Market research steps for internationalization
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To conduct market research in order to internationalize your business, you can follow the steps below:
1. Definition of research objectives – Determine what information you need: competitor analysis, customer needs, rules to be followed, etc.
2. Target market analysis Identify potential markets: Identify countries or regions that have growth potential. – Demographic analysis: Check what age, gender and economic groups exist in these markets.
3. Analysis of competitors – Identify competitors: Identify local and international competitors and gather information about their products, prices and marketing strategies.
4. Analysis of customer needs – Conduct surveys, interviews, and focus groups to identify customer needs and preferences in the target market.
5. Checking the rules and regulations – Familiarize yourself with the commercial, financial and cultural regulations of the target country and make sure that your business complies with these laws.
6. Analysis of distribution channels – Identifying how to distribute products in the target market and choosing the best distribution channels for your business.
7. Market testing Introduce your products or services to the market and gather customer feedback using trial marketing or prototyping.
8. Data analysis – Analyze the collected data and use it to formulate go-to-market strategies.
9. Development of the plan to enter the market – After analyzing the data, prepare a comprehensive plan to enter the target market that includes marketing, sales and distribution strategies.
10. Monitoring and correction – After entering the market, monitor results and modify strategies and plans as needed.
Resources and tools: – Industry reports: using existing reports from reliable sources. – Online platforms: research and business sites that provide useful data and reports. – Local Consultants: Collaborate with local consultants or research firms for more detailed information.
By following these steps, you can approach the internationalization of your business with greater awareness and analysis.
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