This assignment requires you to choose:
- a product and find a market to promote your product, or
- a market and analyse its needs and find a product to satisfy the uncovered need.
When giving your reasons for choosing a market give the comparisons to the next two markets you rejected.
Three steps in determining whether an international market is right are:
1. is there a need for the product?
2. can the potential market pay for the product?
3. is the market large enough?
In the process you will look at the statistics of the markets including the:
- Culture & Tastes
- Demographics
- Geographic problems (distance, heat, cold, storage, shelf life etc)
- Competition
- Local demographics
- Economics
- Stability
- Languages
- Social structure
- Legal regulations and enforcement effectiveness
- Level of technology
- Infrastructure.
You will list the sources of your information (Secondary Data) and what primary research you would undertake.