market research for product- market selection for trade fair participation kuldeep sharma june...
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M R for PRODUCT - MARKET SELECTION FOR A TRADEFAIR
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MARKET RESEARCH FOR PRODUCT-MARKET SELECTION FOR TRADE FAIR PARTICIPATION
Kuldeep Sharma
June 20,2012
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Regional Trade Promotion
TFA Supply DemandSurveys
BSM Follow- up
Prod SelectWkshp
Ent-erprise Slctn
ITC South-South Approach
Product Market Enterprise
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TFA Methodology• Identification of products with potential for
intra-regional trade potential • Reveals complementary products – those that
are exported from some of the countries to the rest of the world and imported from the rest of the world
• Indicative export potential: MIN (Exports to the world, Imports from the world) Product Current trade Indicative export
potentialExports to the
worldImports from the
world
Computer Data Storage Units
$0.6mln $124mln $124mln $674mln.
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TFA Methodology (I)
Static Matrix
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TFA Methodology (III)
Dynamic Matrix
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Market & Product Mix Analysis Sale promotion
New market penetration
New product/service development
New Business
Present products/services Present MarketX
New Products/Services New MarketX
New Products/Services Present MarketX
Present Products/Services New MarketX
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Supply / Demand Surveys
• Overview of the sector – Production– Export – Import – Domestic market– Investment– Regulations– Market Access
Requirements – Market prospects– SWOT
• Company data – Traded products– Econ activity per prod– Domestic vs export– Infrastructure– Technology – Standards– Sourcing– Packaging– Shipping– Etc.
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SME GAPs
SMECOMPETENCE
COMPETITIVENESSGlobal
requirements
Regionalrequirements
GAPS
GAPS
BEING FILLED UP BY BMO
ASSESSMENT + EMP
SELECTION
BEING FILLED UP BY BMO
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3T
Tools Training Technical Advisory
Selection Establishing Gaps Handholding
to bridge gaps
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Handholding
• Market Entry Strategy• Export Quality• Export Finance • Export Packaging• Supply Chain Management • Human Resource management
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Various trade promotion tools:Cost and target
High
Cost
Low
Salesperson
Advertisement(Newspaper,
magazine, journal, directories, TV, radio)
Direct mail(Mail, email, telephone)
Internet(Homepage/portal)
WideTarget customersNarrow
Trade fair/mission
Source: Modified from Japan Finance Corporation (2008)
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German Foreign Trade Fair Programme
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German Trade Fair Quality Abroad
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Selected functions of trade fairs
– Trade fairs offer market concentration reflecting selected markets
– Trade fairs are an experience appeal to all human senses
– Trade fairs guarantee and increase the transparency of the market
– Trade fairs open up new markets
– Trade fairs enable a direct comparison of price and performance
– Trade fairs encourage an intensive exchange of information
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Participation in a trade fair as part of the marketing mix
trade fair participation
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Communication mix
– public relations
– advertising
– personal contact
– sales promotion
– market research
– corporate design
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Price and conditions mix
– price
– credit
– discount
– payment
– service
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Distributions mix
– sales organization
– distribution channels
– storage
– transport
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Product mix
– product quality
– product range
– brand
– product design
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Information behavior of trade fair visitors
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Selection criteria
– your situation and participation aims fit in with the theme of the trade fair
– representative range of goods on offer
– your customer groups will be reached
– new target groups will be attracted
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Selection of suitable Trade Fairs
– analysis of trade fair landscape• themes• titles• target groups• regional scope
– own aims
– pre-selection
– visit
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Sources of information
– dates, product groups, statistics• AUMA_Messe Guide Deutschland• AUMA_Foreign Trade Fair Programme• AUMA German Trade Fair Quality Abroad• FKM-Report• Trade Fair Company/Organizer• www.auma.de
– additional sources of information• Chambers of Industry and Commerce• Chambers of Industrial Crafts• Trade Associations• German Chambers of Commerce abroad
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Kuldeep SharmaJune 20,2012
MARKET RESEARCH AT
TRADE FAIRS
THINK BEFORE YOU ACT
• Markets• Industry Catchments• Buyers Catchments• Events
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Using Trade Fairs for Market Research
• What’s it all about?– Company image– Product trends– Distribution trends– Market segmentation– Market positioning
• Wrong place, wrong data, wrong market analysis!
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Suitability for Market Research?
• Shortlist of fairs– Exhibition calendar– Competition participations– Market leaders present?– industry associations active?– Trade promotion organizations present?
• But first of all desk research:
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Web-enabled data collection!
• Visit the web sites of the most prominent International Trade Fairs– Trend reports & press releases
Example: http://www.imm-cologne.com/press/press_information.php
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Analyze the Fair concept
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The Fair concept analyzed
• Products– Assortments in fair program– Number of competitors– Number of local manufacturers– Sectoral division– Service providers present
(distribution)
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The Fair concept analyzed
• Exhibitors– Sorts– Importance– Number– Origin– Manufacturers or traders– Competitors– New developments: follow the leaders?
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The Fair concept analyzed
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• Visitors– Sorts– Importance/position/function– Number– Origin– Manufacturers or traders or subcontractors– Competitors– Track record: get testimonials from organizer
Research Objectives
List your objectives for today’s visit• Best location• Best presentation ( outside)• Best presentation (inside)• Best assortments• Best behavior of sales personnels• Best pricing policy• Best service guaranties• Best value offerings• Best branding
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