Overseas Trade Marketing Plan 2: Customer Analysis

Customer Analysis

Related to market intelligence gathering is the need to understand the nature of the overseas market and, in particular, the sector demographic that the product or service is being targeted at. The assumption that foreign buyers will value a product because buyers in other markets value it may prove to be a costly error. Hence, prior to product launch and the installation of the operations required to begin production or delivery, extensive customer analysis must be performed.

Key to understanding customer expectations and, thus, the marketability of a product or service to the intended customer is comprehension of the value sought and the price levels that characterise the market. Is the demand there? If so, is sufficient commercial power present to draw the product in the quantities and at the qualities found in foreign markets? Is the new customer willing to pay what customers in other markets have paid, and are their values, needs, and demands similar? It is also important to understand the suitability of any measurements applied when answering these questions – has the possibility of adjustment for cultural factors been considered?