Page 116 - International Marketing

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118 International Marketing BRILLIANT'S

potential in the African countries? Discuss a few problems
which you may have to face while doing this IMR. (about 400
words). [MBA (FT) 2005]
Introduction
Market research is a basic tool for management decision making.
Market evaluation regarding the anticipated volume of sales, product
acceptability, the price in the market can bear as well as other demand
determinant variables is a must before a product manufacturing decision
is taken. While there is no point in manufacturing a product for which
there is no demand. Market research is the basic managerial instrument
for analysing the size, character and trend of the demand. Once the demand
potential is established, further research is required about the requirement
for actualising the potential. Through market research, data are to be
collected on the methods of distribution, promotional systems, alternative
pricing strategies etc.
International Marketing Research
International marketing research is a research that evaluates
consumer, export and import statistics in other parts of the world.
International marketing research often reflects the way in which spending
patterns differ across the globe and are related to a region's culture, customs
and other socio-economic influences. International marketing research
can be especially challenging when attempting to gather data from remote
parts of the world, where language differences and limited accessibility to
outsiders pose communication barriers.
International marketing research is especially critical to companies
that are planning to export their goods to other countries. Prior to embarking
on international sales, a company will want to determine whether or not
there is a demand for its product in other regions. The company will also
want to research any potential cultural conflicts that could impede the
profitability of the product or service they intend to export. For example,
the popularity of self-tanning products in many parts of North America and
Europe would not likely to be a profitable export to China - where a
suntanned appearance is generally not considered attractive and where
products are infact sold to reverse or "clean off" a sun tan.
Thus, international marketing research may be defined as:
“the systematic and objective process of collecting, recording and
analyzing data for aid in making international marketing decisions”.
International marketing research will cover the following aspects:
 Present and future size of the market for the relevant products or
services.