MARKET POTENTIAL in import Export
You need to be clear about your market and how to reach it. Here is a check list to help you work out your market potential:
What is your customer need and demand for the product?
Before you start bringing a full container load, you need to assess your customer needs and what is the demand for the product.
Are there cultural factors that will impact on sales?
Would your product fit in a different cultural environment: religion, weather, lifestyle, etc…
What is the actual size of the market?
This is your pure marketing assessment. Check your statistics, quantify your marketing research
How easy is the entry/exit of the product, including regulatory and customs barriers?
Make sure you check with Customs and quarantine if you require permits and if the product is allowed out of the exporting country and in the importing country.
What types of distribution systems are available?
Every country has a different approach to distribution, make sure you have researched the various marketing opportunities.
What profit margins can I allow?
In order to work out your profit margin you need to know the following :
the total costing of your product and the marketable price in comparison to your competitors
What is the availability of storing and transport infrastructure (such as cold storage facilities or transport)?
Do your research in finding the best storage opportunities: location, price, ease of use
Are there any standard business practices and ethics you need to find out?
Every country you do business with will have different rules, make sure you understand them
Are there any specific laws affecting the operation of business?
What you are allowed to do, tax systems and business law can vary from country to country, never assume anything, you need to seek country information
What is your philosophy of competition and cooperation?
Make sure you have a longer term marketing plan so you are ready when competition sees your product and tries to copy you
Are you protected?
Do not forget to protect your Intellectual property and y our trade mark
What is the image of your importing/exporting country in the market?
Make sure the country of origin of your product doesn’t have a negative preconception
Are there competitors already in the designated market?
Your market research should include an evaluation of what is already in the market that could be a competition to your product
Do you require specific labels / bar codes?
Before bringing a product into a country, makes sure the product is ready to be sold with the right labels, packaging, bar codes, etc…, that comply with the regulations