Assessing a Product's Export Potential
There are several ways to gauge the overseas market potential of products and services. One of the best ways is to assess the product's success in domestic markets.
If a company succeeds at selling in a domestic market, there is a good chance that it will also be successful in markets abroad, wherever similar needs and conditions exist hi markets that differ significantly from the domestic market, product adaptation becomes necessary.
These differences arise due to climate and environmental factors, social and cultural factors, local availability of raw materials or product alternatives, lower wage costs, lower purchasing power, availability of foreign exchange, government import controls and many other factors.
In addition, international trade statistics can give a preliminary indication of overseas markets for a particular product by showing where similar or related products are already being sold in significant quantities. If a product is unique or has important features that are hard to duplicate abroad, chances are good for finding an export market.
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