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Intl Marketing Research

Intl Marketing Research. Define the research problem Gather data Secondary data sources Primary data collection Draw conclusions Example: estimating market demand. Int’l Marketing Research. Gathering information – on which to base decisions – to answer questions regarding foreign markets

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Intl Marketing Research

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  1. Intl Marketing Research • Define the research problem • Gather data • Secondary data sources • Primary data collection • Draw conclusions • Example: estimating market demand

  2. Int’l Marketing Research • Gathering information – on which to base decisions – to answer questions regarding foreign markets • Assess: • What type of information do you need? • What issues/problems might you confront?

  3. Gathering data • Secondary data sources • Data available in some published form, either for free or for a fee • Examples: • STAT-USA – U.S. Department of Commerce • International Trade Administration – ibid • Baby Food: Key World Players - $10,425 MarketResearch.com • Doing Business in ______. Price Waterhouse (tax & accounting issues)

  4. Country Commercial Guides Industry Sector Analysis Reports Access at Hamersly Library: Journal Articles & Other Databases: STAT-USA Example: Brazil U.S. Sporting goods well accepted; Brazilians like to emulate U.S. lifestyle. 30% of sporting goods are imported. Sources of secondary data

  5. Issues/Problems with Primary Data Collection… Language Sampling SRC

  6. Language • Back translations can help resolve direct translation errors: • Back translation = a minimum of two steps: • English native translates to Spanish • Spanish native backtranslates to English • Work out inconsistencies and translate again Another language problem: Multiple languages

  7. Sampling issues • Availability of Research Participants • Telephone surveys: • only 21% of population in Central America • owns a phone • those who do tend to have higher incomes • but nearly everyone watches TV – so how do you find out if they saw your TV commercial? • Personal (home-to-home) interviews: • remember to bring a translator for native tongues

  8. Estimating market demand… Use marketing research to estimate foreign market potential for a product. How? • published forecasts • expert opinion

  9. Estimating Market Demand • existing vs. potential markets • existing: old product, new market (cameras/film ~ China) • potential: new product category (wireless web) • traditional forecasting methods • Multiply this year’s sales by change from last year’s: • $55M (year 2001) - $49.5M (year 2000) = + 11.1% ; $55M x 1.11 = $61.05 (year 2002) • $49.5M (year 2000)

  10. Secondary sources of information are helpful in the following areas: • Overall industry/market characteristics • Buyer behavior & preferences • Product familiarity • Promotion regulations & availability • Factors affecting the pricing of goods • Distribution regulations & availability

  11. Marketing Plan tips Information to seek for your report: • Overall market: • Studies of industry, market characteristics, and market trends. • Import/export statistics • Product: • Brand and product preferences; products may be used/viewed differently than we view them.

  12. Marketing Plan tips • Promotion: • Legality of contests, premiums, coupons. • Media availability – what extent to people use and have access to tv, radio, internet, etc. • What types of communications are Illegal? • Is advertising accepted where you think it is? (some countries allow no TV advertising) • Salesforce compensation, territory and quota regulations

  13. Marketing Plan tips • Pricing: • Currency exchange rate, • Price increases due to tariffs, etc.. • Typical markup on sporting goods • Competitive pricing • Price sensitivity and/or price elasticity

  14. Marketing Plan tips • Distribution: • Transportation issues: • Infrastructure, common & uncommon modes of moving freight • Warehousing location & availability • Availability of logistics expertise or local distributors • Protectionist policies by a country’s government or among its industry participants

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