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MARKET INGELLIGENCE: Getting started

MARKET INGELLIGENCE: Getting started. The aim of this market intelligence training is that you know:. the importance of formulating good research questions and how to do it; how to find answers to your questions and how to use online sources ; how to use CBI’s Market Intelligence platform ;

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MARKET INGELLIGENCE: Getting started

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  1. MARKET INGELLIGENCE: Getting started

  2. The aim of this market intelligence training is that you know: the importance of formulating good research questions and how to do it; how to find answers to your questions and how to use online sources; how to use CBI’s Market Intelligence platform; how to turn information into market intelligence; how to perform the external analysis of an Export Marketing Plan.

  3. Market research & EMP:

  4. Making research work for you: Step 1: Define your research questions

  5. What do you need to know? What is the overall research question? Example: How can I successfully export In order to answer the overall research question: define sub questions to work with that will lead you to your final answer!

  6. Is Europe (or otherpotential target market) aninteresting market? Where do I start? Example questions: Can I get any assistance from the EU? Can I approach the EU as one market? What do ‘EU’ and ‘EFTA’ mean? Next step: Find out the basics about Europe (or other potential target market).

  7. Is therespecifc country information formy target market? Example questions: Is therespecific information formy product? • Next step: Find out if there is information specifically for your product • in your target market

  8. Where does my target market import from? Is there a market formy product(s)? Example questions: Is demandgrowing? How much is my target market importing? Is thereanydomesticproduction? Does my target market depend on imports? • Next step: Find out statistical information: imports, exports, production, consumption

  9. Do mycompetitors have the sametradeagreements? How can I deal with the competition? Who are mycompetitors? Example questions: Where do mycompetitorscomefrom? How strong am I comparedto the competition? Does the competition offer the same product, or a substituteone? How’smypositiontowards the buyer: Strong or weak? • Next step: Find out how buyers source in order to know how to sell your products to them

  10. Whichstyles, materials, colourssell in Europe? Example questions: Do myproducts fit the taste of the Europeans? Which trends are expectedto take off? What are EU buyerslookingfor? • Next step: Find out current and future trends in the EU

  11. Where do I needtosellmyproducts? Who are the playersbetween me and the end consumer? Example questions: Where does my target group shop? How is the retail market structured? In which market segment do myproducts fit? Who are the playersbetween me and the end consumer? Who is the buyer in the chain that leads me tomy target group? How can I best reachmy target group? • Next step: Find out which market channels and segments are relevant to you

  12. Are thereanystandards I needto meet? Example questions: Are myproductsallowed on the EU market? Do I have tobecertified? What’s the EU legislationformy product? What are the requirements? • Next step: Find out legal and other requirement that EU buyers have

  13. How can I approach a buyer? Example questions: Wherecan I find a buyer? What is a buyerlookingfor? How can I get a buyertounderstandhowgreatmy product is? How do I do business in mybuyer’s culture? • Next step: Find out how buyers source in order to know how to sell your products to them

  14. General information: An introduction to the market and organizations Specific product-market information: Research already done Trade & demand: Statistical information imports/exports/production/consumption Competition: Determined by different forces Trends: The taste of your target market Channels & Segments: The route to your target market Requirements: Legal and additional requirements How buyers source: Understanding buyer behavior To sum up: You are looking for answers to questions regarding:

  15. The answers to your questions can be found in CBI’s Market Intelligence platform:

  16. Making research work for you: Step 2: Find the answers to your research questions Step 3: Turn information into intelligence

  17. Once you have defined your research questions • you can start looking for the answers by doing your research and • finally analyze the information and turn it into intelligence. …but what do we actually mean by intelligence?

  18. Information (facts and figures) won't get you across the gap that separates your company from the EU markets • What you need is intelligence: data analyses, foresights, insight into trends and business opportunities and practical considerations for action From information to intelligence

  19. How CBI does it: Peer Group session

  20. Peer Group Video

  21. Peer Group programme and output

  22. From information to intelligence: How you can do it • Bear this in mind in each of the assignments you do!

  23. Market research & EMP:

  24. MARKET INGELLIGENCE: Basics

  25. Where do I start? Is Europe (or other potential target market) an interestingmarket? In order to find answers to questions such as… Can I get any assistance from the EU? Can I approach the EU as one market? What do ‘EU’ and ‘EFTA’ mean? …the best starting point is to look at anIntroductionto the EU

  26. Overview Europe – basics • 28 Member States • 500 million people • Single market: • Free movement of goods • Common customs • Largely harmonized legislation • 24 official languages • Different cultures • Different market characteristics Member states of the European Union Candidate and potential candidate countries

  27. The Basics of the EU: Sources CBI’s Database A good starting point with: Export Intelligence Manuals on EU market essentials of exporting to Europe Policy Intelligence Up to date and tailored practical Information for policy makers CBI Database: An overview of EU market essentials

  28. MARKET INGELLIGENCE: Our CBI platform

  29. www.cbi.eu/marketintel

  30. MARKET INGELLIGENCE: Statistics

  31. Where does my target market import from? In order to find answers to questions such as… Is there a market formy product(s)? How much is my target market importing? Is demandgrowing? Is thereanydomesticproduction? Does my target market depend on imports? …the best starting point is CBI’sTradewatch, presenting statistics

  32. Statistical information: How it works Everytime a product crosses a boarder, it is registered under an HS-code. Based on HS-codes,importandexportstatistics are provided. Not all products have their own, specific HS-codes, sometimes they end up in a group called ‘…and other’ or similar.

  33. Statistical information: How it works cont. • Productionis registered using a different set of codes, in the EU manufactured goods are registered in ProdCom. • Sometimes branch organizations or similar offer more specific production figures. • Consumptionis often not registered as such, but can be estimated by calculating production+imports-exports.

  34. Discussion: How to deal with incomplete information? So… • …you may not find a perfect HS-code to use • …and you may not have any consumption figures for your product • …or production… How can you deal with this and why is statistical information still not useless?

  35. Statistical information: Sources CBI’s Tradewatch A good starting point as it will give you an overview of the sector: CBI Tradewatch: Broadcasting your Trade statistics Home Decoration Tradewatch: http://www.cbi.eu/marketintel_platform/home-decoration/136093/tradewatch

  36. Statistical information: Sources From the CBI Tradewatch, you can access ITC’s Trademap (www.trademap.org), which allows you to look up developments for specific products at a national level.

  37. Statistical information: Sources TheEU Export Helpdesk provides easy access to import/export data on trade with EU countries: http://exporthelp.europa.eu Choosestatistics

  38. Statistical information: Sources ProdComprovides statistics on goods manufactured in the EU: http://epp.eurostat.ec.europa.eu/portal/page/portal/prodcom/introduction

  39. Assignment 1 • Determine your HS code • 2. Log in onto ITC Trade Map = www.trademap.org • Log in: cbi@cbi.eu password: cbi • 3. Current market demand – find out: • Total imports (from the ‘world’) of your product to ‘EU28’ (select ‘Region’ instead of ‘country’) • Are EU imports increasing or decreasing? • Imports from your country to EU28 • Who are the main suppliers to EU28? (i.e. where is your competition?) • Do you expect imports to decrease or increase? • Produce a first list containing 28 countries ranking the most promising one at the top and the less promising one at the bottom of the list.

  40. Assignment 2 • 4. Based on assignment 2 • What are the most promising markets?(countries with large market size AND good growth potential – niche markets?) • Are there countries where current market size is large, but with no or little growth perspective? • Are there countries that are still quite small now, but that offer interesting growth possibilities for the future? • Do you see any interesting developments in certain countries? If yes, please describe. • Produce a second list containing 28 countries ranking the most promising one at the top and the less promising one at the bottom of the list.

  41. MARKET INGELLIGENCE: Trends

  42. Whichstyles, materials, colourssell in Europe? In order to find answers to questions such as… Do myproducts fit the taste of the Europeans? Which trends are expectedto take off? What are EU buyerslookingfor? …the best starting point is CBI’s Trends and Fashion forecast

  43. Latest trends in HD and HT

  44. Search for identity Global trends – Need for individuality • emergence of self-expression and self-development • people want to distinguish themselves from others Market trends • Personalisation options in design • Companies create an emotional connection by story telling Consumer trends – New luxury products • ‘new luxury’ is all about unique experiences, acquiring new skills, possessing eco-credentials and showing generosity or connectivity • two trends: consumers derive status and pleasure from mastering cooking skills, redecorating the living room or enjoying a Spa at home. • products that increase knowledge, add meaning and significance to their experiences and contribute to the development of their inner search for identity.

  45. Rebalancing global economy Global trends – Rise of emerging markets • Significant population growth in emerging markets (e.g. China or India) • Developed economies face an ageing and shrinking population • Relocation to urban areas Market trends • Emerging markets as destinations • China as a producing and destination market Consumer trends – Function and feeling • Changing households (single sex and multi generation) • Products not only functional but express feeling to match identity

  46. Sustainability Global trends – Growing importance of sustainability Market trends - Sustainable business • Transparency and accountability • Lower transport emissions (innovative packing and packaging) • Growing certification schemes and Fair Trade initiatives Consumer trends – Inspiring, pleasing and a better world • Consumers buy products to support local communities • Growing recycling • Consumers want to contribute to a better world (fair trade)

  47. Trends: Sources CBI’s Trends Offers insights on European trends for your sector while the Fashion forecast gives you insights in upcoming trends (styles, colours, fabrics, design) in the apparel sector. CBI Trendmapping: Insights and foresights on key European market dynamics, short- and long-term CBI Fashion Forecast: Upcoming fashion trends and developments (styles, colours, fabrics, design)

  48. Trends: (Non-EU) Sources Trendwatching.com http://trendwatching.com/freepublications/ Trade fairs: Which are the biggest ones in your sector? Check out their websites and programmes! Sector organizations / e-newsletters etc.

  49. Trends: other sources Trend information is all around us: Magazines Newspapers Film Shops Art Galleries Websites of forecasting agencies Design Blogs Trade Fairs Trade Fair Websites

  50. Assignment 1 Find out if your products fit the current and future trends? These trends can be described by looking at Social, Technological, Economic, Environmental and Political (in short: STEEP) factors. USE CBI TRENDMAPPING, PRODUCT FACTSHEETS AND THE OTHER SOURCES • Which European trends affect your sector/products and how? • Analyse and describe them by looking into the STEEP factors: Social TechnologicalEconomicEnvironmental Political (input: CBI MI platform) • Important: only describe what is relevant in the light of your products and markets, the PMCs! (no general info). And also: The EU is not 1 market, therefore do not only look into general aspects but also take differences on country-level into account.  • Mark these trends with O or T: • O = Opportunity; makes the market more attractive • T = Threat; makes the market less attractive

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