An Analysis of the International Marketing Research

An Analysis of the International Marketing Research

Document details
Category: Business Studies Essay
Subcategory: Marketing
Words: 2467
Pages: 5

What is International Marketing Research? According to our last year146s studies, the term 132marketing research148 refers to the gathering, recording, analysing and presenting information which focus on a previously defined problem and it is closely linked to the firm146s decision-making processes concerning new product launch, diversification, advertising and so on. Kotler gives the following definition 132Marketing research is the function linking the consumer, customer and public to the marketer through information 150 information used to identify and define marketing opportunities and problems to generate, refine and evaluate marketing actions to monitor marketing performance and to improve understanding of the marketing process.148 International marketing research is, on the other hand, a more comprehensive and complex area, as it requires the thorough study of the market potential in foreign markets which involves the investigation of cultural, political, legal and macroeconomic factors, as well. International competition also has to be taken into account, and instead of only analysing each (individual) market146s competitive situation, a multinational approach is more sufficient and suitable. 3. Information It Provides The very first issue to be considered in case of the expansion of a firm is whether to go international at all, or to remain in the domestic market. To answer this question, information is needed not just on the local or domestic future opportunities and competitiveness of the firm, but on the global market demand, and the firms possible share in it. Furthermore, the commitment of the management to go international has to be observed, as well. Once it has been decided that a firm enters foreign markets, the question of which specific country(ies) or market(s) to target still remains. In order to select the most desirable market, the ranking of the markets 132according to market potential, local competition, and the political situation148 has to be made. The next step in the decision-making process is to elaborate on the different ways of entering the market 150 exporting or licensing...

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