Staying Ahead

How to conduct international market research

Until recently, internationalization has mainly been examined more with reference to multinational corporations and less for small and medium enterprises (SMEs). A primary reason for this was because it was small and normally there would be a problem in internationalization, as SMEs have a great disadvantage in resource access. However, the number of small firms operating in international markets has increased considerably in recent times.

However, the changes in the global environment has moved hand-in-hand with technological advances in the field of data collection and analysis. It is therefore necessary that researchers 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 would enable researchers to significantly reduce the time required for collecting data from international markets.

As international market research requires personnel with the highest potential, researchers need to develop the skills and capabilities to conduct and design research in these environments. New tools having the latest technology should be mastered along with the creative approach to understand the behaviour in differing cultural contexts. 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 analyse a sample group that represents your target market.

In person surveys are on a one-on-one based 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.

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

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

Online surveys generate unimaginable response rates and the data collected cannot be relied on because as there is no control over the pool of respondents. But, online survey is a simple, uncomplicated 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 a 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 by conducting electronic questionnaires over the internet.

You will find that change taking place 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 of the highest quality quickly and in multiple diverse settings. The main issues in marketing research are: where and how will the research be conducted, who will respond, and what will the responses 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, that any survey does not yield a 100% percent result, but it helps you to know the market conditions. Market research is an investment for your future, which saves your money in the long run by making required adjustments in your products or services.

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