International market research is required in order for businesses who intend to export to comprehend the structure and development of global markets.
What kind of data should a reputable international market analysis contain?
Every business must have a thorough understanding of the market it wants to enter before expanding internationally. The company must have precise and current knowledge of the market in which it operates and evaluate the investment it is willing to make in order to gain the information it needs to ensure the success of its product or service in a particular nation. In-depth interviews with potential purchasers serve as primary sources, which provide information tailored to the goals pursued, and secondary sources, which are found in publications and public databases.
In any case, the following are some of the factors you should never be overlooked in international market research:
International Market:
The most significant elements of the international environment are those that relate to the economy (GDP, per capita income, interest rates), business (foreign trade statistics), politics (demographic and geographic data, infrastructure, risks, and political stability), culture (languages, uses and customs, attitudes, and preferences), and law (tariffs, import or export licenses, taxes, approvals and certifications, health regulations, exchange control, packages and brands, etc.) that the country is dealing with.
Market Research:
Competitive pricing, trade margins, shipping, storage, and distribution costs; distribution routes, marketing strategies, or media coverage for advertising.
Demand:
It entails examining the actual and potential demand for each market using quantitative methods (analysis by subsectors, regions, geographic areas, inhabitant and year, percentage and year) and qualitative methods (buyer type, purchase motivations, consumption habits and rhythms, quality preferences, price or segments).
Competence:
To identify potential market niches in a worldwide and competitive market like the one we now operate in; it is essential to be aware of what other companies in the industry are offering. For this, knowledge of the local industry’s structure, state, and future prospects, major domestic producers, the volume, source, and market share of imports, foreign producers, the market segments that are subject to competition, and the ranking of market shares and geographical regions, are all necessary.
In Arga, we can assist you with market research for your product and provide you with the necessary details you need to know.
Schedule a meeting with one of our experts for more information.
