- Market research is an important factor for export business. It is important for success in the export business. “Explore the crucial role of market research in export business success.
- Learn how to select target markets effectively by understanding the entire country’s market dynamics.”
- In market research, we have to explore a whole country.
- Without market research it is not possible to us success in the export business.
How to select target market
- Market selection process have a require board range of information. It can be depended on the product.
- Understand Demand & Supply of the product
- Flow of product in the Market
- How they are using the product
- Affordability & Feasibility
- Size of the potential audiences
- Legal law & government policies regarding product
- Competition in Market
- Contact with friends & relatives of that particular country.
- Data analysis of product
- Learn about that particular country like behaviour, fashion, taste etc.
- Understand which types of mode they prefer Ex: Online/Offline
- Financially viable export to selected market
- Appropriate distribution channel
- Issue regarding regulatory issue
Market Selection
- Learn the essentials of how to target market selection to streamline your market entry strategy effectively.
- There are number of options for entering in selected market. Some people will work with agents & distributors.
- Another option is to take more direct control over the selected market. Seeking more direct sales or promotions or alliances or agreements.
HSC Harmonised System Code
- Harmonise System Code (HSC) is a number which is given every product for identification. HS Code is same in each country of the world.
- EX: Apple HS code is 0808.
HSC Harmonised System Code of Product
- The Harmonized System Code (HS Code) are an international method of classifying product for trading used by custom officials around the world to determine for duties, Taxes & Regulation. That apply to the product.
- Harmonization Code System (HS Code) is a system of faster and more specific identification of products.
- This number is a set of a series of codes starting from a wide range assigned a 2-digit identifier. It is then assigned a 4-digit identifier and goes further down.
How to find HS Code of Product
- It covers over 5000 commodity group each identified by 6-digit code. This system is followed by more than 200 countries as a basis own their custom tariff & international trade statistics.
- We can find our HS code of our product through ICEGATE website
- Find website: www.icegate.gov.in
Where to export or how to select target markets & countries
- New entrepreneur who plans to enter into export market.
- They can identify products/product groups by analysing country-wise and commodity-wise export trends over time and verifying potential in the foreign market.
- Study of trade data of last five years can be useful for doing business in selected countries.
- Ministry of Commerce has a kind of information about the product which is exported and imported by that particular country.
- Find Website: https://commerce.gov.in/
Identification of right country to export by our product
- Examine trends that may affect the positioning of your product or service.
- Calculate the overall production of the product or service and also calculate how much in total of that particular product or product group was imported by the selected country.
- Do analysis of competition, consumption of production. Indian share that particular countries, What their payment terms, documentation process etc.
Finding buyer in target country
- As-an exporter, finding buyer for our product is the most difficult challenge for new business.
- Selling of our product in another country is never easy.
- We need to adapt to cultural, norms, language and travel barriers to succeed.
- But new technology makes the world smaller and finding buyers now a days is easier than before.
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