Lecture 3A and 3B (Extra reading needed) Flashcards
What is Market Research
Market research gather information to help the firm decide whether to expand into international and influence the decision making to make better decisions
What are the 3 benefits for market research
Building marketing information systems to monitor environmental trends
Carrying out primary marketing research for input into the development of marketing strategies
when scanning the global market. What are the Identifications of opportunity
Accessibility to the market
Profitability of the market
Market Share of the market
Define Primary Data
Information which has directly been collect by the firm
Define Secondary Data
Data which has already been collected
Define Internal Data
Everything about the firm specifically
Define External Data
Everything about the situation or environment
What stages does market research effect the internationalization process (also define every stages of the internationalization process).
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
What are the Advantages of secondary data Sources
Cost-efficient
Time-efficient
Low commitment
Objective-clear objective establish
unconstrained
What are the disadvantages of Secondary data sources
Availability
Reliability
Classification
comparability
What can be the identified problems when gathering primary data
Lack of communication infrastructure
random sampling
Language and comprehension
What are the options for managing the cultural barrier
- Host hires a firm in home country to collect data from the host country
- 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.
- the company already has subsidiary in the host country and hires agency to collect data for the company.
what is an LSE
Large-scale organisation- has capabilities, resources and money
what is an SME
Small to medium enterprise
what approach can can LSE’s specifically do due to large capabilities?
Systematic approach
what are the approaches SME’s have compared to LSE when entering a market
Opportunistic approach
what is preliminary screening
uses secondary data to determine whether to go into stage 2 into market research- first as second stage will require investment from the firm.
what is fine-grained screening
detailed analysis conducted after preliminary screening and uses primary data
what are the factors to help firms to decide to enter foreign markets
firm factors and environmental factors
What are the firm factors to consider when entering a foreign market
Firm size
Experience
type of business
Existing networks of relationships
Internationalisation goals
what are the environmental factors which firms need to consider when entering into a foreign market
International industry structure
Host country
degree of internationalization
what is international market segmentation
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.
what are the factors when adapting into another country
measurable
accessible
actionable
What’s the BERI index
tool used for fine-grained screening
used to analyse the risk of entering the market
What are the Segmentation inside a country
Demographic segmentation
Geographic segmentation
Psychographic Segmentation
Behavioural Segmentation
What are the market expansion Strategies
Incremental (Waterfall)
Simultaneous (shower)
Why are information systems useful to an organisation
helps stores information for prediction
