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.

MARKET PROFILE 

– Overview of the country’s economy.

– Analysis and assessment of the target market.

– Import volumes ($) and origin.

– Competition.

– 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.  

MARKET STUDY

– 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.