market research: finding essential market information 1.1 5/17/2015 digging for gold

41
MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 03/27/22 Digging for Gold

Upload: winfred-henry

Post on 17-Dec-2015

215 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

MARKET RESEARCH:FINDING ESSENTIAL MARKET INFORMATION 1.1

04/18/23

Digging for Gold

Page 2: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Having the ‘Right’ Questions

Articulate questions

Find answers

Page 3: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

What is Market Research

Market research is the collection and analysis of information aboutcountries, regions, markets, people, companies and organisations that will enable you to make better decisions for your export marketing plan

COLLECT AND CONVERT INFORMATION INTO KNOWLEDGE

Page 4: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Reseach MythsResearch is only for intellectuals and academic people:

• This misunderstanding is partly created by researchers who have their own sophisticated definitions and jargon. However, good researchers are well aware that research can be easily designed and implemented by anyone

• The trade partner will do all necessary research

• Some exporters believe that they already have enough information through their trade partner or expect the research to be done primarily by them. In addition, some exporters regard market information as a by-product of their accounting system. But often trade partners lack in giving a neutral overview of the market and channel developments in their country.

4

Page 5: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Research Myths

Market research is too expensive:

• Market research does not necessarily mean doing surveys, interviewing large numbers of people and carrying out complicated computer analyses, which are expensive - especially

• when entering different EU countries. There are many low cost techniques.

• I am afraid to lose control with an information overload

• Some exporters are already very busy and are afraid of losing track when browsing through all information and dealings with researchers. However, most research requires common sense and a time commitment

5

Page 6: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

6

Page 7: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

7

Page 8: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

8

Page 9: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

9

Page 10: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

10

Page 11: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Defining a Research Problem

Articulate your questions clearly

11

Page 12: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Questions?

12

Page 13: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Questions?

• Internal: About your company• External: About Markets

13

Page 14: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Internal Questions

• Are you or can you become part of a global value chain?

• What is your positioning in the value chain?

14

Page 15: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Internal Questions

• How much is available for export?• How is it produced?• At what cost is it produced?

15

Page 16: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

External Questions

• What is the volume in world trade?• What is the volume in regional trade?• What is the volume in target market?

16

Page 17: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

External Questions: Target Market: DESTEP

• Geography/ Demography• Economy• Social Structures/ Preferences• Technology• Climate/ Environment• Political

17

Page 18: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

External Questions

• What are the trade channels?• What does the buyer want?• What are the market entry

requirements?RegulatoryCustomer Driven

18

Page 19: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Internal vs External Questions

• Product market combinations

• Product market compatibility

19

Page 20: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

The research instrumentsDesk research• Internet• Publications, magazines, newspapers, etc.• Market research reports• Documentation ( Competition? )

Field research• Specialist MR offices / consultants• DIY

Tradepartners

Page 21: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

The research instruments Desk research

CBI’Website and Database: A wealth of information

up-to-date information on more than 35 sectors in European Union • market access requirements, • market size, • consumer trends, • trade structure, • packaging, • pricing, • terms of trade and • export guidelines • Sector alerts

Page 22: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Database content

CBI's database contains 3,000 documents • market studies, • export manuals, • design guides, • fashion forecasts and • 5,000 selected hyperlinks to additional information sources.

Page 23: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Desk research,Statistical information: the basicsStatistical information = quantitative informationGives a general picture of the market, based on market size & trade flows

• Production• Consumption• Imports• Exports

Page 24: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

• Eurostat www.ec.europa.eu/eurostat

• EU Export Helpdesk www.ec.europa.eu/trade/creating

• International Trade Centre: www.intracen.org (p-maps, trademap)

• CBI market surveys: www.cbi.eu*

• US Commercial Service: www.export.gov

• National statistics offices

• Branch organizations

Desk ResearchInternet sources:Finding statistics

Page 25: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Desk ResearchFinding statistics cont.

CBI Market surveys are the best starting point to identify the main

Trends.

• F.e.: The Engineering Products Market in the EU

• Check chapter “Trade:Import and Exports”

• Product codes (CN= Combined Nomenclature)/(HS=Harmonized System Codes) and Prodcom. Numbers are given

• In case of Engineering products: CN and Prodcom.numbers

Page 26: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

The research instruments

Field research• Specialist MR offices / consultants• DIY

Page 27: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Considerations – Field research

Cost Professional

DIY

Time Professional

DIY

Reliability Professional DIY

?

?

Page 28: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold
Page 29: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Information sourcesField research

• The user ( where does he/she buy the product? At which price, warranties, service, etc. )

• Retailer or service provider

• Wholesaler

• Importer / Distributor

• Agent

• Trade fairs

• Professional Associations, Bus.Support Organisations, Chamber of Commerce, Banks

Page 30: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

CBI - Ministry of Foreign AffairsCBI - Ministry of Foreign Affairs30

Page 31: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold
Page 32: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Overwhelmed?? How to stay up to date?

Newsfeeds (RSS)

Mark important Websites and prescribe

E-newsletters

Subscribe for News letters

Linked Groups and Communities

Page 33: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Staying up-to-date: Newsfeeds

What?Automatic alerts when websites have been updated

How?As e-mails or ‘bookmarks’. NB! You must subscribe!

Why interesting?Helps you remember sites, no unnecessary searchingAllows you to mark read items

Page 34: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Staying up-to-date: E-newslettersWhat?Regular e-mail updates with content specifically designed for the

target group

How?By sending an e-mail to subscribe

Why interesting?Allows you to stay up-to-date without checking websites

Page 35: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Staying up-to-date: CommunitiesWhat?Groups with people connected online, can be personal or

professional

Why?Network(ing), contacts

Examples:LinkedIn (professional)Facebook (personal)

Page 36: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Linkedin GroupsGroups and Communities

Find Groups of interest on Linkedin

Technical Groups e.g “Foundrymen”

Professional Groups e.g “CE Marking for Fabricated Steel Works”

Skill Groups e.g “Marketing Communication”

Service Groups e.g “Logistics Network”

Page 37: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

LinkedIn

Become a member of groups

Ask questions

Follow discussions

Page 38: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

LinkedIn : for Details : Join Relevant LinkedIn Groups : Some serious discussions go on in specialized groups. Further drilling into group members profiles and companies can yield valuable information on the latest trends, challenges facing an industry or business group. Examples:

•"Heavy Duty Truck & Trailer”,  •“HDX Connected Heavy Duty”, •“Auto OEM Network”, •“Automotive Industry Professional…”,• “Automotive SME Manufacturers”. •“HDX Connected Heavy Duty Truck Parts Aftermarket”.

38

Page 39: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

Finding your Peers1- iCatalogshttp://www.icatalogs.eu/  : For identifying market leading companies, bench marking product quality, features, technology trends etc2-   Materials Handling/Factory layoutshttp://www.mhi.org/  Materials Handling Products, trends, logistics and factory layouts leading to global competitiveness. The Chinese learnt to become world class manufacturers by working as sub contract manufacturers and allowing the western companies (clients) to guide them on assembly techniques.

 4-Import Genius : http://www.importgenius.com/ track the international shipping activities of importers and exporters around the world to give you an unprecedented understanding of the import-export business.

39

Page 40: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

CBI - Ministry of Foreign AffairsCBI - Ministry of Foreign Affairs

Questions?Questions?

Page 41: MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

EXERCISE

Write research questions about your market research project

1.2 about market demand

2.2 about target market

3.2 about PMCs