BOX 3.1 THE BENEFITS OF MARKET RESEARCH

Solid up-to-date market research will help you determine the following:

  • Which countries are currently buying products similar to yours and the size of the potential market
  • Who your competitors are
  • The specific standards your products must meet in markets
  • Whether your products have to be modified, such as labeling and packaging
  • Pricing strategies
  • Optimal distribution channels
  • Duties, taxes, and other costs or restrictions
  • Additional testing or certifications required

BOX 3.2 THE ELEMENTS OF MARKET RESEARCH

SCREEN POTENTIAL MARKETS

  • Step 1: Obtain export statistics
  • Step 2: Identify potential markets
  • Step 3: Target the most promising markets

ASSESS THE TARGETED MARKETS

  • Step 1: Examine product trends
  • Step 2: Research the competition
  • Step 3: Analyze marketing factors
  • Step 4: Identify barriers
  • Step 5: Identify any incentives

DRAW CONCLUSIONS