A marketing manager is considering opportunities to export her firm's current consumer products to several different countries. She is interested in getting secondary data that may help her narrow down choices to countries that offer the best potential… after which…the manager then plans to do more detailed primary research with consumers in those markets. What suggestions would you give her about how to proceed?
To proceed with finding secondary data to narrow down choices for exporting consumer products to different countries, the marketing manager can follow these suggestions:
1. Define Criteria: Start by defining specific criteria and factors that are important for the firm's products, such as market size, economic indicators, consumer behavior, competition, and regulatory environment. This will help in evaluating potential markets more effectively.
2. Utilize Government Resources: Government agencies often provide a wealth of data and resources on international trade and market information. The marketing manager can explore websites of government departments, such as trade commissions, export promotion councils, and statistical agencies, which publish reports, databases, and research on various markets.
3. Research International Trade Organizations: International trade organizations like the World Trade Organization (WTO), International Trade Centre (ITC), and United Nations Conference on Trade and Development (UNCTAD) compile data, reports, and market analysis for different countries. These organizations can provide valuable insights into export potential and market conditions.
4. Use Market Research Reports: Market research firms and consulting companies produce detailed reports on various markets across the globe. These reports provide information on market size, growth rates, consumer trends, competitive landscape, and industry analysis. Subscribing to such reports or purchasing them on a per-country basis can help in understanding market potential.
5. Explore Trade Associations and Chambers of Commerce: Trade associations and chambers of commerce of different countries often publish industry statistics, market research, and reports specific to their markets. They also organize trade shows, seminars, or workshops that can provide networking opportunities and further market insights.
6. Check International Databases: Online databases like Euromonitor, Statista, World Bank Data, and UN Data provide access to a wide range of economic and social indicators for different countries. These databases can offer valuable secondary data on GDP, population, income levels, consumer spending patterns, and more.
7. Engage with Industry Experts: Engaging with industry experts, consultants, or professionals who have experience in the targeted markets can provide valuable insights. Networking through industry events, webinars, or online communities can help connect with experts who can share knowledge and advice.
Once the marketing manager has narrowed down the potential markets using secondary data, she can then proceed with more detailed primary research, involving surveys, focus groups, interviews, and observations to gather firsthand information from consumers in those specific markets.