8_Global_Mktg_-_international_marketing_research.pptx

Global Marketing StrategyInternational Marketing ResearchInternational Marketing StrategyInternational business is very risky so we need good quality information;A good starting pointProvide information to make better decisionsA clear Marketing Research strategyIs an area of growing interestWill never eliminate all riskInternational Marketing StrategyAny marketing research can be:Secondary – done first but means second, is from existing sources.Primary – is new research done by the organisation to fill gaps in knowledgeand it will be:Quantitative (number based) or / andQualitative (opinion based)International Marketing StrategyThere are a number of types of research for international markets including;Cross-cultural researchForeign market researchMulti-country researchInternational Marketing StrategyThere are a number of areas of international business that must be researched;Building a MkIS – see diagramScanning the marketing environment at the Macro and Micro levelThe organisations own research especially on the marketing mix elementsInternational Marketing StrategySecondary research is normally done first and is often called desk research and sources incl. ;Internet DirectoriesProfessional organisationsCD romsInternational Marketing StrategyInformation needed includes;Existing markets – already existsLatent markets – not yet existingIncipient markets – not known yetAccessibility, profitability, market size, risk evaluation are key areasInternational Marketing StrategyInternational segmentationPrimary markets - bestSecondary markets – medium riskTertiary markets – higher riskTransnational segmentationDemographicsGeo-demographicsPsychographic Behavioural International Marketing StrategyStrategically Equivalent SegmentsIdentify countries with supporting infrastructureScreen for a shortlistDevelop micro segments to create a seriesLook for similarities across segmentsCluster analysis to identify cross-national oppsDesign strategies for consumer approach International