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Market profile methodology
 

Market profile methodology

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    Market profile methodology Market profile methodology Presentation Transcript

    • Market profile methodology
    • MP Objectives
      Market profile: the specific purpose of the course is to build the capacity of trainees to prepare:
      Custom-designed short reports, produced in a few days, on target markets to respond to the requests of client companies;
      In-depth market briefs for a larger audience to address general inquiries and provide useful background for interested exporters;
      Participants will be able to draft reports to illustrate the feasibility of penetrating a targeted market and be able to present results of a market profile to a business oriented audience.
    • What is a Market Profile?
      Product focused:
      • dealing with a single product or a narrowly defined group of products
      Limited Geographically:
      • dealing with one market or markets that share similar features
      Concise:
      • a description of the main market and marketing characteristics
      Practical:
      • containing information necessary to help exporters with marketing decisions and actions
    • Who builds and uses Market Profiles?
      Trade Promotion Organizations (TPOs)
      Sector trade organisations
      Associations of small and medium enterprises(SMEs)
      Foreign trade services: forwarding agents, carriers, insurance agents, bankers, etc;
      Enterprises
    • Identifying (and describing) a product
      A sample of questions:
      “What is the main application and function of the product?”
      “What factors (tangible and augmented) constitute the product?”
      “How flexible are these factors? Can they be altered to fit a market?”
      "Can the product fit in a certain lifestyle? Differences by market?”
      “How could the product be adapted/standardised to differentiate it to competition?”
    • Define your product
      Critical to be as specific as possible when defining the product range that will be covered in the profile.
    • Product description
      Level of detail is important.
      The more focused, the more useful it is for your clients, but the less flexible it is for you
      Seafood vs. shrimp vs. frozen shrimp vs. prepared foods containing shrimp
      In the description: what the product is used for?
      it might change the market entirely
      Cashew can be a nut (kernel), a fruit (cashew apple), can produce industrial lubricant
      Industrial vs. Household uses for glass
    • Features of our product?
      Warranty
      Additional
      Services
      Shipping
      and
      Handling
      Efficiency
      Versatility
      BASIC
      PRODUCT
      Packaging
      Quality
      Post-sale
      service
      Brand
      Name
      Style
      “Ethical
      Consumption”
      TANGIBLE
      PRODUCT
      AUGMENTED
      PRODUCT
    • Features of a product
      The base product – the core
      most elementary and generic definition of the content and use of the product
      a shirt : a piece of clothing to cover the upper-body and protect against the elements
      chocolate: the cocoa butter mixed with a few basic ingredients
      The tangible factors – the physical features
      physical attributes that the consumer can see, touch, want and need: design, form, style, brand name, versatility, efficiency
      a shirt: a choice of colours, style, quality of the stitching, brand descriptors, versatility (easy-ironing, formal/informal), etc.
      Chocolate: choice and content of ingredients, shapes and sizes, wrapping, etc.
    • Features of a product
      The Augmented characteristics – the "ethereal" features
      Certification/quality control (in foreign markets)
      a guarantee can help a new company to reassure local consumers about quality
      Characteristic of the production process that carry special value:
      Organic ingredients, environment-friendly, child labour-free, etc.
      Transport and insurance
      services such as transport, customs clearance, insurance,...
      can be supported by the purchaser, by the exporter or be divided between these two parties
      Packaging
      Maintenance/guarantee
    • An example of product description…
      The cashew, Anacardium occidentale L., belongs to Anacardiacea or cashew family. Other important plants of this family are the mango (Mangifera indica) and the pistachio nut (Pistacia vera).
      The cashew tree is versatile. The cashew tree produces fruit and a by-product: the nutshell oil. The fruit consists of two parts: a pear-shaped stalk called the cashew “apple” and a greyish brown kidney-shaped nut (HS 08.01.31), which is attached to the lower end of the apple and contains a slightly curved white kernel (HS 08.01.32), wrapped in a thin brown skin or testa. The nutshell, which is smooth and oily, contains a toxic, resinous material from which is obtained the cashew nut shell liquid (CNSL).
      The apples go rotten within 24 hours of harvesting unless refrigerated while the nuts may be kept for about a year provided they are properly dried immediately after harvesting (maximum moisture 9%) to prevent mould and properly stored. Usually the nuts are sun dried and constantly turned over for several days until the kernels rattle in the shell……..
      Source: ITC Market Profile on Cashew Nuts
    • Identifying a target market
      A sample of questions:
      What is the consumption and production of this product around the world?
      What are the fastest growing markets for my product?
      Which countries are supplying those markets?
      What is the position of our producers in those markets?
      What are the access conditions for those markets?
      . . . Where should I focus further research?
    • Identifying routes to a market
      A sample of questions:
      How is this product distributed in the target markets?
      What are the options for promoting this product?
      What trade fairs should I attend? Who else has been attending?
      What buyers should I focus on?
      . . . How can I make a sale?
    • Provides exporting enterprises with a concise overview of conditions for market entry and trends in a given import market
      Organizes the information about the product and market in a user-friendly and comprehensive framework
      A Market Profile provides an understanding on where the opportunities lie and how to access these opportunities
      When in doubt… remember the purpose
    • Model layout of a MP