international marketing research assignment sample

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Business Plan

International Marketing Research

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International Marketing Research




Cross-border activities of firms have been of interest for international business

researchers for a long time, and still it is an expanding field of research. Business which want

to compete in 21 st century must confronted with the task of crafting strategies that anticipate

and respond to the rapid pace of change in global market, and that’s w hy their information

needs are changing and becoming more and more complex and diverse. Every company

performs the task of marketing research to provide the relevant, accurate, reliable, valid and

current information of market to management. The major objectives of this essay is to

research emerging market so that opportunities for internationalisation can be found, to

understand the primary functions and mark the problems in market research. Maintaining

objective in marketing research is essential if marketing management is to have sufficient

confidence in its result to be prepared to take risky decisions based upon those results

(Aberdeen, n.d).

Information needs are changing in both developed and developing countries. As a

result there is a growing need to conduct research across the country boundaries. International

marketing research has increased substantially as companies find global growth

opportunities. Emerging market offers the greatest potential for future business growth

(Baack and Boggs, 2008). Emerging markets offer huge returns for organizations

appreciating their consumers. Market research is the collection and analysis of information

about costumer, competitors and market conditions of a particular geographic area, and also

analysis of the effectiveness of the marketing programs. Some time marketing research also

held to analysis of qualitative and quantitative data about some issue relating market products

and services.

Majorly there are two types of marketing researches, Qualitative marketing research:

this research generally used for exploratory purposes which has small number of respondents.

This research is not generalized able to the whole population, and Quantitative marketing

research: this research generally draws the conclusions, tests a specific hypothesis and uses

random sampling technique so as to infer the sample to the population. It has a large number

of responds.

Marketing manager may seek advice from marketing research specialists, and indeed

it is important that research report should specify alternative courses of action and the

probability of success, where possible, of these alternatives. It is the marketing manager who

takes the fin al decision and not the researcher. Information needs are changing in both


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developed and developing countries. As a result there is a growing need to conduct research

across the country boundaries. International marketing research has increased substantially as

companies find global growth opportunities. Emerging market offers the greatest potential for

future business growth (Baack and Boggs, 2008). Emerging markets offer huge returns for

organizations appreciating their consumers, but for earning such huge returns a company has

to keep performing well in different economy and political conditions.

Emerging markets are growing very fast as a share of global GDP, but just how

rapidly may come as a surprise. Consider that between 2010 and 2015, global economic

output is forecasting to rise by $8.5 trillion. Emerging markets are expected to account for

about 62 percent of that growth (Egna and Ovanssoff, n.d). More companies are taking to

operations on a global scale. The complexity of the operations changes as the company steps

into international market. A company can become global company if it achieves efficiencies

of scale by developing a standardized product of dependable quality, and sell it in the global

market at a reasonable price throughout the world. While evaluating foreign market several

factors need to be considered for standardizing the product across markets. These factors can

be divided into foreign uncontrollable which includes economics forces, cultural forces

issues, political forces and level of technology among other. So, while making the marketing

plan a researcher will have to consider the uncontrollable factors that will defiantly have an

effect on business in the particular country. Marketing research can help a business to gain a

more detailed understanding of consumer’s needs; it can also help in discover consumer’s

opinions on a huge range of issues (Lyons, 2008).

Marketing research is a diverse field and it performs major factions of the

organization. Market research starts from the thought of setting up a business and continues

till the customer satisfaction of the feedback from the customer. A market researcher has to

perform many tasks like monitor current market trend, identify the key consumer market,

build and maintain customer relationship, establish a distinctive identity for a product or

organization, plan, monitor and co-ordinate the marketing mix, and manage changes in

technology, competition and consumer tastes.

There has also been an information explosion. In today’s fast growing technology the

availability of online database and internet-based information sources have changed the

nature of international marketing research and also in the role it plays in the marketing

process. As such conditions, the of international market researcher is to provide an


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assessment of market demand globally, an evaluation of potential customers and the risk and

cost involved in market entries, as well as detailed information on which to base effective

marketing strategies (Smith and Albaum, 2004).

To achieve these, the researcher has three primary factions to carry out, first is

Identify and analyse the opportunities by scanning international markets, second Monitor

environmental trends by building marketing information system and third is Carrying out the

primary market research studies so that it can input into the development of marketing

strategies and feasibility of the market mix options of the domestic and foreign market can be

tested (Doole, Lowe and Doole, 2008).

International markets are scanned primarily to identify those countries which warrant

future research and analysis, thus the researcher will look for countries that meet qualifying

criteria of accessibility, profitability and market size. At the scanning stage the researcher try

to find countries where marketing opportunities available, after identifying those

opportunities researcher will need to make an assessment of their viability for future

investigation.

After the scanning stage the manager researching international markets is identifying

and then analyzing opportunities which market to prioritise for future research and

development. For that the researcher has to divide the market into some group by market

segmentation. After market segmentation an international marketing information system has

to be developed by building the information base, then researcher has to find the sources of

information like databases and collect information from primary and secondary data sources

(Schmidt, 2007).

After finding all the relevant data a research design has to be formulated. When

formulating a research design, considerable efforts is needed to ensure that the methods used

will ensure comparability of data. All the study of primary market should be carried out so

that it can be input into the development of marketing strategies and feasibility of the market

mix option, both in foreign country market and across a range of international markets.

Companies and other organizations use market research to manage the risk associated

with introducing a new product or service. No organization would like to spend too much

money on developing a product line that research indicates will be unsuccessful. There are

some problems which can make a market research costly and produce results of questionable

value for the organization (Identifying market problems, n.d). Survey Design: mostly




organization use marketing research to know the customers view about products and what

they need. The survey is a direct way of collecting such information, so if there is any error in

survey design then market research results can suffer. Survey Nonresponsive: this problem

can be accrued if the survey is not properly offered to the population. Some time many

customer does not respond to the survey and don’t want to participate, in such cases survey

takes too much effort and the conclusion can also be effected. One sidedness of Survey: a

survey might include one or more bias. A survey format should be in such a way that all the

audience accept it by which researcher seek to gather information. Observation Research:

many of the market research involve observing customers in action and noting their

preferences. Researcher can become interfering with customer’s experience to the point a

consumer feels disgusted and leaves the business side (Turnbull, 1986).

Other then these there can be many problems in market research related to

unclearness of the objectives, quality issue of the sample, poorly designed instruments, poor

matching of methodology to gaols, internal sceptics, hastily programming, egregious errors

and unproductive client-agency relationship (Korostoff, n.d).

There are many problems can be accrued in international marketing research, these

problems can be related to the numerous markets or the problem with data. Numerous

markets related problems like definition error caused by the way problem is defined,

instrument error while arises from questionnaire and the interviewer, frame error occurs when

sampling frames are available from various sources in different countries, section error can

the result from the way actual sample is selected from the frame and non-response error (Hill,

n.d).

Problem with data error can be in when secondary data is comparing several markets,

and language, social organization, obtaining responses, infrastructure constraints and

convergence related problem can be with primary data (Bianca, n.d).

Some of the major challenges that face market research, The first we can call

how and why Complex. Gathering some good demographic information as well as finding

voluminous reports on what is being purchased, with the hope to understand the purchasing

pattern and trends. Many of the senior executive misses to understand the buyer behaviour in

their strategic meetings. Some of them may argue that psychographics provides this but

psychographics focuses more on lifestyles as oppose to insightful and deep understanding

into how and why consumers or buyers buy. The second challenge can be




termed "proliferation" in the sense that market research has become big business. That’s why

gaining insight should come from distilling volumes of reports, focus groups, surveys,

quantitative data, and every imaginable new way to look at a customer that has been created

in the past few years. The third challenge is one we can call "relevancy." It is a challenge

that researchers today are facing to fix for the "go-to-market" windows continue to shrink and

what is needed is relevant and real consumer or buyer insight today and not tomorrow. The

fourth challenge we can liken to the nomenclature of the "silent majority" in the digital age.

The nature of what researchers typically have been researching has changed so dramatically

in last few years that researchers may be in fact not reaching out to the right consumers or

buyers by observing, watching, and making decisions on these observations (Zambito, 2011).

International marketing research entails a company diversifying and making more

marketing mix decisions in a different country. Everyone knows that international market

competition is becoming highly competitive day by day, an d it’s becoming harder for

companies to survive in such competitive market. Most of the multinational companies are

providing international marketing research to get more and more information about the

market of particular country or global market. The process of marketing research starts before

the raw material converts into product. A researcher finds the possible opportunities in a

particular geographic area and on the basis of all that analysis and report by the researcher

products are produced for that area. So an error in researchers report can be very harmful for

the business. As above discussed a researcher has to face many problems in his research and

have to prepare a best report on the basis of available information. A perfect market research

report can help business to get the opportunities available in today’s global market.




References Books:

Baack, D.W., and Boggs, D.J. 2008. International Journal of Emerging Markets. Libraries Unlimited.

Craig, C. S., and Douglas, P. P., 2005. International Marketing Research. John Wiley & Sons.

Doole, I. Lowe, R., and Doole, I. 2008. International Marketing Strategy. Cengage Learning EMEA

Schmidt, 2007. Marketing research. Pearson Education India.

Smith, S. M., and Albaum, G. S., 2004. Fundamentals of Marketing. SAGE.

Turnbull, P., 1986. Research in International Marketing. Routledge.

Online:

.Hill, B., n.d. What are the challenges that firm faces. [Online]. Available at <http://smallbusiness.chron.com/challenges-firms-face-international-marketing-3356.html>. [Accessed On 26th November 2012].

Aberdeen, n.d, Why Emerging Market. [pdf]. Available At : Website: <http://www.aberdeen-asset.com/pdfupload.nsf/337186851BCCD8A8802572C00037E074/$file/exploringopportutunitiesinemergingmarkets.pdf?OpenElement>. [Accessed on 26th November 2012].

Bianca. A., n.d. Examples of Marketing Research Problems. [Online], Available At : < http://smallbusiness.chron.com/examples-marketing-research-problems-23051.html >. [Accessed on: 26th November 2012].

Egan, H., and Ovenessoff A., n.d. Capturing the Growth Opportunity in Emerging Market. [Online], Available At : <http://www.europeanbusinessreview.com/?p=4547>. [Accessed on 26th November 2012].

Identifying Market Problems, n.d. [Online]. Available at <http://www.marsdd.com/articles/identifying-market-problems/>. [Accessed on: 26th November 2012].

Lyons, G., 2008. Emerging markets will be crucial for future prosperity. [online] Available At :<http://www.telegraph.com/finance/comment/2794946/Emerging-markets-will-becrucial-for-future-prosperity.html>. [Accessed on 26 th November 2012].

Zambito, T., 2011. Four Challenges Market faces Today. [Online]. Available at <http://blogs.imediaconnection.com/blog/2011/04/17/four-challenges-market-research-faces-today/>. [Accessed on: 26th November 2012].
