International Marketing for Exchange Students
Ch. 3 International Marketing Research
I. Chapter Summary
* Due to the high time and cost investment in entering a new market, companies must be very sure that the market they are entering will be successful. Thus, they either conduct marketing research themselves, or hire secondary companies to research the market and possible outcomes for them. * Decisions of whether or not to conduct marketing research based on: time constraint, availability of data, and value for the company (benefits vs. costs) * In-Depth Marketing Research Process
http://microlinks.kdid.org/good-practice-center/value-chain-wiki/backward-market-research-process * Problems researchers face in different countries: availability of research infrastructure, availability and quality of secondary data, comparability of data, language barriers, and culture specifics of consumers * Decisions between big international research agencies and local agencies: international agencies have standardized results across many countries, but local agencies can provide more relevant data * Types of Primary Research:
* Quantitative: collection and analysis of quantifiable categories and questions; describes current market situation (i.e. multiple choice questions) * Qualitative: analyzes the background of the issue in more detail; explains motivation by using open-ended questions (i.e. focus groups) * Questionnaires: can be quantitative (ordinal and nominal scales) or qualitative (free answer) * Longitudinal Studies: respondent surveys conducted at various points in time, allowing analysis in changes over time (i.e. consumer scan)
II. Key Terms and Concepts
* Marketing Research: systematic and objective process of generating information to aid in making marketing decisions; concentrates on general characteristics of target market, specifics of marketing environment, analysis...