MARKET RESEARCH
:Market research is the process of systematic gathering, recording and analyzing of data aboutcustomers, competitors and the market. Market research help create a business plan, launch anew product or service, fine tune existing products and services, expand into new markets etc. Itcan be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what marketcharacteristics your target market has. With market research companies can learn more aboutcurrent and potential customers.
INTERNATIONAL MARKETING RESEARCH (IMR)
can be defined as market researchconducted either simultaneously or sequentially to facilitate marketing decisions in one or morethan one country.International marketing research plays an important role in the identification and development of a company’s strategies for internationalization. It enables a business to identify, evaluate andcompare potential foreign market opportunities and develop a marketing plan. Research also provides a company with foreign market intelligence to help it anticipate events, take appropriateaction, and prepare for global changes.The marketing research existed ever since the man on this earth started exchanging themerchandise. Evidently the marketing research was first used in the United States in earlynineteenth century (around 1820). First it was used by the newspapers to predict election results.Thereafter the U.S. agriculture machinery manufacturers used marketing research for estimatingthe potential demand for their products by collecting and using certain information.As businesses expand further and further in international markets to broadens its horizons to flyhigh, this not only give the business the opportunities which are yet to be tapped but also exposesto the inherent vulnerabilities from the other international players, the role of timely and accuratemarketing research to guide decision making becomes increasingly critical. The need for Marketing Research to support international marketing decisions has evolved over the past four decades and is still it’s in budding phase. The basic purpose behind employing the marketingresearch as an important and integral part of operations of any organization is that it allows theorganization to know where the potential possibilities lies and thus guiding to focus/concentrateall the available existing resources in more productive and efficient way, thereby reducing thecost of production and maximizing the profits.
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