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What are the usual tools & technique you use, when it comes to calculate the potential of a foreign market you are aiming to launch your products/services there
The following factors are typically taken into consideration when analysing potential markets to determine which are the most attractive;
Market size and growth
Market Accessibility
Economic Conditions
Cultural, Legal and Political Factors
To evaluate the market potential, to make things very easy, group the required information areas into3; Market conditions, Supply Condition, and Market Size.
1) Market Condition: This would contain the Macroeconomic conditions of the country, political and social environment, regulatory framework, etc.
2) Supply Condition: The current competitive situation in the county; which would include the number of companies operating in the similar business line, who are the major competitors, what is the role of unorganized players, etc.
3) Market Size: This can be obtained through published reports, news articles, competition annual reports, etc. We can obtain this also through a detailed quantitative research, if budget permits :)