As we prepare for the start of a new school year, we want to celebrate the accomplishments of some of last year’s top students. We’re proud to present the 2018 FITT Educational Awards to these individuals, and are excited to see how their careers grow and evolve in the coming years.

Exciting plan to sell BBQ sauce in Germany wins International Sales Marketing Plan Award

The International Sales Marketing Plan Award is given each year to the student who received the highest grade for their marketing plan project. This year’s winner, Kayla Beck, CITP from Nova Scotia Community College (NSCC), won the award for her project focusing on how Honey Bunny Inc. could export their Amazing Dads BBQ sauce product line to the German market.

She was very grateful for everyone who helped her along the way, and plans to continue excelling in her work with the Nova Scotia Boatbuilders Association.

“I felt extremely proud of myself and in disbelief that I achieved the highest mark of those plans submitted last year. My instructors at the Nova Scotia Community College – Truro Campus are amazing teachers and I have learned so much from them. Without them, I would have never been able to achieve this award. I would like to thank everyone that believed in me and supported me through my college journey, this one is dedicated to all of you.”

Leroy Lowe, CITP, the program coordinator at NSCC, was impressed with her accomplishment and excited to see how it’s already paying off in her career.

“We are very pleased to hear that Kayla has done so well. Her enthusiasm for international trade and her new knowledge and skills has translated into a new career. FITTskills courses have played an important role in her education, so it is great to see her now (as a program graduate) using those skills in her new job with the Nova Scotia Boat Builders Association.”

Winning the International Business Plan Award with a plan to sell dream catchers in Australia

Each year, FITT also awards the International Business Plan Award each year to the student who received the highest grade on their international business plan project. This year’s winner is from Seneca College.

“My team decided to be a marketing cooperative that teamed up with an Ojibwe tribe to see the feasibility of exporting high end dream catchers to Australia,” he explained. “What made our dream catchers stand out from competitors was the materials that were used, like precious metals, animal bones, and wood pieces. Attempting to cover the complete scope from production, transportation, importing and marketing to sell Australians was a challenging task but once all the pieces fell together, it all started to make sense. The analytics portion of determining the market share, production and product cost and current competition was the most interesting part of the project. It was even more interesting to find out that there are many Facebook groups and blogs in Australia devoted to dream catchers, which was very surprising!”

Winning the award was an unexpected reward for his hard work, but he now hopes to apply everything he learned during the project towards his career.

“I was very surprised to learn I had won this award to say the least. It definitely helped boost my confidence in my writing skills to find out about the award, but much of my success goes out to my teammates that worked on the project with me!”

Emiliano Introcaso, CITP and part-time faculty member for Seneca College, stated that “when I heard the news that he won this award, I was very happy to know that he won and that Seneca College was represented in this competition.”

Emiliano also emphasized how important the practical skills needed for this project are for international trade businesses looking for new employees, as they look for the right candidates.

“The skills he needed to excel in this project are extremely important for businesses across Canada. Thanks to all of the Free Trade Agreements (FTAs) that have been implemented over the last decade, our country is becoming a nation of diversified exporters that needs to have qualified individuals like him, navigating exports and import regulations to ensure Canadian goods and services reach global markets.”

Securing the FITT Achievement Award with top efforts in and out of the classroom

The FITT Achievement Award is unique because students are nominated for the award by others for their combination of community involvement and academic success. The winner is then selected by FITT’s awards committee.

The 2018 award was handed to Iuliia Kau of Fanshawe College for her excellence in the classroom and tireless efforts around sustainability in trade.

“I have a thirst for knowledge and I like to study and learn as much as I can, and then share this knowledge with my community. I bombarded my professors with questions, and never missed a class, because I wanted to know everything.”

With the support of Fanshawe, Iuliia began volunteering with two Canadian companies, Race Roster and Qtek Design, to improve their sustainability efforts. She then presented her findings at a London Chamber of Commerce event, which included many local business owners and representatives from EDC, BDC, Global Affairs Canada. Upon graduating, she was chosen by Fanshawe as a research assistant to help open an Ontario business which will produce sustainably made bags and sell them internationally.

“This business will help convert waste to produce fashion bags and invite newcomers (recent immigrant allophones) to participate in manufacturing them. I am truly inspired to become more involved in the community, reach out to those who are under-privileged, and to share my knowledge with those around us in order to make a positive change in our community and our world.”

Nord Mensah, CITP, who serves as coordinator for Iuliia’s program at Fanshawe College and was one of her professors, was excited to hear about her award.

“It is an amazing achievement for Iullia to be recognized by FITT as this year’s FITT Achievement Award recipient. Iullia has remained a consistently dedicated student throughout her academics, and emulates the characteristics expected of a consummate international trade professional. Her positivity, energy, and adventurous nature truly exemplify what Fanshawe expects from its international trade students.”

Iuliia was filled with both excitement and gratitude when she learned she had won the award.

“I was very happy and excited to receive this award. This result was achieved because my lovely professors and coordinators of Fanshawe College had squeezed out many valuable hours to teach me. Without Fanshawe College’s professors and coordinators, I could not have received it. This award belongs us – Fanshawe College and me. For me, this achievement is an absolute honour that I will cherish.”

Iuliia now plans to apply for her CITP designation, and would like to attain both an MBA and a Ph.D in international trade in the future.

Congratulations to all four winners of this year’s FITT Educational Awards, and we look forward to seeing the bright futures ahead of you!

The post Honouring the achievements of tomorrow’s business leaders: 2018 FITT Educational Award Winners appeared first on Trade Ready.

With another school year underway, it’s time to recognize the accomplishments of four outstanding students from last year. We are honoured to present these four outstanding students with 2017 FITT Awards, and look forward to seeing their careers blossom in the years to come.

A future global trade superstar wins Student of the Year

Sunmi Kim, Discovery Community College

The 2017 FITT-EDC Student of the Year award was presented to Sunmi Kim, a recent graduate of Discover Community College’s International Trade Management program in British Columbia.

She received the 2017 Student of the Year award for finishing the 2017 academic year with the highest GPA of any FITT student.

“EDC is honored to present the 2017/2018 Student of the Year Award to Sunmi Kim,” said Derek Layne, Senior Vice President of Strategy and Innovation for EDC. “We’re delighted to recognize academic excellence in the field of international business and we sincerely congratulate Sunmi on her achievement.”

Fouad Menassa, the program coordinator at Discover Community College, was extremely proud of her achievement as well.

“If I had to summarize Sunmi in one word it would certainly be ‘Dedication’. I found her dedicated towards her studies, and in reaching her goal of establishing and bettering her career in international trade.”

Sunmi says that learning she won the award filled her with joy and a feeling of responsibility to thank everyone who helped her reach this accomplishment.

“A thousand thanks to the mentors who showed encouragement and whom displayed faith in each and every little step that I took. It is of the utmost importance that I continue moving forward in respect and to make them proud of me.”

“To Fouad Menassa at Discover Community College, thank you for answering my questions kindly with your years of work experience. Thank you to all the faculty members at Discovery, Pamela Ellison at DP World Duke Point, my role model, all the other staff at DP World, and all of my colleagues at LongHoh Enterprises. Thank you to FITT – it means a lot to me to receive this award from an organization I admire. And thank you to my absolutely precious family – I love you!”

While she feels like she still has a lot of room to learn and explore, she is driven to become an international trade expert.

“Utilizing what I have learned in combination with my experience will allow me to step forward in the Canadian work force and become a productive contributor to society. The capabilities and competencies gained through my completion of the FITT courses has created a positive momentum that is both exciting and boosts my confidence in becoming a part of this field.”

One exceptional student wins two awards in the same year

Yanrui Jia, Algonquin College

Each year, FITT awards the International Marketing Plan award for the student who attains the highest grade for a marketing plan in the International Sales and Marketing course, and the International Business Plan award for the student with the highest grade for a business plan in the International Market Entry Strategies course.

In a remarkable achievement, both awards for the 2017 academic year were awarded to Yanrui Jia, CITP|FIBP of Algonquin College.

“I was very excited when I was informed I won two of these awards. These awards recognize my hard works on these two projects. Moreover, they build my confidence, and will be the booster to my career development in the future.”

Both of her projects focused on the same company, a Canadian manufacturer of high-end air purification products for residential and commercial use. Her international marketing plan focused on selling them in the Chinese market, and the international business plan then outlined the rationale to sell in the Vietnamese market, with a completely different strategy and set of tactics.

“I come from Beijing, China where there is very serious air pollution and many people suffer from lung cancer due to air pollution. I understood the high and urgent demands on a suitable air purifier in China now, which led to the idea for my marketing plan.”

“The idea for my international business plan comes from my classmate who is from Vietnam. I talked to her about China’s serious air pollution and health problems, and she said Vietnam has the same issues.”

Norm Hotchkiss, program coordinator at Algonquin College’s International Business Management program, explains that “Yanrui is one of the very few students who was able to focus on the big picture while not losing sight of all the little details that make international trade a challenge at all levels.”

Since graduating, Yanrui has also applied for and earned her CITP®|FIBP® designation. She hopes her awards, designation and existing familiarity with Asian markets will help her develop her career even further.

“I want to assist more companies, especially Canadian companies, to export their products to other countries and help more and more people in the world access to the products from other countries they need. Currently, I am working on international trade strategies for some companies. I hope that FITT will be a good platform to broaden my social circle and these two awards will be a good reference for my career development in the future.”

FITT Achievement Award given to two standout nominees excelling in the classroom and the community

Justin Archambault, CITP|FIBP, Algonquin College

Erum Rashid, Durham College

For the FITT Achievement Award, students are nominated for a combined effort of academic success and community involvement, and the winner is then selected by FITT’s awards committee.

The 2017 award was handed to two very deserving students: Justin Archambault, CITP|FIBP of Algonquin College, and Erum Rashid of Durham College.

Justin excelled in his studies, finishing with the highest GPA in the history of Algonquin’s International Business Management program.

“At the end of my program it was an unbelievably proud moment seeing A+ beside nearly every course on my transcript. I was also honoured to receive the Algonquin Students Association’s Leadership Award for effectively bridging the concerns of fellow classmates with the faculty and administration.”

After completing the program, he earned his CITP®|FIBP® designation and started his own international business advisory firm, Bluecrown International Strategies. He already has a team of five, three of whom are CITPs (including fellow FITT award winner Yanrui Jia).

“We provide comprehensive services for prospective exporters and companies seeking opportunities in unfamiliar and non-traditional markets for Canadian firms. We also strive to also bring about a general awareness about the importance of trade as it relates to developing economies around the world and empowering people through opportunity and greater market access.”

As part of his work, Justin is also now serving as a trade advisor to an ambassador from a CPTPP member country, reporting on trade developments and seeking opportunities for businesses from the member country in Canada.

“I would like to thank my family and friends for their unwavering support, my professors from Algonquin College’s International Business Management program who saw my potential, recognized my abilities, and truly went the extra mile to mentor me, and my colleagues at Bluecrown International Strategies. This award would not have been possible without any of the above people.”

Norm Hotchkiss from Algonquin College also added that “Justin quickly established himself as the top academic performer in the program while also becoming the class leader and spokesperson with Faculty and School Administration.”

Justin now seeks to help more businesses from countries with trade agreements with Canada to expand to the Canadian market. He also hopes to play a role in negotiating closer trade relationships with emerging markets in whatever capacity possible.

For Erum Rashid, studying in Canada for the first time and going back to school after over 10 years away to raise her three children was initially both exciting and nerve-wracking.

“I always wanted to renew my passion for learning and to refresh my skills, and my previous experience in international logistics and educational background influenced my decision to enroll in this program at Durham. I was determined to overcome my anxieties and through perseverance, and my willingness to challenge my own limits, I was able to quickly get on the road to learning.”

“During coursework, I took it on myself to be both a mentor and an individual contributor to ensure deadlines were met while exceeding expectations on content quality. My fellow students, especially those who worked on group projects, acknowledged the guidance and direction I was able to deliver in guaranteeing everyone’s voice was heard and that individual contributions were not undermined.”

After hearing that she won the FITT Achievement Award, Erum described it as a “dream come true” and said she was overwhelmed by the news.

“I am truly humbled and honored from the appreciation received and I couldn’t have done it without the tremendous support and encouragement from all faculty members as well as my fellow students.”

Pauline Bessada, CITP|FIBP, the program coordinator at Durham College, was overjoyed for Erum as well.

“I am beyond delighted Erum won the FITT Achievement award! We are so proud of her! Her award is not only an achievement for Erum, but for Durham College as well! We couldn’t be happier or more proud! The idea we have contributed to Erum’s passion for international business and helped her achieve this award has us more than thrilled!”

Erum now hopes to advocate strong corporate social responsibility (CSR) practices and introduce more ethical practices to international business worldwide.

“My goal is to work towards elite CITP designation and being able to have rigorous understanding of the international business at different levels. My long-term goal is to bring innovation in entrepreneurship for Canadian SMEs and how they can expand into different markets around the world successfully.”

Congratulations to each one of this year’s FITT Educational Award winners, and we are excited to see what you’re able to accomplish next!

Please feel free to offer your congratulations or any helpful advice in the comments below.

The post Celebrating the next wave of potential business leaders: 2017 FITT Educational Award Winners appeared first on Trade Ready.

• Customer
• Consistency
• Creativity
• Culture
• Communication
• Change
• Channel

1. Customer

A company’s marketing strategy must be focused on its customers. The marketer must understand the customer as a person, not just a target market.

Once companies understand the target customer, they can adapt their product or service and even their brand to appeal to the target customer. Adapting to suit the target customer must be a continuous process if companies hope to succeed.

2. Consistency

At one time or another we have all seen mixed advertising messages coming from the same company.

Mixed messages often result in confusion. A confused customer is not a confident customer. A customer who is not confident in a product or service will look elsewhere. Marketing communication messages must be consistent, so the target customer gets the value proposition that the company is offering.

3. Creativity

Advertising is everywhere. Marketers have to find creative ways to get their target customer’s attention. Marketers have to dream up new and innovative ways to inform, educate and persuade target customers.

Want to learn more about how to Increase your reach, decrease costs and enhance the customer experience by developing an easy-to-use e-commerce operation? Check out the FITTskills International Sales & Marketing online course.

4. Culture

In order to reach a global audience, marketing messages must have a broad cultural appeal. Alternatively, specific marketing messages can be delivered to specific cultures. Companies cannot assume that everyone behaves and responds as their culture does. Such an assumption can harm companies.

5. Communication

No one likes “in your face” marketing messages. Nor do people appreciate being “marketed to.” Most people prefer to be “communicated with.”

The right communication message informs, educates and persuades the target customer in a way that they understand—it gains the target customer’s trust.

6. Change

Marketers need to continually adjust their marketing strategy to accommodate the changing target customer, societal changes and especially technological changes. Trying something different is likely what it will take to get the attention of the target customers. Even the company itself may change. Marketing communication messages must reflect all of these potential areas of change if they are to be effective.

7. Channel

The transformational impact of the Internet on many modes of human interaction cannot be denied. The ability of companies to access global markets through a well-crafted online presence is particularly well recognized. Relatedly, the ability of competitors to target a company’s domestic market from remote corners of the globe presents a unique challenge for managers, including marketing specialists.

Web presence has evolved far beyond the option of maintaining a static website to engaging much more directly with customers, business partners, prospects and others via social media.

Facebook has taken on a decidedly more commercial flavour over the last few years, and Twitter has proven very effective as a mode of engagement as well.

The number, variety and positioning of various social networks is huge and increasing by the day so that a comprehensive listing of such platforms is difficult to gather and would be obsolete within very short order. International marketers must consider appropriate leverage of various social networks, and they must plan for the effective use of other new emerging mechanisms.

The post The seven C’s you need to organize your marketing strategy appeared first on Trade Ready.

At FITT, we love this time of year! It’s our distinct privilege to recognize the hardest-working, rising international business stars of the 2015-2016 academic year. These individuals have achieved great things, often against some steep odds, and proven that they have a bright future ahead of them in the field of global trade. Here are the winners of this year’s FITT Education Awards!

Student of the Year Award – Wendolin Lopez Rebaza, Discovery Community College

2015’s Student of the Year Award is awarded to Wendolin Lopez Rebaza, graduate of the International Trade Management and Logistics program at Discovery Community College in British Columbia.

Wendolin attained the highest overall grade point average after completing all eight FITTskills courses.

The Student of the Year award is presented by Export Development Canada (EDC), FITT’s strategic partner.

“We’re thrilled to present the Student of the Year Award, which recognizes academic excellence in the field of international business,” says Catherine Decarie, Senior Vice President Corporate Affairs, EDC.

Wendolin couldn’t be more pleased to receive the well-deserved accolades.

For me, it is an honour to be selected as Student of the Year, especially from respected trade organizations such as FITT and EDC. I really enjoyed taking the courses and want to thank FITT and EDC for this award!

She found the program challenging, but by going out of her comfort zone and maintaining a great attitude, she faced any stumbling blocks as opportunities to learn.

“The FITTskills program taught me a lot, especially the fact that successful international firms tend to be those that develop unique products or services, or adapt their offerings to different markets.”

Wendolin chose to study international trade as part of a family who has dedicated their lives to business. She hopes to apply what she learned in the FITTskills program to bring her family business’s products to new international markets.

“My motivation was, and still is, my family. They encourage me to be the best at everything that I do.”

She has her sights set on an office with a view at a large Canadian export corporation, in a role where she can represent Canada in global business deals all around the world.

“Wendolin is a landed immigrant from Peru. When she arrived in Canada with her family, she soon realized she needed a Canadian education to better her chances of finding employment and opted to enroll in Discovery Community College’s International Trade Management program. FITTskills courses such as Market Entry Strategy, International Trade Research, and International Trade Finance were of major help, enabling her to identify a niche market,” says Fouad Menassa, International Trade Program Manager at Discovery College.

Wendolin has subsequently entered into contracts with Canadian distributors, manufactures and logistics firms trading between Peru and Canada, with plans to expand within North America. She is presently in Peru for the launch of the first phase of her own business.

International Marketing Plan Award goes to an unstoppable hard worker

 International Marketing Plan Award – Tristen Militello, Algonquin College

The International Marketing Plan Award was given to Tristen Miletello for his project which achieved the highest grade, combined with the highest overall GPA, in the FITTskills International Marketing course.

Tristen submitted a remarkable assignment, demonstrating his ability to completely research and think critically about connecting a product, company and new international audience. The fact that he turned out such an impressive project was even more incredible given the technical challenge he faced only two weeks before it was due.

“My computer crashed, forcing me to restart my project within two weeks of the due date. I had already previously finished the assignment and was on to the editing stage!”

Completing the marketing plan was simply a relief! I felt so accomplished! Considering the extremely hard work and late nights I spent to hand it in on time, and to have the honour to receive an award from it, it’s an amazing feeling!

Tristen loved studying international trade, saying one of the major takeaways for him was to keep your mind open to opportunities, as they can arise in any situation.

“I chose to study international business because I had the wonderful opportunity to have Norman Hotchkiss as my professor for another course. He opened my eyes to the opportunities in international trade, and after attending his class I knew right away that this was the field for me.”

“I’m thrilled to receive this year’s International Marketing Plan Award! It’s an honour. I wanna give a big shout out to my Mom, family, professors at Algonquin College, Fahdi Said-Pehoua, and my friends for helping me accomplish this!”

“Tristen Militello is a very welcome new International Business student with a strong desire to achieve. Good job Tristen! Keep it up. I expect you will be a strong performer at the front of the class as you proceed through the program,” says Norman Lomow, Professor and Coordinator of International Business Programs at Algonquin College.

Tristen looks forward to a career where he can travel and work from anywhere in the world.

International Business Plan Award winner has a passion for helping businesses go global

International Business Plan Award – Ryan Thornton, Algonquin College

This year’s International Business Plan Award, awarded to the student who has received the highest grade for a completed business plan, combined with the highest GPA, goes to another Algonquin College student, Ryan Thornton.

Ryan chose to write his plan from the perspective of a Canadian software company expanding into an international market for the first time.

“One of the biggest challenges with this project was choosing the best location for this international expansion. After due consideration, I chose to expand into France. The company already had a presence in Europe, with a branch office in the UK. I decided that expanding within Europe would give them an advantage over other parts of the world that would be completely new to them. The company also has an office in Quebec, which could help to reduce problems associated with language barriers.”

Ryan decided to concentrate his education on international trade after his third semester enrolled in a more general business program at Algonquin College.

I enjoyed learning about international trade because it’s so prominent in today’s world. The courses taught me a lot of real world skills that are applicable in today’s workforce, such as the research required to take on an international expansion.

Ryan has taken on a sales role with a software firm and hopes to someday have the opportunity to act as a consultant for businesses looking to expand internationally.

“I’m very proud to have won the International Business Plan Award. Completing this project took a lot of hard work and getting the results that I did is extremely rewarding.”

“Ryan Thornton graduated with an advanced diploma in Business Administration, International Business Major. He did the college proud with his determination and focus.  He is an independent and overall strong performer and I expect great things from him as he enters the work force,” says Professor and Coordinator Norman Lomow.

Two community-minded students stand out from the crowd as strong leaders

FITT Achievement Award – Kristie Luk, Fanshawe College and Jose Recinos, Algonquin College

The FITT Achievement Award is awarded to a student who has shown notable combinations of community involvement and academic success. There are two very impressive winners this year.

Kristie Luk

Kristie fell in love with international trade because of the endless opportunities, and room for growth and exploration.

“Look at the way the world is evolving. Cross-border trade will never stop; it is the way of life,” she says.

“Kristie was an outstanding student who brought her work experience into the classroom, allowing other students to benefit from her insights. She modelled the dedication and diligence required to become the accomplished trade professional she is today,” says Albert Knab, Coordinator of the International Business Management Program at Fanshawe College.

Kristie says that FITTskills case studies helped put theory into perspective, providing insight into how certain concepts actually come into play in reality.

I also learned how to work in a team environment effectively with various personality types and working styles. This, I feel, very closely mirrors how working in groups outside of the classroom would be.

Kristie shared the skills she learned with her classmates, speaking to them about the importance of time management and communication when working with others who all have different priorities and responsibilities.

She hopes to continue sharing her knowledge and expertise in international trade by becoming a trade ambassador for Canada, and even a professor later in her career.

“I see myself in more consulting-type roles with opportunities to travel and meet with different business professionals interested in market growth through developing strategic partnerships.”

“I am truly grateful to have been recognized through this award for my accomplishments inside and outside of the classroom. It is a great honour to have been selected amongst so many other international trade professionals for this award.”

Jose Recinos

Jose has always been fascinated by the complexity of international trade.

“Global trade involves a wide variety of subjects such as politics, economy, business strategy, law and cultural diversity. I realized that in today’s fast pacing and dynamic business environment, improving my international management skills would be very beneficial,” Jose says.

He has channelled that fascination into an incredible amount of hard work and dedication, overcoming language barriers on top of the typical challenges of a demanding business program.

“I had never attended an exclusively English academic program, or written any papers or tests in English, so this was a challenge I had to overcome. I believe that I improved my written and communication skills and feel more confident than ever.”

I believe that in life, you’re always going to face challenges or roadblocks. If you want to distinguish yourself from the others, you need to be able to manage and respond cleverly to those challenges. It was critical for me to be really organized and to prioritise daily, weekly and monthly goals.

Jose says working on projects for the FITTskills program helped him gain real-world business experience.

“I picked an Ottawa-based clean tech company called Waterotor Inc. and I had the opportunity to meet with the CEO and work closely on the International Business Development and Marketing plan. I had to understand the business itself to be able to assess their challenges and opportunity. It was the best way to wrap up everything I learned through the program and adapt it to this real business case.”

He made an outstanding effort to share his experiences with his classmates.

“Jose Recinos is a new graduate of the Post Graduate International Business Management Graduate Certificate.  He is one of those students who come along rarely, with the natural ability to excel in anything he puts his mind to.  He is an overall achiever, a leader and a thinker. Jose will thrive as he begins his career at EDC as the 2016 FITT/EDC intern,” Norman Lomow explains.

“We were like a small family and I felt like we were very supportive of each other,” enthuses Jose.

He even brought his international business classmates together to play in a fundraising soccer tournament, raising money to help Syrian refugees.

“My objective is to be able to work, travel and experience as many different cultures and countries as possible. I definitely want to be able to give back to the community by promoting sports and education here in Canada, but also in Central America, specifically in my homeland country, El Salvador.”

Jose is looking forward to continuing to work with EDC as their 2016 FITT/EDC intern, and earning his elite CITP®|FIBP® designation.

Congratulations to all of this year’s winners, and the outstanding graduates from FITTskills courses all over the world. We look forward to hearing about your future global trade successes!

Feel free to congratulate this outstanding group yourself and add your tips and advice for the graduates in the comments below!

The post Meet tomorrow’s global business leaders: FITT Educational Award Winners 2015 appeared first on Trade Ready.

Entering a new market requires a deep dive into the minds, lifestyles, habits and communication style of your new clients. Gathering accurate information to give you a full picture of this market will be the key to success in expanding your business into this new region.

Market intelligence can help companies determine current needs and preferences, future requirements, customer attitudes and factors that might have an impact on the market. This information can be used by decision makers to make more effective choices and develop better strategic approaches to markets.

Market intelligence is the process of researching, analyzing and applying qualitative and quantitative information about a market environment. It develops comprehensive knowledge about a market, such as how and why a market is changing over time.

Why you need to know every detail about your target market

During the past decade, oversupply, loss of market share, failing profit margins and general corporate under-performance have all exposed the inadequacy of planning based solely upon forecasts and budgets. Although beloved by accountants, such approaches could never explain how the desired results could actually be achieved.

Sound international marketing decisions cannot be made without accurate and timely data. Yet most SMEs do little or no formal market planning, nor do they conduct the market research needed to support their plan.

A company’s international marketing plan can mean the difference between success and failure, not only in the target market, but for the company as a whole. The money lost in a misdirected export-oriented venture may never be recovered from domestic activities. For this reason, the researcher that gathers the information and develops the analysis used in the marketing plan carries considerable responsibility.

There must be good communication and co-operation between the research and marketing functions. This collaboration extends through all phases of the process: initial exploration of the opportunity, identification of sources, conceptualization of the venture, data gathering and validation, analysis, planning, implementation and ongoing monitoring of progress and changes in the target market.

With this close collaboration, the researcher will have a better understanding of what information is required and will not waste time and resources gathering irrelevant material.

The firms that will survive base their success to a great extent on an early identification and analysis of changes in markets and industries in their international market environment.
– Bo Rundh, Karlstad University, Sweden

Marketing can’t operate in a bubble

Recognizing that the marketing function relates to or impacts the other business functions in a company, it follows that the preparation of a marketing plan involves input from all elements of the company. In many cases, such input should be provided on an ongoing basis in order to verify planning assumptions developed by the marketing function or to react to circumstances as they develop in the marketplace.

Product modifications must be validated with research and manufacturing. Innovative contractual terms should be submitted to the legal department. Changes in payment procedures should be checked with finance. The researcher must communicate with other divisions of the company, bringing them data that can help frame their decisions and finding out from them what additional information might be required.

In addition, the researcher can make a contribution that goes beyond any particular foreign market. For example, if research uncovers a new approach to manufacturing, this information could have a significant impact on the entire company. In this sense, researchers should know enough about the company to recognize the relevance of this kind of information when they run across it.

Find the market research approach that works for you

There are many ways to perform market research. Very large companies tend to have in-house research departments. In small companies with small budgets, this research may be conducted by senior executives, such as the head of the marketing function or even the president. There is one significant advantage to this approach—such concentration of functions ensures effective co-ordination of research, strategic planning and implementation.

The disadvantage, obviously, lies in the workload imposed on a few individuals. The danger is that the research will not be carried out as comprehensively and accurately as is needed and the company may find itself making costly mistakes that it can ill afford. For companies without in-house research capabilities, there is another alternative—hiring external specialists in market research.

Experienced market research companies, whose sole business function is to conduct market research for other companies, can be a very effective way of obtaining the required research.

These companies know the type and nature of information available through secondary sources. They know where to find the information needed and are aware of its completeness and accuracy from previous experience.

These companies can advise their clients on when direct market research in the form of surveys or focus testing may be required to obtain the level of sophistication and reliability needed to formulate a successful marketing plan.

Though such research may initially appear expensive, it can pay for itself many times over if it results in an effective marketing plan or if it helps the company avoid costly mistakes. Depending on a company’s need for ongoing research, it may be economical to contract out the market research capability on an as-needed basis instead of employing a full-time research person.

Over the longer term, however, if a company commits itself to doing business in foreign markets on an ongoing basis, it may find that it becomes cost effective to set up a dedicated research function in-house.

The post Create a winning international marketing plan by nailing your market research appeared first on Trade Ready.

For a company to develop the most effective plan for marketing a product internationally, it must understand the needs, desires and income of its potential customers.

It must also have full knowledge of distribution systems, delivery times, pricing and the most effective methods of promotion in the intended market.

These factors will often be very different than a company is accustomed to in their domestic market. The good news is, the differences can be discerned through thorough international trade research.

In fact, the information provided by international trade research is needed at all stages of the marketing process.

Situation analysis
Companies can use the information provided by international trade research to develop a thorough understanding of a market and identify possible opportunities.

Marketing strategy
International trade research will provide information needed to position a product to a selected target market and will also help marketing teams identify the value propositions that are likely to be successful.

Marketing mix
International trade research will provide valuable information to guide product design for a target market and indicate the price range that it will be appropriate to demand.

Implementation and control
International trade research will enable companies to monitor the effects of a marketing strategy and identify changes in the market that will require marketing or product adjustments.

A great example of the successful implementation of the marketing processes above is Proctor and Gamble’s foray into the Japanese market with one of their products.

Proctor and Gamble use international trade research to adapt their product

Proctor and Gamble’s research into the Japanese marketplace identified a possible opportunity for disposable diapers. Customer research showed that Japanese mothers tended to change diapers more often than mothers in the U.S. and other Western countries.

Based on this information, Proctor and Gamble prepared a marketing and strategic plan to sell disposable diapers to the Japanese market. The company calculated that they could export diapers to the market at a competitive price.

Market research indicated that quality was an important purchasing factor, so the exported diapers were high quality, while being reasonably priced compared to competing brands.

Despite these measures, sales of the diapers were sluggish. To find out why, the company carried out more intensive market research. This research identified that one purchasing factor was the limited storage space in Japanese homes as compared to homes in North America.

This insight enabled the company to adapt their product to meet the customers’ needs. They designed a more compact version of a disposable diaper and renewed their promotional strategy. Sales rose sharply.

As well as identifying opportunities, international trade research might indicate that a planned course of action is not wise.

Research might indicate that an international marketplace is saturated with the type of product a company plans to offer. This can prompt the company to adjust the product or service offering or target another location.

Research can also identify warning signs of financial and political instability that might result in future losses because of regime change, currency devaluation or even war.

Pinpoint potential problems ahead of time

Even when a market seems like an attractive possibility for international trade, companies must consider the many challenges and potential problems involved. Many of these might be unknown until international trade research is conducted.

For example, many countries impose tariffs, a form of tax, on imports from countries with which they do not have specific trade agreements. Such tariffs are much higher for manufactured products than they are for commodities. These charges will obviously add to the costs for the importer.

Companies might also decide to export goods without realizing that there are strict legislative or product safety guidelines, required inspections or approval processes for shipping goods in the importing country.

Without proper research, companies might find themselves overpaying duties, paying fines for overlooking compliance issues or encountering costs caused by shipping delays.

There are numerous examples of mistakes resulting from companies developing strategic plans without devoting the time to carrying out proper research into the legalities, customs, cultures or infrastructure of a new international market.

Even the most obvious information can be overlooked, causing embarrassing mistakes

In 2004, a child-labour activist from Hyderabad, India, filed a public-interest action against PepsiCo India for glorifying child labour in a television advertisement. The advertisement showed the Indian cricket team celebrating a winning game while being served Pepsi by a young boy.

This case was embarrassing for PepsiCo and might have been avoided if researchers working on the promotional strategy had identified how Indian consumers were likely to react to this idea.

Microsoft also blundered in the Indian market. When colouring in a map of India for its Windows operating system, the software giant used a different shade of green for the eight pixels representing the disputed Kashmiri territory.

The colour difference meant Kashmir was shown as non-Indian on the map. This led to the software being banned in India almost immediately after release. Microsoft had to recall all 200,000 copies and lost millions of dollars.

The result of not performing international trade research properly can range from poor sales and lost profits to damage to a company’s reputation, legal action, fines and imprisonment.

Companies that conduct diligent research, and are agile enough to adapt their products to meet the needs of their new target market have a much better chance for success.

Have you used insights gained through extensive market research to adapt a product or service that was lagging in a new market? Is there anything truly surprising that you discovered through international trade research?

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This year’s FITT Education Awards once again go to a talented group of individuals, among whom there are mentors, passionate social activists, and driven global business dynamos, all ready to take the industry by storm.

Future entrepreneur Mohammed Tahir wins Student of the Year

2014’s Student of the Year Award has been presented to Mohammed Tahir, graduate of the International Trade Management and Logistics program at Discovery Community College in British Columbia.

Mohammed attained the highest overall grade point average after completing all eight FITTskills courses.

The Student of the Year award is presented by Export Development Canada (EDC), FITT’s strategic partner, and they are thrilled to present it to a student of Mohammed’s character.

“We’re honoured to present the Student of the Year Award, which recognizes academic excellence in the field of international business,” says Catherine Decarie, Senior Vice-President, Human Resources and Communications, EDC.

Mohammed will continue Canada’s proud tradition of developing the next generation of strong business leaders who think globally.

Mohammed’s professor at Discovery Community College, Fouad Menasa, is also proud of their high-performing graduate.

“Discovery Community College is very pleased that our student Mohammed Tahir is the recipient of the valued FITT/EDC Student of the Year Award. Throughout his courses Mohammed has demonstrated the qualities of an entrepreneurial-minded individual.  We wish him a successful future.”

Looking to the future, Mohammed wants to become an expert in his industry and start a successful business.

“My motivation is to learn every aspect of international business. There is no greater gain than knowledge and that’s what the International Business program provides. My goal is to become a prosperous entrepreneur.”

The winning International Marketing Plan brings SMEs to South Korea

The International Marketing Plan Award goes to Ryan Carkner for his detailed, well-researched and insightful plan to bring IT solutions created by SMEs to South Korea’s global multinationals.

The award is given to the student to has earned both the highest grade for a completed marketing plan, and the highest grade point average overall.

Ryan was able to identify the gaps or weaknesses in South Korea’s technological infrastructure, not an easy task since the market is notoriously tough to penetrate, and controlled by a handful of powerful corporations who wouldn’t typically look to SMEs for help. After careful research, he struck on a game-changing insight.

“I finally gathered enough information to find out that these corporations had their hands full with big businesses and even bigger problems, specifically their handling of an evolving SME market. After weeks of researching, it was the weakness I had been looking for. At that point, I knew I could make a partnership or strategic alliance look tempting.”

Ryan’s professor and Coordinator of the International Business Program at Algonquin College, Norman Lomow, is very pleased at his student’s success.

On top of his achievements in the program, Ryan is also a graduate of the International Business Major. Well done Ryan, you did us proud.

When we asked Ryan what his dream job would be, he didn’t hesitate.

“I’d like to get into the video gaming industry. It has been a market that has fascinated me ever since I was a kid, and is now becoming progressively globalized. I would also like to get the opportunity to work in different countries and really exercise my international business skills to their fullest extent.”

International Business Plan Award winner helps Canadian business go Dutch

This year’s International Business Plan Award, awarded to the student who has received the highest grade for a completed business plan, combined with the highest GPA, goes to another Algonquin College student, Claude Goudreault.

Claude nailed it, turning in a project that crunched the right numbers, and used insights from those calculations to formulate an actionable plan to expand a Canadian retailer successfully into the Dutch market.

“The project was about Agrium, a Canadian company which sells agricultural products and services. In this plan, Agrium would acquire 60 percent interest in an existing company, and also build a retail chain in the market.  After having done the research, I determined that Agrium could enter the Dutch market without any problem and the return of investments would be very profitable.”

Norman Lomow congratulated him as well, adding that “I am pleased with Claude’s accomplishments with his International Business Plan Award and in the International Business Major. I look forward to following your career Claude.”

Claude decided to study international business for some pretty great reasons.

“The idea of being able to visit countries and work at the same time was extremely appealing to me.”

My mother taught me to always help others when they are in need. Being willing to help others, whether domestically or internationally, is something I’ve always wanted to do.

His plan for the future?

“I have three goals: being part of a research team, living abroad for a few years, and consulting. Living abroad is something that intrigues me very much, because I would be able to learn different cultures, different languages and meet new people.”

A born leader wins this year’s FITT Achievement Award

The FITT Achievement Award is awarded to a student who has shown notable combinations of community involvement and academic success.

Marilia Machado de Arruda Brasil has gone above and beyond her studies to earn real-world experience, bringing that valuable knowledge back and sharing it through mentorship to her fellow students.

“Marilia not only exceeded academic expectations and emerged as a leader in the class, motivating her classmates, but she immediately put her trade skills to work in the community as a vital member of the Brazilian Business Opportunity Committee of the London Chamber of Commerce,” says Albert Knab, Coordinator, International Business Management, Lawrence Kinlin School of Business, Fanshawe College.

Marila says that she was able to put her education to use right away, applying what she’s learned in class directly to her work at an internship with the London Economic Development Corporation (LEDC).

“I was able to develop a market-entry strategy for an Italian medical device company to enter the North American market.  It really helped me to reassure myself that I was able to deliver a “first-class” report.  Our work was very well received by all the stakeholders.”

Marilia is working hard to land her ideal role in international trade, and has some clear ideas as to what that will be.

“My ultimate career goal is to become an arbiter specializing in International Trade. It would allow me to use both my education as a Bachelor of Law, and my more recent education in International Business.  As an arbiter I would be able to foster healthy relationships in the global business community by helping to solve contractual problems before they become a barrier to trade.”

If there is opportunity I would also like to continue to be involved in international business education, either by teaching part-time or advising students and faculty.

It’s clear to see that Marilia has the right skills and attitude to lead future generations of international business students to success.

Congratulations to all of this year’s talented, ambitious education award winners! We’re looking forward to see where the future leads you, and to have you as valuable members in the global trade community.

Do you have any pieces of advice for these new graduates at the beginning of their careers?

The post The new generation of talented global business pros; 2014 FITT Education Award Winners appeared first on Trade Ready.