Market Research in Newfoundland and Labrador
Newfoundland and Labrador (shortened to N.L.) is a group province of Canada. This province is in the northeast of the country, next to Quebec. It consists of Labrador on the mainland and Newfoundland, an island territory next to it.
The primary source of GDP for the province is its service industry. Though this industry is integral to the province’s economy, it is far from its only strength. N.L. has a robust mining industry that produces more than half of the iron ore for Canada.
In addition, the province has many oil rigs off the coast. These rigs produce billions of dollars worth of oil.
The fishing and agriculture sectors are also well-developed with a wide variety of stock.
Finally, N.L. is host to millions of domestic and international tourists every year.
Due to the varied geography of N.L., it has a wide range of climates and weather. For example, Newfoundland has a humid and warm weather pattern, while Southern Labrador has a subarctic climate. Furthermore, the best description for Northern Labrador would be a polar tundra. Due to the cold environment, this area has a much sparser population. On that note, Newfoundland in the south is far more populated than its northern neighbor.
The province has a rich culture and history. The residents comprise English, Irish, Scottish, and French descendants, which helps to shape its modern culture. Newfies love their arts. They have many institutions and schools with an intense focus on artistic expression.
Baseball and football are by far the most popular sports. One thing of note is that in the past, cricket was also popular. It had seen a decline in later decades. Yet, due to the influx of Indian immigrants, cricket is starting to make a comeback.
Benefits and Strengths in the Market
The primary trading partners of N.L. are the US, Germany, China, the U.K., and Italy. N.L. has a multitude of ports at its disposal, which make the trade flow easy. It would be beneficial to set up operations there. For one thing, its existing trade infrastructure is excellent. As stated, one of the major industries there is its N.L. mines. Businesses producing metal-based goods would have many raw materials from which to pull.
Like the rest of Canada, N.L. is a developed province save for a few rural towns to the north. The people there have many different businesses. Most of the population lives in the south. But, most of the economic activity occurs down in Newfoundland. Most nationals speak English with some dialect, making it easier to have smooth business interactions. Newfie residents use both traditional and digital methods of payment. Consumers of the province are very welcoming of new businesses. They usually have no qualms with trading with them.
Reasons to Grow Your Business in the N.L. Market
The province of N.L. has a variety of benefits for a business moving into the market.
For example, it has:
- High-profile trading partners
- Robust trade networks
- Wealth of natural resources
About Market Research in N.L.
Conducting market research requires a variety of information-gathering techniques to be effective. Additionally, investors should go to the province itself to get familiar with the market, which will give them the best data. Making use of Qualitative and Quantitative research is an excellent tool for this. Also, Strategy Research, Focus Groups, and Surveys are helpful. Some companies can do the research themselves, but most find it beneficial to outsource it.