Originally Published MX May/June 2004
MARKET ANALYSIS
Getting to Know the Market|
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In order to devise an appropriate business strategy for expansion into a foreign market, company leaders should endeavor to obtain detailed information directly from sources within the target market. Researchers can minimize wasted effort by devising a list of key topics in advance. Following is a sample table of contents for a market research report, showing a few sample topics that company researchers should include.
Market Size
- Population (size of target market).
- Wealth (per capita spending on healthcare).
Economic Measures (current and future)
- Currency exchange rate (historical, present, and projected).
- Gross domestic product.
- Per capita income.
Regulatory Requirements
- Manufacturer registration.
- Quality systems.
- Labeling and language.
- Distribution.
- Postmarket surveillance.
- Incident reporting.
Reimbursement
- Characteristics of governmental involvement.
- Private payers.
Distribution Channels
Market Complexities
- Culture.
- Languages.
- Other.
Competition
- Local.
- International.
Not-Invented-Here Factor
- Willingness or reluctance to accept foreign products.
- Anti-American attitudes.
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