- Market Assessment
- Market Feasibility Study
- Commercialization of New Technology Assessment
- Productivity Assessment
- How to Apply
- Service Providers
To penetrate an international market, the usual starting point is to undertake a market assessment which would assess market attractiveness and potential of the product by looking at the size, distribution channels, patterns growth/decline and trends. The assessment would also estimate product’s possible acceptance and level of appeal based on customer needs and survey competitive landscape by identifying the major players, their relative size and their product offerings. If the Market Assessment looked favourable, the company would invest more money and undertake Market Feasibility Study and/or develop a Marketing Plan.
This is normally the first stage in investigating an export market. It is imperative to undertake a complete evaluation of the market under consideration. It is a quick overview of the market, a detailed understanding of the regulatory issues, market demand, competitive landscape, or technology prospects in a new business area. It also involves identifying market size. Ultimately, it will provide direction on whether or not additional resources, both money and people, should be committed to investigating the export market.
In addition, it can include assessing on how the better penetrate a current export market. It allows you to take the next step with confidence.
For SMART to approve a market assessment proposal, the application should include a Study Proposal from the Consultant covering the following items:
An overview of the targeted international market.
The market structure of the international market which would include an in-depth competitive analysis. In addition, the key sales drivers should be identified.
A SWOT analysis, both internal and external.
Recommendation and rationale.
Details for all the above must be provided along with time to complete the study and the total cost to complete the assessment.
The approved applicant must accept and approve the final Market Assessment prior to submitting to SMART for payment.
Download a copy of the Market Assessment template