Exporting: Developing a marketing Plan - BUSS154 ONL - Spring 2013 Week 1. Identify the largest markets for your product and fastest-growing markets market trends and outlooks. If new to exporting, select a few countries (fewer than 10) to market products.
Exporting: Developing a marketing Plan - BUSS154 ONL - Spring 2013 Week 1. Identify the largest markets for your product and fastest-growing markets market trends and outlooks. If new to exporting, select a few countries (fewer than 10) to market products.
Exporting: Developing a marketing Plan - BUSS154 ONL - Spring 2013 Week 1. Identify the largest markets for your product and fastest-growing markets market trends and outlooks. If new to exporting, select a few countries (fewer than 10) to market products.
BUSS154 ONL Spring 2013 Week 1 Developing a Marketing Plan Learning Objectives: Writing a marketing strategy Researching foreign markets Researching the market Developing a Marketing Plan Market Research Determines: Countries currently buying similar products and size of market Competitors Market standards Product modifications such as labeling or packaging Developing a Marketing Plan Market Research Determines (cont): Pricing strategies Optimal distribution channels Duties, taxes and other costs or restrictions Additional required testing and certifications Developing a Marketing Plan Research Results Will: Identify the largest markets for your product and fastest-growing markets Market trends and outlooks Market conditions and practices Competing firms and products Developing a Marketing Plan Market Research Primary Research: interviews, surveys, direct contact with representatives and potential buyers Secondary Research: trade statistics for a country or product Developing a Marketing Plan Method of Market Research: Be aware of world events Analyze trade and economic statistics Get expert advise: U.S. Dept of Commerce and other government agencies; attend seminars, workshops, trade shows; hire expert consultants; other exporters; trade and industry associations Developing a Marketing Plan Elements of Market Research I. Screen Potential Markets Step 1: Obtain export statistics Step 2: Identify potential markets Step 3: Target most promising markets Developing a Marketing Plan Elements of Market Research II. Assess the Targeted Markets Step I: Examine product trends Step 2: Research the competition Step 3: Analyze marketing factors Step 4: Identify barriers Step 5: Identify any incentives Developing a Marketing Plan Useful Links: Export Statistics: http://www.census.gov/foreign-trade/index.html Market Research Reports: http://export.gov/mrktresearch Demographic Statistics: http://unstats.un.org/unsd/databases.htm Developing a Marketing Plan III. Drawing Conclusions Select a few countries (fewer than 10) to market products if new to exporting U.S. export promotion programs can assist marketing efforts Developing a Marketing Plan: Sources for Market Research General Export Information Export.gov: http://export.gov/exportbasics/index.asp International Trade Administration: http://trade.gov/ Small Business Administration: http://www.sba.gov/category/navigation- structure/exporting-importing Developing a Marketing Plan: Sources for Market Research Statistical and Demographic Information Stat-USA/Internet USA Trade Online Eurotrade Online Tradestats Express Statistical Yearbook World Bank Atlas and World Development Indicators Developing a Marketing Plan: Sources for Market Research Statistical and Demographic Information World Factbook International Financial Statistics Global Population Profile Developing a Marketing Plan: Sources for Market Research Export Opportunities at Development Agencies Multilateral Development Banks Budget Justification to the Congress of the USAID: http://www.usaid.gov/ Developing a Marketing Plan: Sources for Market Research Industry Information U.S. Department of Agriculture, Foreign Agricultural Service Textile and Apparel Database Private-Sector Product and Industry Resources Developing a Marketing Plan: Sources for Market Research Regional and Country Information China Business Information Center Asia Now Middle East and North Africa Business Information Center Showcase Europe Trade Americas OECD Publications Market Research Libraries Customized Market Research Video Case Studies Case Study (video): Vellus Products http://globaledge.msu.edu/content/onlinecourse modules/57/Developing-a-Marketing- Plan/player.html http://www.vellus.com/ http://trade.gov/success/vellus-products.asp End