What are some of the key things to consider when conducting a market study?

In developing a detailed market study, the following should be considered:

  • Whether the country selected already imports the product (import statistics will show how much and from where)
  • The import duties that the product would attract
  • Other barriers to imports, such as import licensing
  • Local taxes on the product, such as sales tax
  • Frequency and cost of shipping or airfreight between Jamaica and the market
  • Regulations, such as quarantine and labelling standards, consumer protection rules, and product standards
  • Whether cultural differences need to be taken into account. Read economic and social literature on the target market to understand its fundamental characteristics 

When you have finished reading suitable material and completed some desk research, the next step is to prepare a basic export marketing plan. This plan will help you focus your activities to ensure that you achieve defined objectives. Don’t forget that if the situation changes, you may need to modify your plan. A well-prepared export plan may also assist you in obtaining finance from your bank if this proves necessary.

Having identified the country with the most potential, you should now be in a position to visit that target market. The main purpose of the visit will be to study the country’s special characteristics, to view the opportunities and competition first hand, and also enable you to seek and meet with suitable agents or distributors for your products.