Staying Ahead

How to conduct an International Market Research

Until recently, internationalization has mainly been examined with reference to multinational corporations and less for small and medium enterprises (SMEs). A primary reason for this was because it is small and is usually taken a problem in internationalization, as SMEs have a great disadvantage in resource access. However, the number of small firms operating in international markets has been increasing.

However, the changes in the global environment in hand with technological advances in data collection and analysis that researchers will need to broaden their capabilities in order to design, implement and interpret research. You will need to incorporate the latest technological developments in data collection and dissemination into the research design which enable researchers to dramatically reduce the time required to collect data across geographic distances that can be used in collecting data from international markets.

As international market research efforts are arranged to match the market with highest potential, researchers need to develop the skills and capabilities to conduct and design research in these environments. New tools are expanding the latest technology should be mastered along with the creative approach to understand the behavior in differing cultural contexts developed. The nature of information required and the amount of money you’re ready to spend will determine which techniques you choose to use for your business as there are many marketing research methods.

Surveys can be possible by the following marketing research methods

Using straightforward questionnaires, you can analyze a sample group that represents your target market.

In person surveys are one-on-one interviews. You can present people with the samples of your products, packaging or advertising and gather feedback immediately. It possibly generates response at the rate of more than 90 percent. But they are costly.

Telephone surveys are comparatively less expensive than in person surveys, but costlier than mail. However, getting people to participate in telephone surveys is very difficult due to consumer’s resistance to relentless. CATI (Computer Assisted Telephone Interviewing) is the advanced in computer technology.

Mail surveys are inexpensive compared to telephone survey to reach a broad audience in a very short period of time. They generate response at the rate of 3 percent to 15 percent. Despite of low return, mail surveys are still a cost-effective choice for small businesses.

Online surveys generate an unimaginable response rates and the data collected cannot be relied on because you have no control over the pool of respondents. But online survey is a simple, complicated and an inexpensive way to gather customer opinions and preferences. Internet provides a new means of collecting data and information. Rather than using a traditional way of using research library, the marketer can have instant access to data from traditional sources as well as sources that are only available on the Internet. The Internet can be used to collect primary data by tracking visitors to a website, or through conducting electronic questionnaires over the internet.

Change is occurring in virtually all aspects of business. These changes occur at different rates in different parts of the world depending on the growth. Against this situation, marketing researchers can conduct research that is of the highest quality, quickly, in multiple diverse settings. The issues in marketing research is that where and how the research will be conducted, who will respond and what will they be like, and the tools and techniques that will be used.

Entrepreneurial Learning

Change occurs in every aspect of business depending on the market. You can create a great marketing research process and plan through your marketing research. Remember, survey is not a 100% percent result, but it helps you to know the market conditions. Market research is an investment for your future. Save your money in long run by making required adjustments in your products or services.

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