Market profile vs Market study
Many companies ask us what is the difference between a Market profile and a Market study and which one they need to do to have more benefits.
Here we list what each one contains so that the Companies can evaluate what they need.
– Overview of the country’s economy.
– Analysis and assessment of the target market.
– Import volumes ($) and origin.
– Client Profile.
– Marketing channels.
– List of importers in the target market.
– Fairs and industry events.
– Standards and entry requirements.
– Requirements for setting up a company.
– Macroeconomic Data. Evolution of GDP, spending, and imports the last three years.
– Local production and market: composition of production. Identification of monopoly/oligopoly, size of wholesale and retail markets.
– Analysis of competition (national, foreign, product competition).
– Composition of distribution channels (% of total sales represented by each channel, brands operating in each channel, and market share of each brand).
– Prices: price analysis, competition prices, margins that each link in the chain works with. Calculation of the import price and comparison with other suppliers.
– Promotion: recommended specialized media: international fairs, trade publications, newspapers, radio, TV, etc.
– Assessment of necessary product adaptations due to regulations or consumer preferences.
– Brand and packaging feasibility analysis according to regulations and consumer preferences.
– Legal and technical requirements for importing the product.
– Current, past, and future consumer trends and consumer preferences of the target market.
– Installation of subsidiaries and their corresponding procedures.
– Business culture protocol in the destination country.
– List of potential buyers/importers.
– Summary of in-depth interviews (between 5 and 7) conducted with importers, key informants, and opinion leaders.
– Conclusions and recommended next steps.