How to select target market
Practical analysis of country
👉Competitors
👉Vendors
👉Customers
👉Industries
👉Product
👉Markets
➡️Market research
Market research - key to success in export business . market research is essential for any business to succeed ; and while you are going to explore a totally unknown overseas market , it become essential something without which we can never think of success in export business.
➡️How to select market for export
Market selection process requires a board range of information depending upon the product or Celsius to be exported which includes :
✓ the demand for product and services
✓the size of potential audience
✓whether the target audience can afford products
✓what the regulatory issues are the impact on export of product .
✓ ease of access to this market proximately freight .
✓are there appropriate distribution channels for product and services?
✓ the environment for doing business language culture, politics etc.
✓ is it financially Bible to export to selected market.
✓you can get her much of the first step information yourself for from a variety of sources a little or not cost sources of information included.
✓ Talking to colleges and other exporters.
✓ the Libra
✓ The internet
➡️Market selection
Having complete the market selection process and choose your target market the next step is to plan your entry strategy.
There are a number of options for entering your choose market .most exporters initially choose to work through agent or distributor in the longer term ,however you may considered other option such as stocking more direct control of your market more director selling or promotion or speaking alliance or agreement.
➡️. Hs code of product
The harmonious system HS code are International method of the classifying product for trading purpose. This classification is used by custom officially around the world to determine the duties tax and regulation that's the applied to the product .
The harmonious code system is a system of progressively more specific identifier for a community this number is an aggregate of a serious of the code starting with the broad category assign a two digit identifier it is then the assigned 4 digit identifier and the goes down further.
How to find HS code of product
It covers over 5000 commodity groups each identified by a 6 digit code. The system is used by more than 200 countries as a basis for their own customs tariffs and for international strategies.
You can find the HS code for your product in with the tariff classification tool from Government website
Where to export?
An entrepreneur who plans to enter into exports can identify the product product groups with the potential in the foreign Market by analysing the trends in export country wise and community wise over a period of time. A study of the trends over a period of 5 year is accepted to yield very useful information the ministry of commerce based on the analyse of the train in exports had also prepared a matrix of 15 countries and product .
Identification of right country to export your product .
Examine trend that could influence demand for your product or services calculate the overall consumption of product or services like you are an identify the amount imported study the competition both domestic internet International looks at each competitors Canadian and foreign market shares.
Identify genuine buyers
As an exporters finding you buyers for your product can be the most difficult challenges in your business particular when you are just getting start or or selling in a new market selling in another country is never easy . You need to adopt to cultural norms languages and travel barriers in order to success but a new technology make the world smaller and make finding wire overseas much easier than it was in the past .
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