1. MARKET RESEARCH: FINDING ESSENTIAL MARKET INFORMATION 1.1 5/17/2015 Digging for Gold

2. Having the ‘Right’ Questions Articulate questions Find answers

3. What is Market Research Market research is the collection and analysis of information about countries, regions, markets, people, companies and organisations that will enable you to make better decisions for your export marketing plan COLLECT AND CONVERT INFORMATION INTO KNOWLEDGE

4. Reseach Myths Research is only for intellectuals and academic people: This misunderstanding is partly created by researchers who have their own sophisticated definitions and jargon. However, good researchers are well aware that research can be easily designed and implemented by anyone The trade partner will do all necessary research Some exporters believe that they already have enough information through their trade partner or expect the research to be done primarily by them. In addition, some exporters regard market information as a by-product of their accounting system. But often trade partners lack in giving a neutral overview of the market and channel developments in their country. 4

5. Research Myths Market research is too expensive: Market research does not necessarily mean doing surveys, interviewing large numbers of people and carrying out complicated computer analyses, which are expensive - especially when entering different EU countries. There are many low cost techniques. I am afraid to lose control with an information overload Some exporters are already very busy and are afraid of losing track when browsing through all information and dealings with researchers. However, most research requires common sense and a time commitment 5

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11. Defining a Research Problem Articulate your questions clearly 11

12. Questions? 12

13. Questions? Internal: About your company External: About Markets 13

14. Internal Questions Are you or can you become part of a global value chain? What is your positioning in the value chain? 14

15. Internal Questions How much is available for export? How is it produced? At what cost is it produced? 15

16. External Questions What is the volume in world trade? What is the volume in regional trade? What is the volume in target market? 16

17. External Questions: Target Market: DESTEP Geography/ Demography Economy Social Structures/ Preferences Technology Climate/ Environment Political 17

18. External Questions What are the trade channels? What does the buyer want? What are the market entry requirements?  Regulatory  Customer Driven 18

19. Internal vs External Questions Product market combinations Product market compatibility 19

20. The research instruments Desk research Internet Publications, magazines, newspapers, etc. Market research reports Documentation ( Competition? ) Field research Specialist MR offices / consultants DIY Tradepartners

21. The research instruments Desk research CBI’Website and Database: A wealth of information up-to-date information on more than 35 sectors in European Union market access requirements, market size, consumer trends, trade structure, packaging, pricing, terms of trade and export guidelines Sector alerts

22. Database content CBI's database contains 3,000 documents market studies, export manuals, design guides, fashion forecasts and 5,000 selected hyperlinks to additional information sources.

23. Desk research, Statistical information: the basics Statistical information = quantitative information Gives a general picture of the market, based on market size & trade flows Production Consumption Imports Exports

24. Eurostat www.ec.europa.eu/eurostatEurostatwww.ec.europa.eu/eurostat EU Export Helpdesk www.ec.europa.eu/trade/creatingEU Export Helpdeskwww.ec.europa.eu/trade/creating International Trade Centre: www.intracen.org (p-maps, trademap)www.intracen.orgp-mapstrademap CBI market surveys: www.cbi.eu*www.cbi.eu* US Commercial Service: www.export.gov National statistics offices Branch organizations Desk Research Internet sources:Finding statistics

25. Desk Research Finding statistics cont. CBI Market surveys are the best starting point to identify the main Trends. F.e.: The Engineering Products Market in the EU Check chapter “Trade:Import and Exports” Product codes (CN= Combined Nomenclature)/(HS=Harmonized System Codes) and Prodcom. Numbers are given In case of Engineering products: CN and Prodcom.numbers

26. The research instruments Field research Specialist MR offices / consultants DIY

27. Considerations – Field research Cost Professional DIY Time Professional DIY Reliability Professional DIY ? ?

29. Information sources Field research The user ( where does he/she buy the product? At which price, warranties, service, etc. ) Retailer or service provider Wholesaler Importer / Distributor Agent Trade fairs Professional Associations, Bus.Support Organisations, Chamber of Commerce, Banks

30. CBI - Ministry of Foreign Affairs 30

32. Overwhelmed?? How to stay up to date? Newsfeeds (RSS) Mark important Websites and prescribe E-newsletters Subscribe for News letters Linked Groups and Communities

33. Staying up-to-date: Newsfeeds What? Automatic alerts when websites have been updated How? As e-mails or ‘bookmarks’. NB! You must subscribe! Why interesting? Helps you remember sites, no unnecessary searching Allows you to mark read items

34. Staying up-to-date: E-newsletters What? Regular e-mail updates with content specifically designed for the target group How? By sending an e-mail to subscribe Why interesting? Allows you to stay up-to-date without checking websites

35. Staying up-to-date: Communities What? Groups with people connected online, can be personal or professional Why? Network(ing), contacts Examples: LinkedIn (professional) Facebook (personal)

36. Linkedin Groups Groups and Communities Find Groups of interest on Linkedin Technical Groups e.g “Foundrymen” Professional Groups e.g “CE Marking for Fabricated Steel Works” Skill Groups e.g “Marketing Communication” Service Groups e.g “Logistics Network”

37. LinkedIn Become a member of groups Ask questions Follow discussions

38. LinkedIn : for Details : Join Relevant LinkedIn Groups : Some serious discussions go on in specialized groups. Further drilling into group members profiles and companies can yield valuable information on the latest trends, challenges facing an industry or business group. Examples: "Heavy Duty Truck & Trailer”, “HDX Connected Heavy Duty”, “Auto OEM Network”, “Automotive Industry Professional…”, “Automotive SME Manufacturers”. “HDX Connected Heavy Duty Truck Parts Aftermarket”. 38

39. Finding your Peers 1- iCatalogshttp://www.icatalogs.eu/ : For identifying market leading companies, bench marking product quality, features, technology trends etc 2- Materials Handling/Factory layoutshttp://www.mhi.org/ Materials Handling Products, trends, logistics and factory layouts leading to global competitiveness. The Chinese learnt to become world class manufacturers by working as sub contract manufacturers and allowing the western companies (clients) to guide them on assembly techniques. 4-Import Genius : http://www.importgenius.com/ track the international shipping activities of importers and exporters around the world to give you an unprecedented understanding of the import-export business. 39

40. CBI - Ministry of Foreign Affairs Questions?

41. EXERCISE Write research questions about your market research project 1.2 about market demand 2.2 about target market 3.2 about PMCs