Market Research is a step that should not be skipped.  Entering the wrong market can be costly not to mention time consuming.  Market research by a company involves the process of determing the best foreign market for their product by pinpointing

• the largest markets for its products
• the fastes growing markets
• market trends and outlooks
• market conditions and practics
• competitive firms and products

While it is possible for a company to begin exporting without market research by obtaining unsolicited orders from abroad, tapping into lucrative markets can be discovered through a systematic search.

There are two main types of market research, primary and secondary. 
Primary is the most costly yet has an advantage because it is tailored to the company needs.  Primary research  collects data directly from the foreign marketplaces through interviews, surveys and other contacts.
Secondary research, collects and compiles data and trade statistics for a country or product.  Due to the expense of primary market research secondary research is the most used by companies. When compiling and collecting data for market research for your particular product or service be sure to touch upon the below:

• Obtain export statistics of your country to various countries
• Identify five to ten large fast growing markets for your product
• Identify ground floor opportunities in smaller but fast emerging markets
• Target 3 to 5 statistically promising markets for further assessment
• For targeted market calculate overall consumption of the product and amount accounted for by imports
• Find your sources of competition domestic and foreign
• Identify any foreign barriers such as tariff and nontariff barriers
• Research any government incentives to promote the exportation of your product or service