Question

In: Operations Management

please write short essay 2-3 pargraphs on how to start a import company. (central america import)...

please write short essay 2-3 pargraphs on how to start a import company. (central america import)

mainly focus on the market part. why?

Launch Marketing Strategies, what are the Target Market (Industry / Segment), why?

Solutions

Expert Solution

Before starting an import company, one should check on following points:

  • Availability of a product: There are some products which don’t manufacture or grow in your home country, which could be beneficial in some context to people or corporates. It could be an agricultural/ food product or a mechanical equipment etc.
  • Nature of demand: How much that product or a category of products is required at what volume and frequency, whether regular demand or just a seasonal demand
  • Price: if product can be manufactured or assembled in foreign manufacturing facilities for less money than if they were made in the home country, or else can be delivered here for assembling at a lower cost, example- a hoist crane and its accessories

Marketing Strategies and the Target Market (Industry / Segment):-

  • One should adopt a Go-to market strategy, after indentifying the right customer segment. As one should which kind of customers to sell whether individuals or corporates, their demographics, psychographics etc.,
  • Do a market research to know how much customers in volume and frequency they would like to buy this product, what are the sources of their buying like what channel partners/ retailers/ distributors can they approach, whether product is technical or of any general use
  • Create your marketing strategy if product is standardized for mass market or a customized one for niche segment customers
  • Finalise your budget for marketing and sales activities, which media to use for advertising- print/ social/ TV/ Radio. For a start up, social media like LinkedIn, Face book, Twitter etc. can be good

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