Before making any decisions about doing business in India or entering the Indian market, it is highly recommended to do a market analysis and research to get a better understanding of the market, its behavior, character, and barriers. Such research helps to examine the feasibility of entry into the Indian market and accordingly, a customized strategic entry plan can be prepared.
Market analysis and research perform an examination of the sector, industry, the customers themselves, or even specific segments of the market, which are based on qualitative and quantitative data. The information gathered within the study provides a perspective on the business environment, the client position in the Indian market, the opportunities, and the business and legal barriers.
In this context we try to answer a number of questions – for example:
- What is the size of the relevant market/sector?
- What is the current and future growth rate of the market/sector?
- What is the nature and structure of the market?
- Who are the target customers?
- Are similar or alternative products/services available in the market?
- What are the pricing and terms of sale of those products/services?
- Who are the local and global competitors operating in the market?
- What is the distribution and sales structure in a specific market or sector?
- What are the major distribution and sales channels?
- What are the regulatory and logistical requirements and barriers?
To answer these and other questions, we use the following methodology:
- Study the Client – Before starting the research and analysis work, the client must be studied, its activities in the various markets, its products/services, and its intentions in the Korean market.
- Research Questions – At this stage, we are preparing together with the client what questions will be examined in the research.
- Data Collection – In this context, we locate and analyze mainly secondary research data, such as statistical information, databases, various reports, various publications, articles, interviews, and studies of third parties (as far as relevant).
- Interviews & Meetings – In order to gain a deeper understanding firsthand, we do some primary research activities, such as meetings and interviews with key people, customers, distributors, and competitors in the relevant market or industry.
- Observations & Site Visits – In some cases beyond interviews and data collection, it is necessary to physically visit the various locations and make observations in order to obtain additional information, but also document and photograph how the market operates, including customers, competitors and other players.
- Data Verification – Once all the data from the different sources have been collected and prepared, we will cross-check and validate the information, accordingly attempting to answer the various questions as defined earlier.
The findings of the Korean market analysis and research will be submitted to the Client in a detailed report, which includes data, statistics, graphs, images, and a recommendation for an action plan in the Indian market, according to the findings and the Client’s original intentions regarding the market.
SAVI provides India’s customized market research and analysis for foreign and local companies. The research and analysis can survey many topics in a basic way but also do an in-depth look at specific topics. We would be happy to assist and advise on your strategic plan for the Indian market.