Chapter 8 Flashcards
Applied market research and its influence on consumer behavior
What is (international) market research?
The systematic and managerial process of identifying, collecting, organizing, analyzing, presenting and storing information about (foreign) markets.
Purpose: provide marketing department with info be used, to know which marketing-related problems to prioritize , which available solutions to implement and how to implement and revise chosen solution
Goal: minimize uncertainties of int. marketing decisions
What tasks does int. market research compromise of?
-early identification of opportunities and risks in int. markets
-obtaining and providing info to support int. marketing discussion
-procuring and providing info for int. marketing controlling
-increasing efficiency in int. marketing planning
-developing and applying appropriate methods for cross-national analysis
How is int. market research done in one nation?
one culture: domestic investigations
several cultures: cross-cultural research, domestic subculture research
How is int. marketing done in multiple nations
one culture: cross-national research, int. comparison by investigation team
several cultures:
international comparison of multiple subcultures
What marketing-related questions are to be asked in Applied Research?
-what price to assign to newly-developed product?
-when to launch sales promotion campaign?
-how will the market share might change over the next five years?
What is applied research?
Focuses on utilizing info and knowledge to solve problem
What is pure research?
Focuses on extending limits of existing knowledge
What is the difference between int. market research and market research?
-broader scope, due to higher level of uncertainty
What are special features to consider in market research?
-additional parameters: customs duties, exchange rate, inflation rates, interest rates
-broad environment: political scenario, economic conditions, socio-cultural factors, technological infrastructure
reliability of statistical data:
high costs and limited budget=rely on secondary data, problem: manipulation of data/biased
unfavorable market research infrastructure: population demographics: lack of contacts and birth certificates; literacy problems; lack of robust market research institutes
-variety of competition: Porter’s 5 Forces Model
What should be focus of primary surveys and research?
investigating company’s key markets (essential)
What are the three categories primary research is divided into?
-general info about country, region, market
-info in predicting future marketing requirements-must follow social, economic, consumer and industrial trends
-specific market info: used for marketing mix decisions and to develop marketing plan
What are requirements for int. market research info?
-complete: few gaps as possible
-comparative by nature: should aid in comparison of statistics and facts
-high quality data: objective, reliable, valid data
-up-to-date: no outdated data
-relevant to decision making: info should address specific research focus
What is int. secondary data?
draws on existing data and research material collected at an earlier point in time for other purposes.
review and analysis is required to extract most useful points and data sets.
What are the three types of int. secondary research?
-based on statistical data from official, semi-official or company statistics
-based on empirical analysis existing studies
-based on reports, notices and similar publications (newspaper reports, annual reports, traveler and agent reports, catalogs, reference works, online resources
What field is secondary research important and why?
foreign market research and strategic international marketing
-provides essential informational prerequisites for assessing the future of markets and potential and risks of strategies
