Identifying the right markets
Let’s learn more about Identifying the right markets. The key issues for the entrepreneur in exploring new export market opportunities are the ability to gain market access and to maintain competitiveness. Market entry begins with market research to determine market access conditions and potential levels of competitiveness. Researching market access conditions include the following activities:
- Access market profiles and target information on relevant opportunities for your company
- Identify national and international regulatory standards for specific products
- Identify existing trade agreements and determine whether they offer any possible advantage
- Assess the competition in the market
- Assess the culture of the business- how is the marketing and distribution of your product handled?
- Identify possible quotas, duties, and taxes
- Assess possibilities for product differentiation to deal with consumer preferences and culture
The market segmentation task has to follow a scientific process.
- The first task is to group customer according to product and service they want.
- The second task is to analyze customer by summarizing demographic, lifestyle and usage pattern, which helps in the definition of market segment.
- The third task is due diligence of the market for growth potential, competition and other factors.
- The fourth task is to profitability of market segment.
- The fifth task is to undertake positioning activity for pricing and marketing programs.
- The sixth task is to explore different positioning and marketing strategies to explore the market to its full potential.
