Once you are through with the evaluation of your company the next step after the evaluation is searching for the right opportunity in the Export Market. What you need to do in this is you need to investigate a lot of countries and then come to shortlist 4-5 countries in hand. The factors that you will be choosing for shorting should include political, cultural and economic factors that are majorly responsible for the export in the market. There are some more factors also included which are:
1. Related to Geographical Area
This may include any country or state or region. Also, it can include different time zones. Sometimes in some areas organizations can get involved too.
2. Factors related to political, economic and legal aspects.
This may include taxes and duties, standardization of products, then protecting the interests of consumer and rules and regulations related to toxicity and poor quality.
3. Structure of the Population
This may include general information like age and gender, what is the family structure and family income, occupation of the person, the cultural beliefs, who are major competitors, what are the brands similar to your product and so on.
4. Market General Information
Market general information means what will the size of the market, how many domestic manufacturers are available in the market, are there any agents, distributors or suppliers in order to give a hand.
5. Research in the Foreign Market
In order to understand your market, you need to understand the broad characteristics related to it which would require you to do primary and secondary research which can be done free of cost from the internet.
Primary research is basically the product research which may include product standards, figures related to population and other statistics which can be easily obtained from the websites of international organizations. The whole analysis of export statistics helps the Exporter to understand whether a product has an increasing or decreasing demand in the market.
Secondary research is basically market reports and conducted surveys, other types of periodicals, journals which can be found on government-related websites, international organizations, etc.
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