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Step 3: Identify / Select Foreign Markets • 3 Largest markets for U.S. Products are Canada, Japan & Mexico – May or may not be best market for your product – Then how do you choose? Market Selection Strategies • Reactive – choose markets with demonstrated success – Use past sales – Past leads – Competitive sales – Participation in Trade shows – Discussions with Industry Experts • Proactive – choose market based on independent analysis – Global Indicators – Trade Barriers – Tariff Barriers – Non tariff Barriers Advantages/Disadvantages Reactive Strategy • Reactive Strategy – Pros • Low cost, fast, low-risk, product need established – Cons • May lose first mover advantage • Competitors may mislead you • Market may not match your product’s life cycle Market Selection Model (Proactive) 1. Develop indicators to assess market (s) 2. Rate indicators 3. Weight each indicator 4. Compare countries Analyze results Market Selection Model Country Indicator 1 Weight Points Indicator 2 Weight Points Indicator 3 Weight Points Total Country 1 Country 2 Key – Identify Best Indicators • Global Environment Indicators – Demographic – Macroeconomic – Government Policies – Environmental – Industry Specific Indicators Suitable for Global Assessment (Figure 4.2 Foley,2004) • Demographic Indicators – Population including growth and density – Gender makeup – Literacy rate – Education levels – Age distribution – Per capita income and distribution – Receptivity to U.S./foreign products – Social considrations such as religion, taboos, – Language Indicators Suitable for Global Assessment (Figure 4.2 Foley,2004) • Macroeconomic Indicators • GDP • GDP growth • Inflation rate Indicators Suitable for Global Assessment (Figure 4.2 Foley,2004) • Government Policies – Import tariffs – Currency exchange controls – Non tariff trade barriers (technical standadrs, labeling requirements, documentation) – Intellectual property rights protection (patents, copyrights, trademarks, trade secrets) – Political risk (stability) – Investment policies and protections – Labor practices and restrictions – Taxation [...]... official U.S export/import statistics by commodity and country http :// dataweb.usitc.gov/ Criteria For High Potential Markets 2 Which countries are importing comparable products? Look for countries with the largest and fastest growing imports of the product over the past several years Sources: International Trade Centre – Aggregated Trad e Statistics http :// www.intracen.org/menus/products.htm ; Best... Trade Development “Exporting Basics” http :// www.citd.org/startup/eb/page.cfm? chapter=2&sec=9 • Best Market Reports are a fast way to pinpoint high potential markets for selected industries BMRs are compiled only on the industries considered "best-prospects" worldwide, based on recommendations of U.S commercial officers in each country BMRs identify the largest/fastest growing markets for selected industries... analyze the data (e.g., Best Market Reports and Industry Subsector Analyses) Source: Center for International Trade Development “Exporting Basics” http :// www.citd.org/startup/eb/page.cfm? chapter=2&sec=9 • U.S Export Statistics includes the official U.S export/import statistics compiled by the U.S Census Bureau The Commodity-by-Country series shows all the destination or source countries for a specified... market 6 No Significant Market Barriers "X" (minimally met) "XX" (significantly met) "blank" (didn't meet), Source: Source: Center for International Trade Development “Exporting Basics” http :// www.citd.org/startup/eb/page.cfm? chapter=2&sec=9 • Foreign Import Statistics help "size up" markets of interest, identify the major supplier countries, and compare competitor country market shares Each country... industries in one convenient matrix and give a brief rationale for each country's selection as a "best prospect." Source: Center for International Trade Development “Exporting Basics” http :// www.citd.org/startup/eb/page.cfm? chapter=2&sec=9 • Industry Sector Analyses can provide more detailed assessments of market potentials for your products in particularly promising countries ISAs are productand country-specific... must be a way for you to get to your foreign customers) Keep in mind the longer and more remote the distance is to the market, the more the transportation and travel costs will be Sources for Country/Market Indicator Data • Stat-USA and WWW.Export.gov – Country Commercial Guides See Assignment 4 for additional market data sources Country Desk officers at U.S Dept of Commerce; contact Trade Information... to more potential business partners than you might have thought of, and vise versa Market Potential Matrix 1 2 Country 2 X X Country 3 4 5 6 XX Country 1 XX 3 X X XX X X X XX XX XX XX XX Key: Columns/Criteria 1 Largest export markets, latest year 2 Fastest growing export markets, latest year 3 Largest importing countries, latest year 4 Fastest growing importing countries, latest year 5 Recommended . Step 3: Identify / Select Foreign Markets • 3 Largest markets for U.S. Products are Canada, Japan & Mexico – May. analysis – Global Indicators – Trade Barriers – Tariff Barriers – Non tariff Barriers Advantages/Disadvantages Reactive Strategy • Reactive Strategy – Pros • Low cost, fast, low-risk, product. rate – Education levels – Age distribution – Per capita income and distribution – Receptivity to U.S./foreign products – Social considrations such as religion, taboos, – Language Indicators Suitable