Researching Potential Markets

SELECTION OF POTENTIAL MARKETS

Research is the key to helping you select your target market. In thinking about which country to choose, there are some common issues to consider:

  • Are there any barriers to trading with this country/area? These may be both overt and hidden and range from political sanctions and civil war to poor internal transport systems.
  • What is the general market potential of the area? Who are the main customers for your type of product/service?
  • Who will your major competition be? Are there any gaps in the market which you feel you could supply?
  • Obtain a brief outline of the trade channels which operate, or are available in this country, and how you can access them. Will they impose any limitations on your strategy?

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