Essay on Marketing Research

Submitted By jaanu4j
Words: 1967
Pages: 8

Marketing Research is the process of collecting and analysing of information about Market, Product, Consumers and Competitors which is collected from direct observation of the consumers (from retail stores), surveys, telephone or face-to-face interviews, and with the help of secondary data (demographic data).
Many business use market research to find out the possibility of a new business, check interest of consumers in new products or services, to improve their businesses, such as customer service or distribution channels, and develop competitive strategies to beat their rivals. The main objective is to find a real need and fulfil it in a most cost effective and timely manner. {Ref: “Marketing Research” [online] cited 22nd July 2010 }
The last few decades have seen tremendous growth in many firms operating internationally, multi nationally and even globally. Hence firms also need to carry out research in the international business environment.The process of research is basically the same as in domestic markets-but added complications-environment, Different cultural elements , a different media landscape ,different legal requirements impacts in different ways in different markets, and standardisation V’s adaptation.
International Marketing research important
Because of the added risks and complexities encountered by the international marketer compared with his or her domestic counterpart, good marketing research is even more important.
The implications of failure within an international setting can be just as serious as with a domestic market failure.
Let us first look at the standard market research process and then overlay the international dimensions to each stage in the process.
Steps in the Research Process: These steps are the same for domestic and international research-but there is an international dimension for each step
1. Describe the research problem and determine research objectives
2. Build up a research plan
3. Collect the appropriate data from secondary and/or primary sources
4. Examine and decode the collected data
5. Summarise findings and present the results
1. Describe the research problem and determine research objectives:
Unclear terms of reference
Stating wrong problem
Trivial research projects
Research where underlying purpose is withheld or unknown
The international dimension
Make sure agreement about terms of reference among all concerned
Clarify aim of the research
Recognize important for finances distribution
Inspects the power of regional traditions
2. Build up a research plan:
Identify research going to take
Calculate substitute research approaches
Choose most suitable research method
Create tactics and double check before implementation
The international dimension
Undertake preliminary ‘desk research’ to identify best opportunity for ‘in depth’ studies
Define compatibility differences
Select methodology with minimum comparability problems
Screen research agencies with international experience
3. Collect the appropriate data from secondary and/or primary sources:
Identify sources
a) internal
b) external
c) secondary
d) primary
Collate secondary data
Conduct interviews/ questionnaires (as appropriate)
Deal with response error

The international dimension
Attach weights to data to eliminate national/cultural differences
Identify local biases including interviewers’ biases
Check reliability of data, particularly the ‘soundness’ of secondary data even if it is official information.
4. Examine and decode the collected data:
Distil the essentials
Tabulate, classify and cross-classify
Integrate and organise relevant data
Examine for significant relationships
The international dimension
Watch for results comparability
Ensure that unexpected findings are not due to special local biases
Adjust interpretation level to different markets

5. Summarise findings and…