Question

Discuss the importance of field trips in last stage of the market-screening process.

Answer 1

The various steps involved in the market screening process are:

1. Country and Market identification.

2. Preliminary Screening

3. In-dept Screening

These steps are carries out before a new market is considered for sale. These steps are carried out form the data that is collected from various sources. The estimates and calculations are based on what is seen, observed or heard from secondary sources.

field visit comes in at the final stage where the concerned market is about to get selected. In this stage actual visit is conducted. Representatives visit the said market and compare the actual situation that exists in the market to what has been recorded so far. This is a crucial stage since it is a make or a break stage. All the details that have been collected need to reflect in the actual market. If this fails the final decision may be contrary to selection of the market. Contrary to that, field visit may also lead to quickening of the process further. This may be due to the facts that may be more preferable to the business that were not observed earlier.