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Step 8: Preparing your export plan
You are here:Step 8: Preparing your export plan > Preparing an export marketing strategy for your firm > The export product > New product development


 

New product development

 

Although in most cases exporters generally try to export the products that they are currently producing in the domestic market (albeit it often with some minor - or even major - adaptations), the time may come to consider developing a new product specifically for the export market. This may not be as illogical as it first seems. The exporter may identify a need that is not currently being met and the exporter may have the technical expertise to develop and produce the desired product. This opportunity may give rise to the exporter undertaking the necessary research and development (R&D) to bring the new product to life.

Sources of new product ideas

There are a variety of sources of new product ideas including:

  • Your firm's distribution agents and/or company sales staff operating in the various export market
  • The overseas customer (with whom you are in constant contact)
  • International organisations and publications that report on new inventions - including new patents
  • Exhibitors at international trade fairs. Some fairs are general industrial shows but others focus on a specific product or industry, e.g. automotive, electronics, photographic, etc. and are a generous source of new product ideas.
  • Planning programmes of governments and international agencies. These are published by international organisations and cover all types of economic activity. Projects in agriculture, infrastructural development, health, education, housing, etc. can indicate new product opportunities for equipment and chemical manufacturers, food and pharmaceutical companies, publishing houses and educational suppliers

Advantages of getting new product ideas from the foreign marketplace

There are several advantages in obtaining new product ideas from the foreign marketplace:

  • Because the idea is generated by a market need, it is less speculative than an idea based solely on technological possibilities.
  • he market needs identified are usually high priority items and are therefore assured of financial backing.
  • Response to market needs can assist the company in acquiring a better corporate image in the market place where it will be seen to be identifying with specific problem areas.
  • The company may be able to benefit from selling, in other markets, the product originally developed for one country.

Besides for developing new products, the time may also come for an established exporter to consider eliminating obsolete products from the market place.

 

 
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Step 8: more information

Step 8: Preparing your export plan
      Synopsis of research already done
      Revisiting an export SWOT analysis of the firm
      Setting the export objectives of the firm
      Preparing an export marketing strategy for your firm
                  The export product
                       .Product modification - adaptation vs standardisation
                        .Eliminating obsolete products
                        .Product quality and design
                        .Improving the production process
                        .Packaging for exports
                        .Labelling for exports
                        .Product brands and trademarks
                        .Product servicing
                  The export price
                  Export promotion
                  Export distribution
      Preparing an export budget for your firm
      Outlining an implementation schedule for your export activities
      Preparing and presenting your export plan
      Obtaining approval for your export plan

 

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© Cornelius Bothma

More information on Step 8
Learning to export... The export process in 21 easy steps
Step 1: Considering exporting
Step 2:Current business viability
Step 3:Export readiness
Step 4:Broad mission statement and initial budget
Step 5:Confirming management's commitment to exports
Step 6: Undertaking an initial SWOT analysis of the firm
Step 7:Selecting and researching potential countries abroad
Step 8: Preparing and implementing your export plan
Step 9: Obtaining financing for your exports
Step 10: Managing your export risk
Step 11: Promoting the firm and its products abroad
Step 12: Negotiating and quoting in exports
Step 13: Revising your export costings and price
Step 14: Obtaining the export order
Step 15: Producing the goods
Step 16: Handling the export logistics
Step 17: Export documentation
Step 18: Providing follow-up support
Step 19: Getting paid
Step 20: Reviewing and improving the export process
Step 21: Export Management
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