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Learning Objectives

Welcome to class of assessing and analyzing markets by Dr. Satyendra Singh University of Winnipeg Canada. Learning Objectives. Objectives:. Assessing and Analyzing Marketd Initial Screening Economic and financial screening Political and legal screening Sociocultural screening

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Learning Objectives

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  1. Welcome to class ofassessing and analyzing marketsbyDr. Satyendra SinghUniversity of WinnipegCanada

  2. Learning Objectives Objectives: • Assessing and Analyzing Marketd • Initial Screening • Economic and financial screening • Political and legal screening • Sociocultural screening • Competitive screening • Challenges in screening • Final selection of markets

  3. Assessing and Analyzing Markets • Market Screening • A version of environmental scanning in which the firm identifies desirable markets by using the environmental forces to eliminate the less desirable markets • Environmental Scanning • A procedure in which a firm scans the world for changes in the environmental forces that might affect it

  4. Market Screening • Permits management to identify a small number of desirable by eliminating those judged to be less attractive

  5. Market Screening • Two Types of Screening • Country Screening • Using countries as the basis for market selection • Segment Screening • Using market segments as the basis for market selection

  6. Initial Screening… • Basic Need Potential • If the need is lacking, then no reasonable expenditure of effort and money will enable the firm to market its goods and services • Easier for producers of specialized industrial materials or equipment than for widely consumed products

  7. Initial Screening • Resources to establish need potential • Market size (present and potential) • Imports do not fully measure market potential • Review reports by various embassies • Department of foreign and international trade

  8. Second Screening: Economic and Financial Forces • Measures of market demand based on economic and financial data • Market indicators • Market factors • Trend analysis • Cluster analysis

  9. Market Indicators Economic data used to measure relative market strengths of countries or geographic areas Possibilities: Market size Market growth rate E-commerce readiness Market Indicators

  10. Market Factors Economic data that correlate highly with market demand for a product Estimation by analogy Market Factors

  11. Trend Analysis Statistical technique by which successive observations of a variable at regular time intervals are analyzed to establish regular patterns that are used for establishing future values Trend Analysis

  12. Cluster analysis Statistical technique that divides objects into groups so that the objects within each group are similar Cluster Analysis

  13. Third Screening: Political and Legal Forces • Entry Barriers • Import restrictions, local participation requirements, local content restrictions, government-owned competition • Profit Remittance Barriers • Undue restrictions on repatriation of earnings, limits to FDI, inability to provide foreign exchange • Policy Stability • Political climate, government stability, public unrest

  14. Fourth Screening:Sociocultural Forces • Screening on the basis of sociocultural factors is challenging • Sociocultural factors are fairly subjective • Data are difficult to assemble, particularly from a distance

  15. Fifth Screening: Competitive Forces… • The number, size, and financial strength of the competitors • Their market shares • Their marketing strategies • The apparent effectiveness of their promotional programs • The quality levels of their product lines

  16. Fifth Screening: Competitive Forces • The source of their products--imported or locally produced • Their pricing policies • The levels of their after-sales service • Their distribution channels • Their coverage of the market

  17. Final Selection of New Markets… • Personal visit to potential markets is essential • Field Trip, unhurried • Government-Sponsored Trade Missions • Trade Fairs

  18. Final Selection of New Markets • Research in Local Market • Face-to-face interviews reveal information that would never be written • Hire local research group • Person in charge of the project must have experience in that country or culturally similar one in same geographic area

  19. Local Research Problems • Cultural • Language • Literacy • Social desirability bias • Technical • No up-to-date maps • Streets have different names • Houses not numbered • Only wealthy have telephones • Mail delivery issues

  20. Research in Developing Nations • Less research performed • Often a seller’s market • Competition is frequently less intense in developing nations because • fewer competitors • management struggling with problems other than marketing

  21. Finally • Segment Screening • Definable: identify and measure • Large: to be worth the effort needed • Accessible: for promotion and distribution • Actionable: have control of marketing programs • Capturable: potential exists

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