Export Marketing – How to Develop Products for Export

Before you think of developing a product for export or even adapting an existing one, it is important to make a distinction between a product and a product type. A motor vehicle is product type, but a “Toyota”, a very popular Japanese car, is a product.

New product types are rarely created. An exporter who can come up with a better version of an existing product will succeed as a market for such a product already exists. The manufacturers of Toyota have worked very hard to make their cars so popular although the vehicles are not much different from any others you find on our roads. But think of how much harder they would have to work to come up with a completely new mode of land transportation.

There is business in the re-modeling or re-packaging of existing products, that is, creating new products out of the existing ones. Sometimes only very minor adjustments are required, for example, using a colorless clear bottle for a whiskey that is traditionally sold in an opaque bottle.

If you decide to copy products of another manufacturer you will be running the risk of patent or copyright infringement. But you can avoid the risk and still exploit the success of a new product by making slight modifications in the design of the product you want to copy as long as you do not try to confuse the public into thinking that they are buying the original product.

The Product:

Any new product ideas should take into account the following factors:-

An understanding of how buyers conceive a product. This will include physical and non-physical elements such as the product itself, packaging, after sales service, brand name, the image it portrays and the benefits they expect out of using the product.
The product must be made to meet the standards and styling of the customer and not the manufacturer. This is the importance of a good market research.
Expected Life Cycle of the product. “Product Types” may go on for ever but “Products”, like all living things, progress in definite stages from birth to maturity, then death.
Possible patent or copyright infringement which may lead to legal action.
The Product Life Cycle:

Introduction: The product is launched and, if it finds buyers, sales rise slowly,
Growth: The product is becoming accepted and if it catches on, there is a period of rapid growth in sales. If it fails to catch on it should be withdrawn at this stage for possible modification or to try a different market.
Maturity: Sales growth reaches the apex and starts to slow down,
Stagnation: Sales level off and further expenditure on sales promotion become uneconomical.
Decline: Sales start to decline as demand for the product goes down
When stagnation starts, research should reveal the cause and corrective measures taken before the decline commences. A product may be given a new lease of life by being changed in some way, either substantially or just the way it is presented.

It is important to note here that although it is true that the life cycles of most products follow almost the same pattern, the length of the cycle itself varies greatly. For example, the life cycle of fashion dresses is relatively short compared to that of capital goods which, in some cases, may be as long as 20 years. Life cycles of particular products or product types may vary from country to country.

Once the product life cycle is understood, the planning of when to introduce a new product or make changes on the existing product can be done more accurately.

Festus Muga

Hello Fellow Small Scale Entrepreneur,

I am a freelance writer and have a wealth of experience in the Banking Industry. I have worked as a member of the management team of an international bank and am well versed in Business Development and Financing, Financing of Foreign Trade, Import/Export Processing and Documentation.

I have successfully managed an Export/Import Agency of my own which has given me quite an experience in the pros and cons of international business.

Best Online Business Ideas to Start an Internet Business

It is true that experience is the best teacher so, is it whenever it comes to online business to always good to stick with the ideas of the masters who have traded online and are still exploiting the benefits that the system has to offer.

Although you might be new and unfamiliar with popular trading site such as eBay and Craigslist you will definitely understand why some people are more successful in the business owing to their versatility in affiliate marketing or blogging which are potential internet money spinners.

One of the cardinal things you need in order to succeed in any business is to develop a vision which should propel you to succeed backed up by your intrinsic passion to take care of the business.

In talking about your goals for the business they must be realistic and also ensure that at every point in time there is a back up plan to take care of any fall out from unforeseen situations resulting from unfavorable business environment. When starting online business, you need to equip yourself with relevant information about the business you intend to invest in so that it will enable you make informed decisions about relevant market situations which will guide the growth of your business.

The internet is always a useful resource to acquire such information but this in itself will not be enough because you will need to get training materials which will address the specific need of the business man who needs an instructive guide as to what is expected to be done.

Research on the internet will also expose you to the intricacies of affiliate marketing so that you are able to grasp the ideology behind some actions in the market place. For instance, it is only those who do not wish to interact directly with their client’s customer while promoting their product that get involved in affiliate marketing so you need to understand this situation if not you will miss out on business a times when you fail to comprehend this fact.

In the event where you are contemplating coming up with a product to promote online you need to be sure about what type of good or service you want to deal in and this involves picking on a niche area where your market can identify with you.

A major decision needs to be arrived at in order to determine the best strategy for your business so you would want to know if getting direct visits will pay off or rather to just offer the link of the company who is offering the product.

There are advantages and disadvantages to this strategy but if we must limit ourselves to the long term objective it will be beneficial to deal directly with the clients so that you can have their details with which you could use in contacting them later in future.

When promoting products online it is instructive to always pick on quality products to market or promote because from experience it has being discovered that certain product are not really worth the value placed on them.

Many Home Based Businesses Have Been Launched From A Paying Hobby

Many home based businesses have been started because of a hobby that started bringing in an income. You might have a flair for making something useful or artistic and friends and relatives have asked you to make them one as well. You realize that this product is in demand and you could get a bigger market for it if you could do some advertising.Once you have a good product you need to draw up a step by step program of how to market your product and how you will get up your production of the article. You might find that you will need a couple of staff members to help you. Think this over very will and try and keep overheads as low as possible until you can get on your feet.If you are in doubt about what you want to start doing check out the market in a line that you are interested in and see if there is some gap that you could possibly fill. This is always a good place to start as then you will be sure of getting enough customers.Selling products is always a good way to start a business. You do not necessarily have to make your own products as there are so many factories producing things that you can buy and resell at a profit. Find something that most people will use and enjoy and then it will not be difficult to sell your product. Consumable products are a good way to go as they have to be replenished and once you have a customer you could service them for a long time to come.