It all begins with an Idea..
- Does the idea fire up your motivation?
- Is it a viable business proposition in your area?
- Does it match the needs of your clientele?
- Check it out with basic market research
- Test it out at market place
- Consult with the experts
- Look out for competition in the field
- Is it a sunrise industry?
- Your business opportunity
- Project conceptualisation
- PRODUCT (Shape, Size and Nature)
- PROCESS (Technology to produce the product)
- PLACE (Location of Plant)
- PARTNER (Technological of Financial Collaborator)
Making a Product Choice
- Product Line – Depth, Width
- After Sales Service
Some other factors that one should consider while finalising the product choice are:
- Ease of availability of raw-material
- Process Technology
- Accessibility to the market
- Incentive and support from Government
- What should be the contents of export-product portfolio?
- What are the special requirements for packaging if one has to export the products?
- What product adaptations are needed to be made for exporting a product to a specific country?
- Are any WTO conditionalities involved e.g. “child labour free”, ISO 9000 certified, GMP followed etc.
- External demand conditions
- Internal supply capability
- Complexity of marketing tasks
- Amount of investment required to penetrate the market
- Supply Capability In Product Group
- Domestic Environment
- Export Market Attractiveness
With regard to special packaging requirements one has to be careful about laws of the country one is exporting to. For instance, while exporting to Australia, wooden-packaging cannot be done.
Product adaptations for country’s specific needs look into things like whether voltage supply is 220V or 110V for electric appliances and for automobiles whether left-hand drive or right-hand drive is appropriate.
It has now become important to understand the implications of the various agreements which form part of WTO.
Once the product is finalised, choices of process technology emerge.