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Caribbean Export Invests in Market Intelligence


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Bridgetown, BARBADOS, June 10, 2014. The Caribbean Export Development Agency (Caribbean Export) convened a high level regional consultation to examine the rationale for market intelligence and its relevance to building export competitiveness; and to secure agreement on the development of a regional export strategy. The consultations took place from June 5th– 6th at the Radisson Aquatica Resort, Barbados. The meeting was attended by stakeholders from across the region.

In her opening remarks Executive Director for Caribbean Export, Pamela Coke Hamilton, stressed that “Market research and competitive intelligence can help, and is necessary for helping the CARIFORUM private sector to better understand a number of issues in export markets such as the market entry requirements for their products, consumer demand patterns and trends, competitor and substitute products, distribution networks and the regulatory requirements that affect their businesses.”

Caribbean Export has a mandate under the 10th EDF Regional Private Sector Development Programme (RPSDP) which speaks to the development of a regional trade and market intelligence system. The Agency’s efforts to date have focused on the delivery of products and services based on the trade information needs identified by the private sector and Business Support Organisations (BSOs) across the region. An important tool in the arsenal is the Caribbean Export Market Intelligence Portal (CE-MIP), an online tool which provides searchable market research features as well as a library of market intelligence products.

This consultation meeting also enabled much needed open dialogue between the stakeholders to help inform decisions on the formulation of regional export strategies. There is a direct link between market intelligence and export strategy development, which must be understood if the trajectory of regional exports is to be augmented. “We must also identify and select attractive markets based on global supply and demand trends, trade flows and market access for our products. Understanding those markets is invaluable before engaging in any firm-specific building initiatives,” stated Coke-Hamilton.

Minister of Industry, International Business, Commerce and Small Business Development, Hon. Donville Inniss reiterated the Executive Director’s remarks, commenting that what is of “paramount importance for firms is their ability to design and implement marketing programmes to communicate the existence of their products within external markets and to put in place feedback mechanisms through which they improve on their product offerings”. “Far too often we are still going according to gut feelings or personal contacts. We must accept that market research is an integral part of the firms activities into which appropriate human and financial capital must be invested.” Continue reading “Caribbean Export Invests in Market Intelligence”

Caribbean Export Invests in Market Intelligence


ImageBelize,

Bridgetown, BARBADOS, June 10, 2014. The Caribbean Export Development Agency (Caribbean Export) convened a high level regional consultation to examine the rationale for market intelligence and its relevance to building export competitiveness; and to secure agreement on the development of a regional export strategy. The consultations took place from June 5th– 6th at the Radisson Aquatica Resort, Barbados. The meeting was attended by stakeholders from across the region.

In her opening remarks Executive Director for Caribbean Export, Pamela Coke Hamilton, stressed that “Market research and competitive intelligence can help, and is necessary for helping the CARIFORUM private sector to better understand a number of issues in export markets such as the market entry requirements for their products, consumer demand patterns and trends, competitor and substitute products, distribution networks and the regulatory requirements that affect their businesses.”

Caribbean Export has a mandate under the 10th EDF Regional Private Sector Development Programme (RPSDP) which speaks to the development of a regional trade and market intelligence system. The Agency’s efforts to date have focused on the delivery of products and services based on the trade information needs identified by the private sector and Business Support Organisations (BSOs) across the region. An important tool in the arsenal is the Caribbean Export Market Intelligence Portal (CE-MIP), an online tool which provides searchable market research features as well as a library of market intelligence products.

This consultation meeting also enabled much needed open dialogue between the stakeholders to help inform decisions on the formulation of regional export strategies. There is a direct link between market intelligence and export strategy development, which must be understood if the trajectory of regional exports is to be augmented. “We must also identify and select attractive markets based on global supply and demand trends, trade flows and market access for our products. Understanding those markets is invaluable before engaging in any firm-specific building initiatives,” stated Coke-Hamilton.

Minister of Industry, International Business, Commerce and Small Business Development, Hon. Donville Inniss reiterated the Executive Director’s remarks, commenting that what is of “paramount importance for firms is their ability to design and implement marketing programmes to communicate the existence of their products within external markets and to put in place feedback mechanisms through which they improve on their product offerings”. “Far too often we are still going according to gut feelings or personal contacts. We must accept that market research is an integral part of the firms activities into which appropriate human and financial capital must be invested.”

Caribbean Export also unveiled an Exporters Toolkit the aim of which is to provide a suite of information, guides, and templates to support region’s private sector in their efforts for exporting. The two-day consultations concluded with stakeholders endorsing the CE-MIP and confirming the need for continued build out of the current market intelligence products such as the Market Pointers and Market Opportunity Briefs. Stakeholders also endorsed the development of regional strategies for agro-processing, creative industries, and higher-education services but with a focus on brand development, enhancing access to the global value chain for regional producers and exporters, and strengthening of IP elements; and gave the thumbs-up for the Caribbean Exporter’s Toolkit expected to be launched shortly.

Continue reading “Caribbean Export Invests in Market Intelligence”

Branding of Belizean products exported to international markets


A workshop on the branding of Belizean products exported to international markets

A two-day workshop began today at the Radisson Fort George in Belize City. It focuses on branding the Belizean products that are exported to various markets around the world. Dubbed the Belize Export and Origin Consortia Workshop, the Caribbean Development Bank in partnership with the Belize Coalition of Service Providers has organized the initiative to assist service and product manufacturers and providers in sectors of tourism, agriculture and other goods to explore the possibility of exporting collectively. The idea is to see various organizations within a particular industry to share techniques and contacts in order to meet the demands, quality and standards of international markets. And so today, stakeholders gathered for a crash course addressing the benefits of grouping firms for export using the methodology of the United Nations Industrial Development Organization. The workshop is part of the United Kingdom’s development support initiative to CARICOM states.

 

Grace Chun, UK Deputy High Commissioner to Belize

“It focuses on fostering economic growth and job creation. The expected results include helping the private sector enter new markets, creating jobs and implementing business environment reforms to cut red tape and to facilitate investment.  It’s an organization of several businesses or banks joining together as a group for a shared purpose. Your shared purpose is to bring the three CARTFund projects together to find joint solutions to the challenges and constraints that they face, overcoming the barriers preventing small firms and producers entering global and particularly EU markets is the core of what the UK is seeking to achieve through the CARTFund. As Henry ford once said, coming together is a beginning; keeping together is progress, but working together is success. So I hope that this CARTFund event provides the opportunity that you need to drive forward the creation of export consortia to help businesses in Belize compete and win in the global market.”

http://edition.channel5belize.com/archives/99634

Expanding Economic Opportunities through Entrepreneurship & Market Development (EEOEM)


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The Young Women’s Christian Association held its Stann Creek District Closing Ceremony under the umbrella project of Expanding Economic Opportunities through Entrepreneurship & Market Development (EEOEM). Southern Belize residents sixty seven (67) participants benefited from courses/ training in areas such as Sewing, Basic Computers, Cosmetology, Cake Decorating, Business & Management and Hospitality Management. Zeal of the students was kept by the knowledgeable and friendly facilitators. SBDCBelize, BELTRAIDE facilitated training for Business & Management focusing on areas of Establish a Business, Marketing and Sales, Book Keeping and Customers Service etc.  Belize Rural Development Project 2 was integral in funding this exercise.

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How to make sure there’s a market for your Business Idea!


You’ve got a killer new product or a service that will have the world beating a path to your door. But is it really something people want? Or is it just something you think they want?

Having solid information about what your customers want to buy — rather than what you want to sell them — can save you hundreds of thousands of dollars, as well as peace of mind and sanity.

Continue reading “How to make sure there’s a market for your Business Idea!”

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