International Marketing: Factors to be Considered in Foreign Markets

1657 WordsApr 23, 20087 Pages
1.The International marketing is defined as performance of business activities including price, promotions, product and distribution decision and then the task of marketing research is to systematically collect data, process it in to valuable information which is vital for marketing decision. The information of host country on political stability, cultural attributes and geographical characteristic are required for sound for foreign markets. Information on economic general data on level of growth, inflation levels, business cycles and the levels of competition in that particular industry. These directly affect the economic viability of the product, since some of the factors affect profitability. There are also political, social and…show more content…
The prospect might have the knowledge about the particular product but the willingness to respond lies with that person. There are factors such as attitude, culture and level of education which dictates the information one would give to the researcher. 5. Interpretation and analysis of the results Final step in the research process is the analysis and interpretation of the information. The data collected is subjected to limitation due to interpretation of meaning of words, attitude towards product or service. Marketer should have an in depth analysis and understanding for market in foreign markets, it is important to use a native who understand the local people. There is a problem of availability of data. In South Africa the government provides the data, but detailed data such as the number of retailers, wholesalers and facilitating services is difficult to get. The marketer has to collect current data of population and income or consult the private agencies. In addition, to developing the capabilities to conduct research spanning diverse environments, international marketing researchers also need to create and make imaginative and thoughtful use of new approaches to understand the changing market place. As qualitative research techniques advance and mature, they offer increasing promise as a means of understanding and interpreting trends in diverse cultural contexts. Qualitative research provides insights and understanding of the consumption
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