Primary research almost always | | | | the product or service being imported into those |
| demands personal involvement through interviews | | | | country affecting exports to the country. |
| and consultations. Your foreign or domestic contacts | | | | - Refer websites of WTO, Euro monitor, Country |
| will be able to help you better if you state your | | | | reports and screened country's specific business |
| company's objectives at the outset and present your | | | | portals which will help you more to analyse current |
| questions clearly. | | | | market trends and situation. There are many other |
| Though Market Research is a complex process but | | | | sources on Internet, publishing useful information on |
| following three simple steps will help you to identify | | | | current global market trends and situation. |
| target with secondary research approach. | | | | After completing these three steps successfully, you |
| Step 1: Collecting data | | | | will be able to identify your target market and |
| - Collect statistical information of related sector that | | | | restrict your marketing efforts to those countries |
| show export data of your product or service to | | | | only. New-to-exporting companies should concentrate |
| various countries. You can collect those data from | | | | on fewer than ten markets. One or two countries |
| various sources like periodicals, studies, market | | | | are usually enough to start with. You can then begin |
| reports, books, surveys and statistical analyses | | | | to develop your export marketing strategies and plan |
| published by chambers of commerce, economic | | | | accordingly. |
| development organizations, industry and trade | | | | International market research activity needs |
| associations, Export promotion councils. | | | | expertise work so recommend you to get expert's |
| - Many country's concern Govt. dept. publishes | | | | advices on performing research activities because if |
| export-import statistic data on their websites also. | | | | you have identified your target market wrong, all |
| For Example, in India, Ministry of Commerce & | | | | your efforts for export marketing will go waste from |
| Industry's website- publishes export-import data | | | | the first step itself. |