Marketing research is the process of systematic research of collecting, analyzing, and reporting marketing information that can be used to solve problems, so as to improve a company's bottom line. Here I agree with Nathan that it helps the organisation to decide whether the product has a potential to survive in the market or not. This research will help Krispy Kreap to identify the need of their specific low-carb diet consumer. As in the video, Krispy Kreme specified that they can adjust their product to suit the specific needs of the consumer. It helps them to determined how market will respond to their product. For example, in under developed countries, as a whole people are not much educated about health realted issues as compared to the developed countries. So jumping in to the mature and educated market will be beneficial for them where they can easily introduce health conscious product. By modifying product according to the markets, segments, and geographical location, they can attain their long term objectives. To promote such kind of products, they must educate the people and answer the health craze issues in upcoming years.
To succeed in the global market, what market research should Krispy Kreme undertake? To understand the need of this fast booming industry, it is important to consider how things are changing rapidly in a global village. There are lot of factors which should be taken into consideration by Krispy Kream to penetrate and gain success in global market. The most important thing Krispy Kream should take before crossing borders to carry out research on their market culture, if country/market culture fits their product or not? how people respond to new products and brands? They also need to carry out research on the available distribution channels in the targeted market, and to see whether they are cost efficient and time effective or not. They also need to conduct detail research on the existing market competitors in the target market, which are directly or indirectly competing in the same industry. they need to study their pricing, product range, distribution channels, strategies and their market share before entering in to the global market. They also need to study the market barriers to entry, e.g. country government support foreign products and brands. Country economic condition is another important factor which should be taken in to consideration by Krispy Kream, which gives them an idea whether consumer in that specific market can afford their product or not. Market demographics, economic conditions, political stability are another factors which should be researched before crossing borders. Because country stability, geographic location, and demographics has direct relationship with the profitability of their success.
To understand the research needs of the 21st century it is important to consider how they have changed over the past four decades. In this initial phase of international market entry, firms were mostly concerned with collecting information to identify and assess market opportunities in other countries to determine which markets to enter, how to position products in these markets and how far to adapt different elements of the marketing mix to local market conditions. Due to economic, political, linguistic and cultural barriers, the country was the focal point of entry decisions Conclusion
Change is occurring in virtually all aspects of business and personal life. These changes are being played out at different rates in different parts of the world. Against this backdrop, marketing researchers are being challenged to conduct research that is of the highest possible quality, as quickly as possible, in multiple diverse settings. The issues marketing researchers face are multifaceted and relate to where and how research will be conducted, who the respondents will be, and the tools and techniques that will be used. Marketing researchers must find creative ways to...
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