Oversear market research

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Oversear market research

  1. 1. Marketing Research The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities
  2. 2. The Importance of International Research  A frequent objective of international research is that of foreign market opportunity analysis.  Firms must learn where the opportunities are, what customers want, why they want it, and how they satisfy their needs and wants.  Research allows management to identify and develop international strategies.  Firms must identify, evaluate, and compare potential foreign business opportunities and the subsequent target market selection.  Research is necessary for the development of a business plan. 2
  3. 3. Process of Researching Foreign Market Potentials 3 Stage Three Company Sales and Promotion Analysis Key Question to be answered: How attractive is the potential demand for our products and services? Stage One Preliminary Screening for Attractive Country Markets Key Question to be answered: Which foreign markets warrant detailed information? Stage Two Assessment of Industry Market Potential Key Question to be answered: What is the aggregate demand in each of the selected markets?
  4. 4. International Marketing Research Occurs at Different Levels… Assessment of a foreign market (general information about a country) • Economic • Social / Cultural • Political / Legal • Technological Industry Information (relates to product category) • Market size • Segmentation • Competition • Consumer Specific market information (used to develop marketing plans) • Product • Pricing • Distribution • Promotion
  5. 5. Types of Market Research By Source - Primary - Secondary By Objectives - Exploratory - Descriptive - Causal (or experimental) By Methodology - Qualitative - Quantitative
  6. 6. Types of Market Research: By Source Primary Collection of data specifically for the problem or project in hand Secondary Based on data previously collected for purposes other than the research in hand (e.g. published articles, government stats, etc)
  7. 7. Secondary Data  Secondary data is information that already has been collected by some other organization.  This data should be evaluated regarding the quality of the source, how recent the data is, and the relevance to the task at hand.  Because secondary data were originally collected to serve another purpose, they can often only be used as proxy information.  Precautions should be taken due to increasing sensitivity to data privacy. Firms must inform their customers of privacy policies. 7
  8. 8. Uses of Secondary Data  May provide enough information to resolve the problem being investigated  Can be a source of new ideas that can be explored later  Acts as a prerequisite to collecting primary data and can help in designing the primary data collection process  Helps to define the problem and formulate hypotheses about its solution  Helps in defining the population / sample / parameters of primary research  Can serve as a reference base to compare validity of primary data
  9. 9. Sources of Secondary Data 9 Governments International Institutions Service Organizations Trade Associations Directories Other Firms
  10. 10. Benefits and Limitations of Secondary Data  Low cost  Less effort  Less time  Sometimes more accurate  Sometimes only way to obtain data  Collected for some other purpose  No control over data collection  May not be accurate  May not be in correct form  May be outdated  May not meet data requirements  Assumptions have to be made Benefits Limitations
  11. 11. Types of Market Research: By Methodology Qualitative Quantitative Type of Question Probing Simple Sample Size Small Large Information per respondent High Low(ish) Questioner’s skill High Low(ish) Analyst’s skill High High Type of analysis Subjective, Objective, Interpretative Statistical Ability to replicate Low High Areas probed Attitudes Choices Feelings Frequency Motivations Demographics
  12. 12. Types of Market Research: By Objective • Exploratory Preliminary data needed to develop an idea further. Eg outline concepts, gather insights, formulate hypotheses • Descriptive Describe an element of an ideas precisely. Eg who is the target market, how large is it, how will it develop • Causal Test a cause and effect relationship, e.g. price elasticity. Done through experiment
  13. 13. The Market Research Process 1. Defining the problem and objectives 2. Developing the research plan 3. Collecting the information 4. Analysing the information 5. Presenting the findings Steps Comments Distinguish between the research type needed e.g. - exploratory - descriptive - causal Decide on - budget - data sources - research approaches - research instruments - sampling plan - contact methods Information is collected according to the plan ( it is often done by external firms) Statistical manipulation of the data collected (e.g. regression) or subjective analysis of focus groups Overall conclusions to be presented rather than overwhelming statistical methodologies If a problem is vaguely defined, the results can have little bearing on the key issues The plan needs to be decided upfront but flexible enough to incorporate changes/ iterations This phase is the most costly and the most liable to error Significant difference in type of analysis according to whether market research is quantitative or qualitative Can take various forms: - oral presentation - written conclusions supported by analysis - data tables

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