A version of environmental scanning in which the firm identifies desirable markets by using the environmental forces to eliminate the less desirable markets
Environmental Scanning
A procedure in which a firm scans the world for changes in the environmental forces that might affect it
Country Screening
Using countries as the basis for market selection
Segment Screening
Using market segments as the basis for market selection
SCIP
Society of Competitive Intelligence Professionals
NTDB
National Trade Data Bank
Market Indicators
Economic data used to measure relative market strengths of countries or geographic areas
Market Factors
Economic data that correlate highly with market demand for a product
Estimation by analogy
Process of using a market factor that is successful in one market to estimate demand in a similar market
Trend analysis
Statistical technique by which successive observations of a variable at regular time intervals are analyzed to establish regular patterns that are used for establishing future values
Cluster analysis
Statistical technique that divides objects into groups so that the objects within each group are similar
Initial Screening
1. Basic need potential
2. Foreign Trade
Second Screening
Financial and Economic Forces
1. Market Indicators
2. Market Fctors
3. Trend Analysis
4. Cluster Analysis and Other Techniques
5. Periodic Updating
Third Screening
Political and Legal Forces
1. Entry Barriers
2. Profit remittance barriers
3. Policy Stability
Fouth Screening
Sociocultural Forces
Fifth Screening
Competitive Forces
Final Selection
Field Trip
Government-Sponsored Trade Missions and Trade Fairs