Lecture 3A and 3B (Extra reading needed)

Question 1

What is Market Research

Answer 1

Market research gather information to help the firm decide whether to expand into international and influence the decision making to make better decisions

Question 2

What are the 3 benefits for market research

Answer 2

Building marketing information systems to monitor environmental trends
Carrying out primary marketing research for input into the development of marketing strategies

Question 3

when scanning the global market. What are the Identifications of opportunity

Answer 3

Accessibility to the market
Profitability of the market
Market Share of the market

Question 4

Define Primary Data

Answer 4

Information which has directly been collect by the firm

Question 5

Define Secondary Data

Answer 5

Data which has already been collected

Question 6

Define Internal Data

Answer 6

Everything about the firm specifically

Question 7

Define External Data

Answer 7

Everything about the situation or environment

Question 8

What stages does market research effect the internationalization process (also define every stages of the internationalization process).

Answer 8

all of them
1. whether to internationalise
2. deciding which market to enter
3. market entry strategies
4. designing a global marketing programme
5. implementing and coordinating the programme

Question 9

What are the Advantages of secondary data Sources

Answer 9

Cost-efficient
Time-efficient
Low commitment
Objective-clear objective establish
unconstrained

Question 10

What are the disadvantages of Secondary data sources

Answer 10

Availability
Reliability
Classification
comparability

Question 11

What can be the identified problems when gathering primary data

Answer 11

Lack of communication infrastructure
random sampling
Language and comprehension

Question 12

What are the options for managing the cultural barrier

Answer 12

1. Host hires a firm in home country to collect data from the host country
2. Hire a firm in home country agency that has a subsidiary in the host country and hires agents to collect the data for the company.
3. the company already has subsidiary in the host country and hires agency to collect data for the company.

Question 13

what is an LSE

Answer 13

Large-scale organisation- has capabilities, resources and money

Question 14

what is an SME

Answer 14

Small to medium enterprise

Question 15

what approach can can LSE’s specifically do due to large capabilities?

Answer 15

Systematic approach

Question 16

what are the approaches SME’s have compared to LSE when entering a market

Answer 16

Opportunistic approach

Question 17

what is preliminary screening

Answer 17

uses secondary data to determine whether to go into stage 2 into market research- first as second stage will require investment from the firm.

Question 18

what is fine-grained screening

Answer 18

detailed analysis conducted after preliminary screening and uses primary data

Question 19

what are the factors to help firms to decide to enter foreign markets

Answer 19

firm factors and environmental factors

Question 20

What are the firm factors to consider when entering a foreign market

Answer 20

Firm size
Experience
type of business
Existing networks of relationships
Internationalisation goals

Question 21

what are the environmental factors which firms need to consider when entering into a foreign market

Answer 21

International industry structure
Host country
degree of internationalization

Question 22

what is international market segmentation

Answer 22

the process of dividing a global market into distinct groups of consumers or businesses with similar characteristics, needs, or behaviours. The goal is to identify and understand the diversity within the the international market and tailor marketing strategies to address the unique requirements of different segments. This approach recognises that customers in different regions or countries may have distinct preferences, cultural differences, and purchasing behaviours.

Question 23

what are the factors when adapting into another country

Answer 23

measurable
accessible
actionable

Question 24

What’s the BERI index

Answer 24

tool used for fine-grained screening
used to analyse the risk of entering the market

Question 25

What are the Segmentation inside a country

Answer 25

Demographic segmentation
Geographic segmentation
Psychographic Segmentation
Behavioural Segmentation

Question 26

What are the market expansion Strategies

Answer 26

Incremental (Waterfall)
Simultaneous (shower)

Question 27

Why are information systems useful to an organisation

Answer 27

helps stores information for prediction