Market Research in the Cook Islands
The Cook Islands is an archipelago consisting of fifteen islands in the South Pacific Ocean. It is a self-governing state “in free association” with New Zealand.
The Tourism sector is the main industry on the island. Thousands of tourists visit the islands each year, and that number is growing. Most of the visitors come from New Zealand, Australia, and Canada.
The Cook Islands are also known for their International Finance sector. It is the second biggest sector in the country.
Another large sector on the island is Agriculture. Many farmers grow crops for export. For example, the islands export copra and fresh and canned citrus fruits.
The country also exports fish, fuel, pearls, and clothing. Some of the biggest export partners are France, Thailand, and Japan.
Cook Islands import foodstuffs, textiles, and timber, among other things. Most of the imports come from New Zealand, Fiji, and Japan.
The Cook Islands have a capital island called Rarotonga. It is the largest island with the most people. There you will also find the capital city, Avarua. It is the central business hub for the country. Most of the people on Rarotonga Island live in villages.
Aitutaki is another island in the Cook Islands, and it is the second most visited island. Aitutaki has beautiful beaches. Tourists can swim, snorkel and dive there. The corals and tropical fish add to the island’s beauty.
The Cook Islands gets support from New Zealand. The free association keeps its economy steady. Nationals of the Cook Islands can also work in New Zealand.
The offshore banking sector brings in foreigners, who sometimes invest in the islands.
The growth in the tourism sector has been steady. As such, the government invests in things that benefit the industry. For example, they put money into cultural events and attractions.
Benefits and Strengths in the Market
The Cook Islands uses the New Zealand dollar, which is a stable currency.
The Cook Islands is a small tropical country. Despite that, it has a robust international trade market.
The growth in the tourism sector has also led to an increase in other sectors. For example, with more visitors, more resorts are being built. This situation, in turn, creates more jobs in construction. Thus, the government welcomes it.
Finally, children go to school from age 5-15. There is also higher education through the university and overseas scholarships. Thus, it has an educated and skilled workforce.
In the Cook Islands, education and the health of the people are essential. Citizens have free health care at government hospitals and dispensaries.
Citizens also have excellent spending power. The companies in the Cook Islands pay well for labor.
Reasons to Grow Your Business in the Cook Islands
The International Finance sector is vital. It brings many foreigners to the islands. The government also encourages investors to make use of their offshore banks.
Furthermore, due to its link to New Zealand, the Cook Islands have many foreign visitors. This link is helpful for tourism, trade, and business in the country.
Finally, other sectors such as marine resources grow when there is an investment. So, local businesses will want investors to come.
About Market Research in the Cook Islands
The Cook Islands is a nation with a rich culture. Strategic research prepares an investor to enter the market, and it is an excellent way for business owners to learn more about the industries. If you’re an investor, Qualitative and Quantitative Research are other methods you can use.
Surveys are an excellent way to conduct research, and investors who use them get lots of data without spending too much money. Focus groups are another source of information. So are interviews with local business owners. These tools help business owners get a feel for investing in the Cook Islands. They also assist these would-be investors in avoiding mistakes.