Question

Q1 What are the five key research areas in international marketing?

Q2 Why is international marketing research critical for a business wishing to enter a foreign market? List three key reasons.

Q3 What are two main forces that are changing the way international marketing research is being done?

Q4 What different marketing research tools, list at least three, B2B International is using to conduct international marketing research?

Answer 1

Answer No. 1) Five key research areas in international marketing:

• Internal company factors : Internal company factors was an area that attracted a lot of attention by international marketing researchers, which experienced growth over time. However, the emphasis was mainly on organizational issues, such as the role of resources (e.g., financial) and capabilities (e.g., new product development), inter-functional integration within multinational enterprises (MNE), and the relationship between resources/capabilities, strategy, and performance.
• Macro-environmental forces: Socio-cultural issues including the role of culture in shaping consumer behavior and buyer-seller interactions, as well as the impact of cultural distance on foreign market entry mode and firm performance, were the most commonly studied. This was followed by political-legal aspects, which primarily focused on the constraints imposed by political uncertainty/instability in entering foreign markets, international legal protection of trademarks and intellectual property rights, and regulations regarding distribution and promotion in different countries.
• Marketing research issues:The interest here was split between methodological issues and the acquisition/use of information. In the former case, some of the issues examined concern variable measurement (e.g., operationalization, dimensionality, equivalence), the extension of scales from the US to the rest of the world, and generalizations in cross-cultural research. In the latter case, the emphasis was mainly on modes of information acquisition, international marketing information systems, and the role of international network actors in information generation.
• Global strategy issues: Global strategy issues attracted a great deal of attention in the international marketing articles reviewed, with the thrust of research being on the performance implications of the firm’s strategic actions in foreign markets. In fact, the importance of this topic has risen over time, with most of the emphasis being on predictors of international business performance, such as organizational resources and capabilities, foreign market entry mode, and international marketing strategy. Global strategy formulation issues were examined on a less frequent basis and these referred mainly to external and internal influences on the development of international strategy at corporate, firm, and functional levels.
• Foreign marketing strategy/mix: With regard to the overall marketing strategy, some of the issues tackled referred to various drivers (e.g., environmental, organizational, managerial, product-related) of marketing strategy adaptation/standardization, the development of an international marketing strategy, and green strategic marketing aspects. Surprisingly, all elements of the marketing mix receive low attention.

Answer No. 2) Reason why International marketing research critical for a business wishing to enter a foreign market:

1. The main objective of international marketing research is to understand the consumer s demands and consumers behaviour and then translates their behaviours into the markets strategies. In this modern century the international market s consumers have lots of choices due to growth of market research and internet communication development. In order to organization has been responsible to maintain their approaches to enhance the markets strategies in a way of targets markets. In the other hands if the company has no ability to seek the consumer’s behaviour on the international level so the company should be lost its consumer market. In this condition company also faces lots of challenges which have been appear due lack of international market research.

2. International market research is an essential for developing strategy in readily changing global marketplace.These tools help to positioning new products, avoiding product formulations errors, accurately considerate the cultural differences classify relevant promotion messages, being an apprehensive approach of geographical differences, assess the language and translations challenges.

3. Important to open door for future opportunities – International marketing can also open door for future business opportunities. International marketing not only increases market share and customer base, it also helps the business to connect to new vendors, a larger workforce and new technologies and ways of doing business. For example – American organisations investing in Japan have found programs like – Six Sigma and Theory Z which are helpful in shaping their business strategies.

Answer No. 3) Two main forces that are changing the way international marketing research is being done

Global factors

The global factors that are outside of the control of individual organizations, but that can affect the way that businesses operate can be considered as the global factors affecting the international marketing environment. These factors include cultural and social influences, legal issues, demographics, and political conditions, as well as changes in the natural environment and technology.

Some major organizations involved in this level of international marketing are the UNO, World Bank, and the WTO.

Domestic factors

Factors related to the personal affairs or internal affairs of a country that affect the economy of the country participating in the international marketing are considered as domestic factors. These include the political scenario and the approach by the government and its attitude towards international trade, business ethics, availability and quality of infrastructure, raw-materials, and other technological and ecological factors.

The level of participation by governmental bodies at the central and state level in a country is one of the major factors that the fate of marketing environmen

Answer No. 4) Different marketing research tools B2B International is using to conduct international marketing research

1. Understanding Customer, Buyers and Influencers: Their specialist b2b approach combines active listening at every touchpoint with sophisticated analytical techniques to bring the voice of the customer into the heart of your business. We help clients to deliver a superior customer experience and drive greater profitability and long-term loyalty.

2. Understanding Product and Pricing Strategy: Their end-to-end solution for product and pricing research is designed to help b2b businesses innovate successfully and profitably. We work with clients to understand customer needs and how to meet them, and implement a sustainable pricing strategy to avoid leaving ‘money on the table’.

3. Understanding Brands and Communications: Their specialist brand and marketing research solution helps clients to measure brand value and track brand health over time. We can help you find a compelling brand proposition that resonates with the market, creates maximum value, generates loyalty and drives new business.