International Marketing Research

Part 1: Discussion Board

Foreign market entry must be preceded by thorough market research by the company interested in the foreign market. It is crucial that before market strategies are developed during foreign market entry, the interested company is fully aware of the ethical, cultural, and social environment for the specific market it is interested in (Ghauri and Cateora, 2021). International marketing research is critical to reducing the cultural distance between each foreign market, which helps the entry company become established in relating to the new environment (Griffith, Dean, and Hoppner, 2021). Also, international marketing research is crucial to determine the socio-political constraints in the new environment and learn better ways to adjust to the market (Ghauri and Cateora, 2021). These measures further reduce possible legal risks and unintended costs. Therefore, international market research help determines the social, cultural, and political environment for new and foreign markets and the necessary measures to adjust to them. 

Part 2: Short Reflection

Before entering a new and foreign market, it is imperative to determine the potential market for different products that a company or business can offer and their varying chances for success. Market sizing is important to identify a target market for a company that will yield more results instead of investing in random markets with less yield (Curtis and Bradshaw, 2017). Hence, companies can plan the best approaches to invest in the markets once the most yielding opportunities are identified. Marketing strategies are easily employed and produce more results if preceded by market sizing since adequate investment is given to the highest growing market segments (Moore, 2014). Thus, determination of the customer base and the potential revenue in a market or market segment helps companies identify the most yielding opportunities to invest in. 

Part 3: Group Think

Although international market research and assessment are critical to better determine where, how and what to invest in, market research also faces various challenges. Market research is imperative to determine the various factors related to the market, from the technological advancements in the market environment, the economic and currency risks related to the market, and other such factors (Doole and Lowe, 2019). However, many factors and challenges must be considered in determining information related to the market. These mainly include accessibility, cultural hindrances, and the cost of market research. Accessibility also includes market entry barriers, such as trade barriers, as observed in Japan (Doole and Lowe, 2019). Also another major challenge in marketing research is the application of big data and information to specific and local markets, especially due to a limited understanding of such data (Gaur, 2021). Therefore, international market research must overcome different challenges pertaining to the markets and their specific information.   

References

Curtis, K. and Bradshaw, M., 2017. Conducting a market assessment: Estimating market size and price for small-scale food tourism enterprises. Finance and Economics: Utah State University. https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=2776&context=extension_curall

Doole, I. and Lowe, R., 2019. International marketing strategy. (Vol. 8) Cengage Learning. ISBN 13: 9781473758742

Gaur, C., 2021. Top 6 big data challenges and solutions to overcome. Xenonstack.com. https://www.xenonstack.com/insights/big-data-challenges

Ghauri, P. and Cateora, P., 2021. International Marketing. (Edition 5) McGraw Hill. ISBN 9781526848604

Griffith, D.A., Dean, T. and Hoppner, J.J., 2021. Choices and consequences: Recommendations for an improved understanding of cultural distance in international marketing research. Journal of International Marketing, 29(3), pp.23-42. DOI: 10.1177/1069031X211002193

Moore, K., 2014. The value of knowing your market size.  KG Moore - Kgmoore.co.uk. https://www.kgmoore.co.uk/the-value-of-knowing-your-market-size