|
Market research vital in business
2007-11-12 08:44:34
By Editor
The Board of External Trade has been doing marvellously with its annual Dar es Salaam International Trade Fair.
Each edition has been coming with its unique flavour and style and each year we have been hearing about big deals having being sealed between the Tanzania and foreign firms taking part.
The deals are usually in the form of orders, direct sales and technology transfer and involve engagements between small and medium enterprises (SMEs) as well as large corporations.
More encouragingly, the board has been getting increasingly innovative with each passing fair.
For instance, it has this year allowed SMEs to participate in the fair as long as they exhibit their strength as cottage manufacturers of quality products rather than as vendors of imported wares.
However, one area of trade promotion activity that has been conspicuously overlooked is that of research on export markets.
This is an area where BET could prove its usefulness in a nation wobbling under more powerful forces whose existence is largely thanks to globalisation.
It is well-nigh impossible for any of our goods and services to penetrate the global market without prior research on product suitability, strengths and weaknesses as well as scientific identification of potential customers.
This problem is becoming a matter of great concern because Tanzania has failed to aggressively exploit even preferential market access opportunities like the US-Africa Growth Opportunity Act (Agoa).
In a number of other emerging economies, it is common practice for trade chambers and State export agencies to collaborate in undertaking annual export trade research as something of national interest.
Their findings would often be published in hard and soft copy and eventually made accessible to all trading stakeholders.
That done, it becomes incumbent upon individual companies to align their own capabilities, objectives and philosophy appropriately so that they may conquer different export markets.
What has been making many Tanzanian exporters fail to penetrate even relatively generous markets like Agoa is lack of basic data such as on how to produce and deliver goods and services at the desired time and cost.
It is now history that our traders are partly failing to exploit most of these market because they are often unable to supply the required quantities of quality goods as demanded by prospective buyers.
Investment in export marketing research can also enable some of our firms to build up quality national brands through quality packaging and labelling of goods to ensure safe delivery.
Conducting focused export research can minimise trading risks.
For example, trade briefs usually provide a bigger picture of the particular country or countries to which one would wish to export.
It would obviously be improper, if not absurd, for one to label oneself as an exporter unless one values and invests in market research.
Using market research to expand our knowledge of export markets will help us stop depending too heavily on the so-called traditional exports.
With that, we would be able to diversify and come closer to achieving the MDGs and our own development goals.
|
