Businesses should critically examine their structures, processes and objectives in order to identify strengths and weaknesses. This should include an honest assessment of technical, managerial, financial strengths and unique technologies. Motives for exporting should also be analysed and competitive weaknesses identified.
This should commence with a review of any regulations or prohibitions which may affect the business’s ability to export.
The business should then begin to focus on which markets are likely to offer the best prospects for the product/service and whether these may need to be modified to meet local requirements and provide after-sales service.
Businesses will need to decide whether to market their current range of products or services, to modify them to suit local requirements or develop new products or services solely for export.
Factors to be considered include standards, packaging, brand names, quality/durability, physical appearance and methods of operation/usage. Service exporters must critically examine their offering to ensure that they are competitive.
This simple tool can be used to analyse the information gathered in the internal, external and product reviews.
Major strengths and weaknesses should be identified from the internal review. Major opportunities and threats should become evident from the external review. The product or service review should reveal further strengths & weaknesses.
The overall objective is to capitalise on strengths and minimise the effects of any perceived weaknesses.
