To enter any market in the world, you need to know it accurately, and this knowledge is possible through market research.
Market research is the process of gathering, analyzing, and interpreting information about the target market and potential customers of a product or service. This research is done on different market characteristics, consumption patterns, economic and social conditions, and needs of the target market, as well as the characteristics of competitors and the industry in which you operate.
Market research helps manufacturers and traders to assess the feasibility before using their resources to enter new markets.
After conducting market research, feasibility studies are conducted to evaluate and analyze the potential of new proposed markets for product exports.
In the feasibility study, the strengths and weaknesses of the target market, the opportunities, and threats in the target market, the resources needed for an effective and profitable presence in the target market are examined, and finally, a factual perspective is presented.
In feasibility studies, 5 main areas are examined:
- Operational feasibility
- Political-legal feasibility study
- Economic feasibility
- Technical feasibility
- Social feasibility
All you need to fully understand the markets of the West Asian region is to use a specialized team of natives and familiar with the countries of the region. The opportunity that vendorrado gives you.