Question

A)  Enumerate the reasons for conducting marketing research before entering a foreign market.

B)   Why is the breadth and depth of global marketing intelligence greater than domestic marketing research

and mention about the information you will be collecting.

Answer 1

A) Foreign markets are different from domestic markets because we would have to deal with wider range of requirements, customers ,social and political issues . The market might be completely different from what the company is habituated till then . Employees might need to be trained on the new markets and their cultures. Diverse factors need to be implemented for foreign markets and all the required permissions must be acquired before entering the market. For all these factors the company needs to have a knowlegde on what they might face in the new market and hence they need to conduct market research before entering a foreign market.

B)Global marketing intelligence consists of more complicated factors like different work cultures, traditions, communication models , environmental factors , legal and ethical implications etc., All these factors needs to be analysed whic would increase the breadth and depth of marketing intelligence in global markets when compared to domestic markets. We need to have information on how the market works, how cultures vary , political impacts of that market, environmental factors, competition for our product and the way companies work in the market.