If you are considering any country abroad as a new market it is vital to gain a thorough understanding of the operating environment.
So what is important?
Profile of Chosen Country
A first step to gaining an understanding of the political and socio-economic background of the country. Find out some facts that could be suitable for you, for example:
- languages that citizens speak. Do you already know this language, should you learn it or you want to use services of a translator?
- geographic location, a specially if you plan to do export and it is important for the growth of your business
- Currency and taxes. Think about where would be more profitable to open a bank account.
Lifestyles of Consumer and Their Income
Identifies factors influencing lifestyle choices and reveals who consumers are, what they do and where and how they do it. Find out about how consumers live their lives, their buying habits and what motivates them when making purchasing decisions.In what consumer’s age segmentation are you interested in? What are attitudes towards spending and saving?Economy
Gain an understanding of the strengths and weaknesses of the economy. Are imports and exports performed well? Be aware of the chief risks of operating in the country.Business Dynamics
Find a practical guide to doing business, providing a holistic view of the business environment. The answer to questions:Is it an easy place to do business? What about corruption rate?
The Future Demographic
Look into the consumer markets of the future and understand the impact of changing demographics.Natural Resources
To help you fully understand how the environment is affecting the supply, demand, and price of natural resources. It also can impact your business lifestyle of consumers.A detailed review of the city where you plan to set up Your business
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