Writuparna Kakati | 29 Apr, 2008
Proper planning is the core of any business activity; if you are going to enter into the most competitive world of export, it is, needless to say, an ultimate necessity.
Marketing strategy involves selection of a target market, determination of the product price, promotion and distribution policies, marketing plan, and so on without which export business is like a ship without a sail.
Export marketing plan
An export marketing plan is nothing but a step by step guide to implement strategies. Here we enlist strategic issues and what actions to be taken to achieve the business objectives. In any business, marketing plan and export strategy are always closely interrelated, and this interaction should be continuous at every step in putting the plans into action.
During the planning process, emphasis should be given upon basic data collection and analysis of these data. Always remember that your export marketing plan should always contain marketing objectives, market research, market segmentation and positioning, export printing, distribution channels, characteristics of the product line, and promotional strategies, etc. Outline the actions required to perform all these things and prepare a budget and activity schedule as per your requirement.
Marketing objectives
It is the first step to set objectives while preparing your export marketing plan. Devote considerable time in setting up objectives which are attainable, realistic and clear. Keep in mind what are your strengths and weaknesses, how much opportunity is there waiting for you. Perform a market research based on available data and your own assumptions. Communicate the marketing plan throughout the company and inspire the employees. For assessment of your company's strengths and weaknesses in relation to the competition, consider the following points-
- Technology you are using
- Design, Styling and trademark
- Quality of products, their life cycle and quality control measures
- Is your product line is complete?
- Customer care services
- Cost and distribution structure
- Raw material supplies.
Market segmentation
Identify the target segment in the export market. Ask yourself the following questions while developing your market plan-
- Who will buy your products ?
- Why will they buy your products ?
- Where are they located ?
- What are the characteristics of the customers ?
After considering all these things and comparing between different segments, choose the the segment with the requirements that fit its product specification best. Try to understand the size of your target segment and its exact nature.
Market research
Market research is essential before going to start your export business. Try to evaluate the size of the market, customer requirements, trade channels, cultural and social differences, etc. All these are going to affect your way of doing business with the market. You can take assistance of professional international marketing companies or use published data to get this kind of information.
Product characteristic
Always, it is a smart idea to consider the products which you are going to export before you actually do it. Consider the following things carefully-
- Is any modifications needed in the products?
- Is any packaging changes required?
- What about labeling requirements, brand name and after-sales services?
Many businesses begin export activities haphazardly, and, as a result, most of them overlook better export opportunities. Formulating an export strategy, on the other hand, helps to make the best use of your resources, to focus on the business goal with more effectiveness, and to achieve success in export business with more ease.
