Traditionally, wheat was an essential part of Canadian export, but nowadays it is getting to be more and more challenging to keep exporting grain and remain competitive in the world market. It is the result of globalization and elimination of financial barriers between different countries. As a result, Canadian companies specialized on the export of wheat face some severe problems caused by increased competitiveness, among which entering new markets is one of the most serious.
It is why, for a Canadian company specialized on the export of wheat, it is essential to research the potential of new markets, for instance, the market of Norway, to enter this market and gain a substantial share in its wheat import.
Apparently, to adequately assess and evaluate exporting potential of a Canadian company in the Norwegian market, it is primarily necessary to collect essential information.
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To put it more precisely, it will be necessary to define what the size of an average annual Norwegian import of the wheat is and what companies and from which countries already operate in this segment of the market. Secondly, it is necessary to accurately evaluate the potential of the national agriculture and define whether the need for Canadian wheat export will persist or probably it will decline in several years. In this respect, it should be emphasized that the information needed for the research should concern not only the current situation but also provide a reliable forecast for the perspectives of the local market.
Obviously, a reliable research can be conducted only when its objectives are defined. This is why, speaking about a Canadian wheat export company and the problems it can face in the Norwegian market, it is primarily necessary to point out that one of the major goals of the research is to define the need of Norwegian wheat market in imported products. It means that it is necessary not only to define the size of the market at large but also single out the share of import and, on this basis, forecast the potential need of Norway in Canadian wheat. On the other hand, it will be necessary to achieve another objective – to assess the potential of the Canadian company. It means that it is necessary to define the amount of wheat that the company can export annually. In such a way, it is necessary to assess both the need of Norwegian wheat market and the potential of a Canadian company and forecast the perspectives of wheat export, i.e., how much wheat can the Canadian company export and how much wheat Norwegian market needs. At the same time, it is also necessary to analyze the situation concerning competitors, i.e., evaluate the presence of competitors in the market, their share in Norwegian wheat import, and resistance to the entering of a ‘new player’.
Speaking about methodologies that can be applied in this research, it should be pointed out that they will relate to collection and analysis of statistical data. It means that one of the principal methods of the research is a statistical analysis of the market and company potential. To put it more precisely it will be necessary to collect statistical data concerning annual production and import of wheat in Norway as well as the local consumption of this product. On receiving this information, it will be necessary to analyze them and calculate the potential of the market and the prospective share of the Canadian wheat export company that is entering the market.
At the same time, it is also possible to recommend using interviews of specialists related to the wheat market. It is possible to interview representatives of companies that already operate in Norwegian wheat market as well as independent specialists that analyze the situation in this market. On the other hand, it is also possible to interview representatives of companies exporting wheat from Canada to find out basic problems and their solutions they face, as well as basic trends in the wheat market.
In such a way, it is possible to start the research with the defining the major problem, i.e., entering Norwegian wheat market and related issues and perspectives. Then it is necessary to define the primary objectives of the research, carefully select methods that could apply. After that, it is necessary to collect essential information and analyze it. As a result, it will be possible to properly assess the current situation and make a plausible forecast for the future development.
Finally, it is necessary to take into consideration the research budget which should include the costs on collecting statistical data, interviews, analysis and evaluation of information received that will naturally need the work of reliable specialists experienced in statistical analysis and forecasting.
Bibliography:
Porter, Michael E., Competitive Strategy: Techniques for Analyzing Industries and Competitors. Toronto: Routledge, 2002.
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