Market Research and Export Strategies

The video tutorial emphasizes the importance of market research for business success, especially in identifying promising export markets. It guides viewers on using U.S. trade data and resources like Schedule B codes and trade databases. The tutorial also covers analyzing market potential, considering free-trade agreements, and using web analytics. It advises narrowing focus to specific countries using country commercial guides and developing an entry strategy based on research. Additional resources and guides are available on export.gov.

Why is market research crucial for business success?

• It reduces production costs.

• It identifies potential export markets.

• It guarantees sales success.

• It helps in understanding local laws.

What is the purpose of the Schedule B Export Classification Code?

• To classify domestic sales.

• To set product prices.

• To identify tariff rates globally.

• To determine product quality.

Where can you find free trade data online?

• Trade Stats Express and U.S.A Trade Online

• Local Chamber of Commerce

• International Trade Center

• World Trade Organization

How can web analytics help in market research?

• By offering customer feedback.

• By providing competitor analysis.

• By predicting future sales trends.

• By showing where website hits are originating.

What advantage do free-trade agreements offer?

• They increase product quality.

• They make exporting less expensive.

• They guarantee market success.

• They eliminate all tariffs.

Which factor is NOT important when comparing different markets?

• Local cuisine

• Barriers to entry

• Market growth

• Geography

What is the purpose of country commercial guides?

• To provide travel tips

• To offer economic, political, and market intelligence

• To give language lessons

• To list local businesses

What should be considered when developing an entry strategy?

• Local holidays

• Popular local sports

• Cultural festivals

• Specific conditions and regulations of the market

Where can you register to receive valuable export information?

• export.gov

• local library

• trade fair

• business school

What additional resources are available on export.gov?

• Export guides and trade events calendar

• Local job listings

• Weather forecasts

• Stock market updates