17079353 international marketing researchppt

7/30/2019 17079353 International Marketing Researchppt

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Methodology Of

Product Research


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Marketing research

Market research is the process of systematic

gathering, recording and analyzing data about

customers, competitors and the market.

And the process of doing marketing research

in different nations is said to be International

Marketing Research.


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Role of International Marketing Research

International marketing research plays animportant role in the identification of threats andopportunities and development of a companysstrategies for globalization.

It enables a business to identify, evaluate andcompare potential foreign market opportunitiesand develop a marketing plan.

Research also provides a company with foreignmarket intelligence to help it anticipate events,take appropriate action, and prepare for globalchanges.


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Steps Of Doing Marketing Research

COMPETITOR ANALYSIS

OVERALL MARKET ANALYSIS

END USER/CUSTOMER ANALYSIS

ENVIRONMENTAL ANALYSIS

FORMULATING MARKETING

STRATEGIES


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COMPETITOR ANALYSIS

Product range

Products price positioning

Years of existence in the market

Competitors target market

Competition growth rate

SWOT Analyses


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SWOT ANALYSIS

Internal Scan

People (Human Resources)

Properties (Buildings,

Equipments and otherfacilities)

Processes (Technology,

R&D, M.I.S etc.)

Products

External Scan

Social factors

Technological factors

Economic factors

Environmental factors

Political factors


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OVERALL MARKET ANALYSIS

Overall market Size

Growth of Total Market

Addressable Market


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END USER/CUSTOMER ANALYSIS

METHOD

Telephone interviews based

on standard questionnaires.

Case studies are carried outas in-depth interviews -

most often face-to-face.

Focus Groups Discussions.

ANALYSIS

Lifestyle

Brand Awareness

Purchase behaviour

Perception of brands

Price sensitivity

Preference


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ENVIRONMENTAL ANALYSIS

METHODS

Ad-hoc

scanning

Regularscanning

Continuous

scanning

ANALYSIS

Indicators of the economy

Government stability and

policies Technology and

infrastructure

Socio-cultural factors

Environmental Laws


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MARKETING STRATEGIES


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COUNTRY SPECIFIC PRODUCT

CULTURAL DIFFERENCES

Language

Religion

Traditions

Images

Symbols

Roles in the family

Colour

GUIDELINES

Develop cultural empathy

Be culturally neutral and realize

that different is not necessarily

better or worse

Never assume transferability of a

concept from one culture to

another

Get cultural informants involvedinto the decision-makings.


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LOCATION ANALYSIS

STEPS:

Define critical project drivers

Develop selection criteria

Conduct location selection


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TARGET MARKET

Check out your competition

Analyze your product/service

Consider the psychographics of your targetaudience


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POSITIONING Define the segments in a particular market.

Decide which segments to target.

Understand what the target consumers expect and believe to be

the most important considerations when deciding on the

purchase.

Develop a product (or products) that caters specifically for these

needs and expectations.

Evaluate the positioning and images, as perceived by the target

customers, of competing products in the selected market

segments. Select an image that sets the product apart from the competing

products, thus ensuring that the chosen image matches the

aspirations of the target customers.

Inform target customers about the product (promotion).


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PRODUCT PORTFOLIO

TheBCG matrix method

determines product portfolio of a

business unit.

1.Question Marks (= high growth,

low market share)

2. Stars (=high growth, high market

share)

3. Cash Cows (=low growth, highmarket share)

4. Dogs (=low growth, low market

share)


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THANK YOU

Prepared by:- Section IM-1

Debaditya

Deepak Virmani

NakshatraRenubala

Rajesh Ranjan

Sanjeev

Sachit Chawla

Shivprasad ChauhanTajinder Pal Singh Puri

17079353 international marketing researchppt

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