Importance Of Managing Global Market Research

Today, firms have to deal with a global marketplace; marketers have no other choice. Participation in global marketing has begun to shift from a mere “option” to an imperative. The world is becoming more homogeneous. Distinctions between national markets

Devise and document measures and procedures for measuring the impact of the research information on the marketing decisions

The development of the business environment has determined companies to develop innovative strategies in order to create competitive advantage. Some of them have identified the potential of developing markets in Asia, Africa, and Europe, and have expanded their business to such areas. These countries provide a large pool of cheap skilled workforce that can help these companies reduce their production costs, which leads to reduced prices intended to increase the number of customers. The economic development of these countries provides customers with increased incomes that can purchase companies' products and services.

Although there’s a lucrative offer outlaid, companies are faced with many barriers internationally which could lead to pitfalls. Therefore it is important that an international market research is conducted to understand customer’s needs which will give managers information on constructing a strategic decision before exploiting the market. This report mainly covers the barriers of conducting a market

On successful completion of this module you will have developed an understanding of major issues related to international global marketing theory.

Marketing research before entering into the global market is good decision for companies. However, some companies will overlook and flat out ignore this process which will lead to missed benefits of marketing research such helping the company communicate better, assist in identifying opportunities, minimizing risk and creating benchmarks to assist in the measure progress. Johansson states that “As in purely domestic marketing, to better understand the local customer requires marketing research” (Johansson, pg215). Not all marketing research is successful when trying to understand the local buyers. Companies encounter various difficulties when conducting market research on local buyers in the global market. For example focus groups are a great form of market research however the problem with focus groups in the foreign market as stated by Johansson “they can also constitute an unrepresentative sample because typical screening criteria are incorrect in the new environment or are not implemented correctly and moderators—and the research firms—are usually specialized in certain products and customers, and may be less than ideal for other consumer groups” (Johansson, pg 217). There is also explanatory marketing research. This is when the marketing research provides and attitude and preference of the buyer on a certain product. The goal of this research is to identify if the if price

With the advancement in communication technology, transportation and other technologies the world has shrink into a global village. Products developed in a country are now widely accepted in other regions of the globe as well. Many companies have been developing marketing strategies to fulfill the need, in an increasingly globalize market, for several years. There are a number of companies that are being recognized by and whose brand names are familiar to most of the people in every region of the world. With the span of time, the global competition is becoming more and more intense and is affecting businesses in almost every part of the world. Those domestic companies who have been doing business in a specific region for

The rise of globalization has created a demand for consumable goods on a scale never before seen on Earth. For the first time in the history of the world, products can be sold and purchased by almost anyone, everywhere at anytime. This, coupled with the rise of “credit” purchasing throughout the industrialized world has granted buying power to even the lowest classes of the world’s population. Consumerism as it stands is not sustainable. Product Branding has the ability to place value on everything from education to cell phones. With that in mind, we find ourselves buying experiences and goods we rarely require, but are often told we need. Consequently, brand recognition may also be applied to developing countries wishing to establish a marketable identity. These countries seek to create an economic advantage through national branding that can improve loyalty as well as a sense individual belonging of its citizens.

Consumer demand for value and convenience are now driving the global market, thanks to aggressive research. The acceleration of consumer lifestyles and a shift in power from supplier to retailer provides many companies an advantage over its competitors. One reason that global research is effective and has an advantage is because of the quality or superiority of the products or services provided by conducting the market research and how it produces new product ideas that could be used globally. For example, a niche market which is a gap in a market that is currently not being provided for by existing businesses in the

Increasingly multi-national marketers are designing and selling global brands and need research to guide their decision making across an increasingly diverse and disparate world. Sound and timely marketing research becomes even more critical for firms as they compete in the 21st century

As we know, marketing is essentially a creative corporate activity involving the planning and execution of the conception, pricing, promotion and distribution of ideas, products, and services in an exchange that not only satisfies customers’ current needs but also anticipates and create their future needs at a profit. There have five (5) stages in the evolution of global marketing that emphasizing on the management orientations at different stages which are domestic, export, international, multinational and global marketing.

After sifting through the leads and finding the right ones to investigate management must formulate an international marketing plan. This further helps management in locating potential markets for their products. The first step is to use secondary research to find out what the sales potential is in a given market. Asking the questions of need, demand, and support gives one a starting point for research. If we were a company that sold pants we might want to ask the following questions. Is there a need for pants? Is it cold enough there to wear pants? Do people that demand the pants have money? These are the questions that one should ask of potential markets. Table 1-located at the end of the paper-shows the statistics that are needed for a general market picture. After gathering the information from the secondary research, the picture of a potential market becomes more evident. However, to make the picture clearer, one must conduct primary research. This research outlines the specifics of the potential market that directly pertain to the product. Robert Douglas' book, Penetrating the International Market, addresses the issue of locating potential markets in greater detail.2

Companies can decide to go global or to enter international markets for various reasons, and these different objectives at the time of entry that enable the business to produce different strategies and the performance goals, and even forms of market participation.

One of the most important decision that any company must make is whether to globalize and participate in globalization or not and operate solely with the home country’s market. Some companies may not want to go international because of the huge market share in the domestic market and/or they may not want to learn and adapt to entirely new laws, rules, and regulations imposed by the international market. At the same

Globalization is an inevitable phenomenon that is leading the entire world towards becoming one market, a global village. With the world becoming a single market, globalization has had a major contribution in enabling the organizations worldwide to step out of the restricted domestic markets and to set up their operations across the globe with confidence. This has largely led to a decline in the importance in national borders and a greater emphasis on what the consumers actually demand no matter the consumer is located in the very country in which the organization exists or an entirely different part of the world. Moreover, with the rapid increase in global competition, companies that strictly adhere to and cater to the needs of the local markets are finding themselves at a disadvantage and gradually losing the competitive advantage that they so much strived to achieve. However, for some products and services the tastes and preferences of consumers in different nations are beginning to converge on some global norm.