International Marketing: Factors to be Considered in Foreign Markets
1.The International marketing is defined as performance of business activities including price, promotions, product and distribution decision and then the task of marketing research is to systematically collect data, process it in to valuable information which is vital for marketing decision. The information of host country on political stability, cultural attributes and geographical characteristic are required for sound for foreign markets. Information on economic general data on level of growth, inflation levels, business cycles and the levels of competition in that particular industry. These directly affect the economic viability of the product, since some of the factors affect profitability.
There are also political, social and cultural climate factors to be considered in foreign markets. These factors have a profound effect on attitude and behavior of the general public, and then affect the choice demand of foreign products. The increasing diversity of the socio-cultural in which research is being conducted, implies that international marketing researchers will need to develop the capability to conduct and co-ordinate research spanning a brand range of environmental contexts and research questions. In essence, researchers will need to be able to tailor research questions, and adapt research instruments and administration procedures to different environments, as well as to interpret or translation questionnaires or research instruments.
Developments in mass communication technology, global and regional media such as MTV, STAR TV, etc. create an environment where certain segments of the population worldwide are developing a common set of expectations, familiarity with a common set of symbols, similar preferences for products and services, and an overall desire to improve their standard of living. Market segments such as teenagers share common interests in clothing fashions, music, films and sports, as new trends and related products are rapidly
There are also political, social and cultural climate factors to be considered in foreign markets. These factors have a profound effect on attitude and behavior of the general public, and then affect the choice demand of foreign products. The increasing diversity of the socio-cultural in which research is being conducted, implies that international marketing researchers will need to develop the capability to conduct and co-ordinate research spanning a brand range of environmental contexts and research questions. In essence, researchers will need to be able to tailor research questions, and adapt research instruments and administration procedures to different environments, as well as to interpret or translation questionnaires or research instruments.
Developments in mass communication technology, global and regional media such as MTV, STAR TV, etc. create an environment where certain segments of the population worldwide are developing a common set of expectations, familiarity with a common set of symbols, similar preferences for products and services, and an overall desire to improve their standard of living. Market segments such as teenagers share common interests in clothing fashions, music, films and sports, as new trends and related products are rapidly