Page 141 - Foundations of Marketing

108 Part 2 | Marketing Research and Target Markets

a general understanding of the market, including economic,
legal, cultural, and demographic issues, as well as in assessing
the opportunities and risks of doing business in that market,
and in forecasting demand. Marketing researchers often begin
by gaining a general overview through country trade reports
from the U.S. Department of Commerce, trade and general
business publications such as The Wall Street Journal, and
country-specific publications and websites. These sources
can offer insights into a country’s marketing environment and
might indicate untapped market opportunities.
The second phase involves field research using many of
the methods described earlier, including focus groups and
telephone surveys, to refine a firm’s understanding of specific
customer needs and preferences. Differences between coun-
tries can have a profound influence on data-gathering tech-
niques. For instance, in-home (door-to-door) interviews are
illegal in some places. In developing countries, many people
only have cell phones, making telephone surveys less prac-
tical and less representative of the total population. Primary
data gathering generally will have a greater chance of success
if the firm employs local researchers who understand how to
approach potential respondents and can do so in their own
25
languages.
Courtesy of Intage research, such as Intage, which is featured in the advertise-
Some firms specialize in international marketing
ment. Intage guarantees insider knowledge of Asia, particu-
larly the region’s countries, customs, and people. Intage
promises to provide firms with local experts on any country
International Issues
Firms such as Intage can help researchers gain an insider perspec- a company seeks to enter. This type of insider knowledge
tive on new international markets through local consultants and can be of critical importance to a firm conducting marketing
international experience. research in a region such as Asia, particularly for a Western
firm that is based in a very different cultural environment.
Without it, a firm will have little direction on how to develop a marketing strategy that will
be effective. Regardless of the specific methods used to gather primary data, whether in the
United States or abroad, the goal is to recognize the needs of specific target markets to craft
the best possible marketing strategy to satisfy the needs of customers in each market, as we
will see in the next chapter.

Chapter Review

1. Gain perspective on the importance ascertain the potential for success of new products, and deter-
of marketing research. mine the feasibility of a particular marketing strategy. The
value of marketing research is measured by improvements in
Marketing research is a critical step in developing a market-
a marketer’s ability to make decisions.
ing strategy. It is the systematic design, collection, interpre-
To maintain the control needed to obtain accurate infor-
tation, and reporting of information to help marketers solve
mation, marketers approach marketing research as a process
specific marketing problems or take advantage of marketing
with some basic logical steps: (1) locating and defining prob-
opportunities. It is a process for gathering information not
lems or issues, (2) designing the research project, (3) collect-
currently available to decision makers. Marketing research
ing data, (4) interpreting research findings, and (5) reporting
can help a firm better understand market opportunities,
research findings.

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