Checklist Market Research and Market Entry Strategy

1. MARKET RESEARCH As old saying; if you fail to plan, you plan to fail but here we are determined not to do that; so we decided to plan something that is real worth and objectively would be beneficial for the people looking for right time and plan to enter in the market. Market research provides you with stats to plan your entire campaign. Market research must provide factual, comprehensive and up to date information to you to get started into your target market. Most importantly; this Gives clear insight, understanding of your target market and competitors enabling you to develop competitive positioning and know your stand in terms of strength and weakness, to devise a plan objectively to view your products fits in the market and gives an indication of the sales potential and the accurate cost of sales. Here we discuss ideas and market strategy from every point of marketing that needs to be developed for a successful export venture. I am pretty sure this will help you in making realistic assumptions. Target market Collect general economic and market information about your target market and describe briefly the Main characteristics: ? International trade relations /economic blocs between your country and the target market ? Trade regulations that concern your services, at the targeted countries (National level) ? Services regulations, non-tariff barriers, not only EU or national, but also requirements Demanded by customers/importers ? Market information for your services: size, growth, trends and developments. ? Competitor information: – Who are your competitors? – What is their market share? – Compare your price/quality ratio with the competing services? – Trends in global services delivery 1.2 Customers Marketing as some people may mistake it as sole purpose of selling; well that is very small aspect of entire picture. Marketing is clear understanding about your consumer/ end user, reason why everything.? Who would need your services? ? Where are they located? ? Describe your possible customer (trade partner) in terms of the following characteristics: – Segment or niche – His role in Supply Chain or Distribution Channel? – Can I name my customer (prospect list)? – Who are their present suppliers? – How do they buy? – Who is your customer¡¯s customer? 1.3 Services ? Describe your most important services – Brief technical and process specification – Quality, standards, processes – Would adaptations be required, based on demands of customers in the respective demographics?

1.4 What is the Unique Selling Proposition that interests prospective customers? ? Why would the customer be willing to pay for your services? ? Why wouldn¡¯t they choose one of your competitors? ? What is your company¡¯s added value to him? – Can you offer services according to his specification and quality/service levels? – Can you be his most reliable supplier? – Can you offer a partnership, e.g. co-maker ship? – Can you offer assistance in developing innovations? – Are you competitive in pricing? 2. MARKET ENTRY STRATEGY Most critical decision you¡¯ll have to make in developing your marketing plan is market entry strategy. Because one single mistake could cost you time and money, which are the last things you want to happen. Perfect market entry strategy can be deemed as a road map with the clear understanding of the objectives and the goal. It facilitates you to objectively examine the costs and benefits of each approach. Write down the outline of the plan to effectively enter that market by formulating your ideas about the following key factors:

2.1 How do you want to reach your possible customers? This question is very much related to the normal trade channels in your industry. Please refer to the Addendum regarding trade channels. You will have to decide on the best way to approach your prospective customer. Options are: ? Direct approach This approach is often used in the case of companies with – industrial specialization. – Adequate financial means and a certain minimum size – few foreign buyers that are in contact with international suppliers – services according to specification, subcontracting – strong networks and/or joint venture possibilities ? Indirect approach, through an intermediary or agent This approach is often used with companies – as a strategic choice – in markets with high degree of competitiveness (all EU markets) – with limited know-how of the EU market – with scattered or diversified markets ? Collective exporting, trading house, consortium, group of colleagues. 2.2 How do you intend to promote Sales? ? Participation in exhibitions/fairs, which, where, when? ? Sales trips, who, how frequent? ? Own lead generation and canvassing: how, who? ? Website, E-catalogue for your products: plan the E-presence of company ? Brochures, samples, catalogues, price lists 2.3 What are your objectives? ? What are your objectives in terms of service volume, revenue and profit for the next 1,2,3 years?