Page 117 - International Marketing

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BRILLIANT'S Managing International Market 119

 Nature, extent and source of competition.
 Consumer’s likes and dislikes and the reasons for the same.
 Marketing variables such as product, price, promotion, logistics,
brand, packaging etc.
 Marketing environment factors such as social, political, economic,
technological, infrastructural, etc.
 Relevant policies and procedures of the importing country and
service.
 Entry techniques.
Need for International Market Research
1. Market Identification: It is required to identify which markets
should be selected as the target, based on the market size, growth, ac-
cessibility and competitive factor.
2. Product Identification: Identification of suitable product is also
dependent upon research. Detailed field investigations are required to de-
termine the extent of product adaptation re quired to make the product
acceptable in a given market.
3. To Prevent the Use of Inappropriate Market Entry Method:
Thorough analysis should be done as to whether the firm should export
using agents/distributors, go for a joint venture of open subsidiary units.
4. Packaging Decision: Research also helps in taking appropriate
packaging decision. A colour may not be acceptable in certain countries,
while it would be the most appropriate in another. For example, green is
the favoured colour in the middle east but it is not acceptable in Malaysia.
5. Pricing Decision: Pricing is crucial for success in international
marketing and a blunder can mar all prospect considerable amount of
data collection and analysis are required to arrive at pricing decision.
6. Positioning of the Product: Research can help determine the
positioning of the product, taking into account the socio-cultural factor.
7. Promotional Campaign: Promotional campaigns should be de-
cide only after proper research has been carried out regarding their ac-
ceptability in a given environment.
Importance and Scope of International Marketing Re-
search
International marketing research plays a very important role in shap-
ing marketing strategies of the international firm. In this era of dynamism,
sound knowledge of the present and practical assumptions regarding fu-
ture is essential input to any good business plan.