International Marketing research process; How? Why? Standard process should be adapted for International Marketing?

Marketing research is "the function that links the consumers, customers, and public to the marketer through information information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. is often partitioned into two sets of categorical pairs, either by target market:

Consumer marketing research, and Business-to-business (B2B) marketing research

Market research is the vital link between the organization and its customers. The objective of sound market research is to interpret consumer behaviour and translate the perspective of key customers into actionable marketing strategies. The most actionable method employed by market-driven organizations to keep pulse with their valued customers is the effective use of market research.

Role of MR The task of marketing research (MR) is to provide management with relevant, accurate, reliable, valid, and current information. Competitive marketing environment and the ever-increasing costs attributed to poor decision making require that marketing research provide sound information. Sound decisions are not based on gut feeling, intuition, or even pure judgment.

Organizations engage in marketing research for two reasons: (1) to identify and (2) solve marketing problems. This distinction serves as a basis for classifying marketing research into problem identification research and problem solving research. Problem identification research is undertaken to help identify problems which are, perhaps, not apparent on the surface and yet exist or are likely to arise in the future like company image, market characteristics, sales analysis, short-range forecasting, long range forecasting, and business trends research. Research of this type provides information about the marketing environment and helps diagnose a problem. For example, The findings of problem solving research are used in making decisions which will solve specific marketing problems.

Importance of MR Researching potential markets can help your company by:

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Finding where your products are most likely to sell Identifying market segments and niches Determining both domestic and international competitors Discovering how to overcome barriers to market entry Understanding customers' needs Identifying new trends Establishing fair market prices for your products

How is the market research project conceived, planned, and executed? The answer, in part, is through a research process, consisting of stages or steps that guide the project from its conception through the final analysis, recommendation, and ultimate action. The research process provides a systematic, planned approach to the research project and ensures that all aspects of the research project are consistent with each other. It is especially important that the research design and implementation be consistent with the research purpose and objectives. Otherwise, the results will not help the client. Research studies evolve through a series of steps, each representing the answer to a key question. (Process; steps) 1. Why should we do research? This establishes the research purpose as seen by the management team that will be using the results. This step requires understanding the decisions to be made and the problems or opportunities to be diagnosed. 2. What research should be done? Here the management purpose is translated into objectives that tell the managers exactly what questions need to be answered by the research study or project. 3. Is it worth doing the research? The decision has to be made here about whether the value of the information that will likely be obtained is going to be greater than the cost of collecting it. 4. How should the research be designed to achieve the research objectives?

Design issues include the choice of research approachreliance on secondary data versus conducting a survey or experimentand the specics of how to collect the data. Chapter 4 deals with how to approach these issues. 5. What will we do with the research? Once the data have been collected, how will it be analysed, interpreted, and used to make recommendations for action?

International Marketing Research (IMR) International marketing research can be defined as marketing research conducted either simultaneously or sequentially to facilitate marketing decisions in more than one country. [Note] As such, the basic functions of marketing research and the research process do not differ from domestic and multicountry research; however, the international marketing research process is much more complicated and the international marketing researcher faces problems that are different from those of a domestic researcher. International Marketing Research follows the same path as domestic research, but there are a few more problems that may arise. Customers in international markets may have very different customs, cultures, and expectations from the same company. In this case, Marketing Research relies more on primary data rather than secondary information. Gathering the primary data can be hindered by language, literacy and access to technology. Since the mid-1990s, the international research business has grown tremendously. In 1995, the top 25 global market research organizations had aggregate revenues of only $5.7 billion, and 45% of their revenues came from outside the companies' home countries. By 2004, revenues had grown 133%, to $13.3 billion, while out-of-homecountry share grew to 67% (Marketing News, 2005). As illustrated by these figures, it is clear that spending on international market research projects is on the rise in the U.S. and other countries. The increase in international trade and the emergence of global corporations resulting from increased globalization of business have had a major impact on all facets of business, including marketing research. The increase in global competition, coupled with the formation of regional trading blocs such as the European Community (EC) and the North American Free Trade Agreement (NAFTA), have spurred the growth of global corporations and the need for international marketing research. The need to collect information relating to international markets, and to monitor trends in these markets, as well as to conduct research to determine the

appropriate strategies that will be most effective in international markets, are expanding rapidly.

Advantages of Market Research Helps focus attention on objectives Aids forecasting, planning and strategic development May help to reduce risk of new product development Communicates image, vision, etc. Globalisation makes market information valuable (HSBC adverts!!)

Disadvantages of Market Research Information only as good as the methodology used Can be inaccurate or unreliable Results may not be what the business wants to hear! May stifle initiative and gut feeling Always a problem that we may never know enough to be sure!