International Marketing Study Set 9

Business

Quiz 8 :
Developing a Global Vision Through Marketing Research

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Quiz 8 :
Developing a Global Vision Through Marketing Research

Definition of various terms including marketing research, international marketing research, research process, secondary data, primary data, back translation, parallel translation, decentering, multicultural research, expert opinion, triangulation, and analogy are given below: Marketing research: It refers to the systematic process of collecting, analyzing, and organizing data in order to derive information that would be further used in the marketing decision making. International marketing research: It is a broader term comprised of the marketing research. It involves the systematic process of collecting, analyzing, and organizing data in order to derive information that would be further used in the marketing decision making. Furthermore, it also uses two additional processes. The researchers conducting international marketing research needs to communicate information across cultural boundaries. Therefore, they need to ensure that the information derived from the marketing research should be understood by people from different countries. Besides this, the international marketing researchers need to develop innovative and imaginative tools for working in completely unfamiliar environment. Research process: The marketing research process includes various procedures for collecting accurate information within the specified cost and time constraints. It includes a systematic approach for data collection and analysis. Secondary data: Secondary data includes the data that are already collected by some other sources. Secondary data can be accessed from previous studies, or researches done by government agencies, trade associations, chambers of commerce and other organizations. Primary data: Primary data includes the data and information that are collected by a researcher through direct observation and questioning methods. Primary data ensures to collect recent information regarding a particular market. Several techniques can be used to accumulate primary data such as observation, surveys, and experimentation. Back translation: It refers to a questionnaire that was previously translated from one language to the other, and later on, it was translated back in the original language by second party. It might result in misinterpretation as well as misunderstanding of a question by the public. Parallel translation: In parallel translation, more than two translators are used for back translation. Back translation refers to a questionnaire that was previously translated from one language to the other, and later on, it was translated back in the original language by second party. Parallel translation helps to develop better and more accurate questions as compared with the back translation technique. Decentering: It refers to the translation and retranslation of a questionnaire using different translators. Later on, the original questionnaire is compared with the last questionnaire having same language. In case of any differences between both the questionnaires, the original questionnaire would be modified. The process would be repeated till both the questionnaires match. The final version prepared using this technique would be finally used for data collection. Multicultural research: When companies use standardization strategy for entering into the global market, they need to conduct multicultural studies. The research process used for conducting multicultural studies is known as multicultural research. Expert opinion: Companies entering a foreign market use this strategy to determine the attractiveness of the market. In this process, a group of experts present their view regarding the size of a market and its growth rate. Companies take their expansion decision on the basis of this method. Triangulation: It refers to the use of multiple data sources for collecting information. Later on, the information collected from different sources is compared to determine the reliable and accurate information. Analogy: It is a process used by the companies for estimating the problems that are associated with entering a foreign market. In this process, it is assumed that demand of a product would depend on the economic development of a country.

Research refers to the outcome of human desire to investigate and deeper understanding of existing phenomena or find out the possibility of occurrence of a new phenomenon. Research is the starting point in any discipline. It is the key to the success and growth of any discipline. Marketing research refers to the process of identifying opportunities and analyzing threats in the market. A well-developed information system helps to collect the data from the market, identify the issues related to the product, and evaluating marketing actions. When the company takes the market entry decision, it required information which helps them to decide whether to enter a market or not. These kinds of information not only help the company for taking the market entry decision but also to take the decision on short term and long term period of entry in the market, demand of the product and success of the product after entry. Once a company enters a market, then the marketer needs to monitor its relative position in the market constantly. He also needs to take some decisions like, whether to continue his operations in that country or not. To help and support these decisions some MMIS (market management information system) is designed to get the information about the market. MMIS is specifically designed for these decisions making. It gives the information to the marketer on a continuous basis. Some of them are online feedback system, inventory control system etc.

Marketing research refers to the process of identifying opportunities and analyzing threats in the market. A well-developed information system helps to collect the data from the market, identify the issues related to the product, and evaluating marketing actions. A systematic design of problem, collecting and recording of data, its analysis and interpretation, and preparation of the report of information for a company which is operating internationally. Generally three types of basic information are required from foreign market research. This classification of information is known as breadth and scope of international market research which are: • Getting information about the market of the country or country as well. • To select or study the specific information to solve the research problem. • Forecasting future requirements of the market. This information is used to assess and collect following types of information: • Economic: In this, general information about the growth of the economy of the country, the rate of inflation, trends of the market etc. • Technological: Technological factors refer to the technology prevailing in the market. • Cultural, sociocultural and political: General information about the philosophies of political parties of the country, policies of the government, culture and social behavior. • Competitive situation: information about the competitors, their revenue, market strategies etc. The basic difference between foreign market and the domestic market is that the foreign market research is much broader in scope than the domestic research is needed. In the foreign market, the information is collected for each new market. The uncertainty level is very high in the foreign market.