International Marketing: Factors to be Considered in Foreign Markets

At its basic understanding, international marketing engages the firm in making one or more marketing mix decisions across national boundaries. At its complex level, it involves the firm in establishing

Marketing research is very important component of a business used to identify and define the opportunities and problems that they will encounter on the market. The aim

The finally step of the marketing research process is information reporting. Information reporting consists of written research reports from marketing mangers that will be submitted to management that summarizes the research results and draws conclusions (Brown, 2014). Research reports need to be very clear and accurate as higher level managers will judge the research conducted as well as utilizing it to aide them in making their final decision. Also, the reports need to be clear and accurate because the project will be no more successful than the research report itself. Finally, the written research

Market research consists of information collection regarding the prevalent market situation, and its analysis. “We define marketing research as the systematic design, collection, analysis, and

A firm 's international marketing program must generally be modified and adapted to foreign markets. This international marketing program uses strategies to accomplish its marketing goals. Within each foreign nation, the firm is likely to find a combination of marketing environment and target markets that are different from those of its own home country and other foreign countries. It is important that in international marketing, product, pricing, distribution and promotional strategies be adapted accordingly. In order for an international firm to function properly, cultural, social, economic, and legal forces within the country must be clearly understood.

Most of the businessmen consider market research the key to a successful business empire. It is quite essential to conduct a thorough research to analyze the prospects of an existing or new product. A well-conducted research proves fruitful in evaluating the business situations, the potential sales of a product, prospective customers and so forth.

Overall, Dool and Lowe (2008) explain to us that Based on Dool and Lowe’s views, the role of the marketing researcher has become much closer with the decision making process of organizations which it incorporates three major importance roles: cross-cultural, the conducting of a research project across nation or cultural groups. The foreign research, research conducted in a country other than the country of the commissioning company. Also Saraty et al (2006) also mention that the multi country research, research conducted in all or important countries where a company is represented.

After reading the "Direct Mail" article posted in our course, discuss three things you learned related to online giving trends of donors from different generations.

“The second step of the marketing research process calls for determining the information needed, developing a plan for gathering if efficiently and presenting the plan to marketing management. The plan outlines sources of existing data and explains the specific research approaches, contact methods, sampling plans and instruments that researchers will use to gather new data”(Phillip Kotler: Principles of marketing)

The original formula for Red Bull was developed in 1964; however, the Red Bull company was not founded until 1984 after a merger between Dietrich Mateschitz, marketing guru, and Chaleo Yoovidhya, the owner of the Red Bull formula. Categorized as an energy drink, Red Bull was initially designed to “treat jet lag and boost energy for truck drivers” (Hollensen, 2012). In today's era, Red Bull is commonly used as an energy drink; like coffee, and as a mixer in alcoholic drinks, like Red Bull Wings and the Jägerbomb. This aligns with the company's focus on the younger generations of partygoers and post-secondary students.

The marketing research process as described by Kotler and Keller (2006:103) consists of the following steps:

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

Discuss the factors that determine the value of market research to a firm such as Coca-Cola that is considering a new product launch.

Once a company has an established market, they look to increase their target market by doing what is commonly known as marketing research. Marketing research is planning, collecting, and analyzing data relevant to a marketing decision. If a company is having a marketing problem, the most important thing to do is define and understand what the problem is. If the problem is not properly defined, it can be the cause of wasted time and money.

International Marketing and Trade Research follows the very same path as domestic research, only that there are a few more problems that can arise when entering the international market. Customers in international markets may have very different customs, cultures, and expectations from the same company than those in their own mother country. In this case, secondary information must be collected from each separate country and then combined, or compared. This is a time consuming process and can be confusing but is it beyond the capabilities of the small Irish exporter?