There are many factors that should be examined when considering a new international market. In this assignment, you will explore how a company can qualify or quantify economic factors of markets and how it can influence the process of selecting a new market for a product. As you complete this assignment, consider how the lessons learned and resources used can be applied to your course project.
You are an international trade consultant ranking the overall quality of various international markets for a product of your choosing. Select a product you would be interested in introducing to a new market, then complete the Module Three Assignment Template (located in the Guidelines for Submission section of this document). Then rank your recommendations for a new market and justify your rankings using key economic and political data points. Examples of products include digital cameras, activity trackers, curtains, coffeemakers, and so forth.
Specifically, you must address the following rubric criteria:
Application of Data: Describe your initial thoughts on how insights from the required data to be collected could help to inform business decisions. For example, consider what information each data point provides, whether you think some data points should be weighted more or less heavily than others in making a business decision, what ideal data points might look like for expansion into a new market for your product, the ways that different political systems may impact a decision, and so forth.
Political and Economic Data Collection: Complete the table in the provided template by finding the appropriate information and data points for each identified category using course and external resources.
Ranking and Rationale: Rank the appropriateness of introducing your selected product into the three markets from “most appropriate” to “least appropriate” using the gathered political and economic data you collected, then provide a rationale for why you ranked the markets the way you did on the basis of the data you gathered.