Overview
Please answer the following forum post assignment. Please cite sources.
You are the market research director for a Harley Davidson considering making electric motorcycles. You have been asked to evaluate Costa Rica as a potential market for your company’s products and begin a search of secondary data. What types of information would you consider in assessing this country? How would you find information on these issues?
Below are three criteria to consider. Research your country and provide the information. Based on the information, should HD move forward in that country? Why? Is there any other information HD should require?
Economic
An accurate understanding of the current economic environment is essential. At the same time additional economic data on consumer spending per capita are also needed to facilitate decision making. A wide array of data is available online on the subject of “doing business in Costa Rica"; some is available at no cost and other data is available for a fee.
Culture, Societal Trends
Understanding a global market’s culture and social trends is fundamental for consumer products. Cultural values, symbols and rituals, and cultural differences affect people’s perception of products. This information can be gathered at a high level by researching news articles about Costa Rica. More detailed info can be provided by fee-based services, including consultants who are experts in these topics.
Specific Market Conditions
Before entering a foreign market a company has some understanding of the specific market conditions for their own products as a result of their business knowledge. However, it is unlikely a company has in depth knowledge about market trends, competitors and unique market characteristics. The more a company knows about the local market environment the better they will be able to leverage their investment in that market. As in the two items above, there will be high level information available through industry journals and fee-based services. For specific industry assessments, the services of a local consultant or a global consultancy with local employees will be very useful and likely worth the investment.