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Global Market Research
Global marketing has become a truths of life. Local companies are affected by global ones, understanding the global market is a must. Firms are going beyond geographical boundaries to take reward of reserves they don’t have in their countries. Understanding these diverse markets is a must & it is finished through global market analysis. Conducting research in these countries is hard, so it is better to obtain research finished by a local firm. Marketing & research go hand in hand now, previously the market analysis department did not have a say in decision making yet now, & they play a major role. They assist in predicting trends in the market.
Importance of Market Research
Market research is truly important; it helps companies to tailor their messages to their targeted audience & helps the organisation to carry out better. Research can measure the reputation of a company among consumers, governmental officials & the academic community. Mathematical models are used to guess the failure or prosperity of a product. Research helps in getting consumer reaction to products that are already being sold by the company or even a product that is at a conceptual stage. Research can tell a marketing company what flavour or colour the appeals most to the consumer. Target audiences can be set accurately & positioned in the correct market. Research can testify whether your advertisement communicates what it was intended to be.
The major steps involved in market research are:
• Defining the market research problem
• Formulation of Research design
• Analysis of secondary data
• Development of a questionnaire
• Collection of primary data
• Data Analysis
• Preparation & Presentation of report
Phases of Global Market Research
These is in general for global market analysis with more steps. International Marketing Research create has 5 major phases
• Phase 1: Deciding whether to internationalise- Assessing the requirement for the company’s products or services
• Phase 2: Deciding on markets to enter- Understanding their local competitor & the capability of the product
• Phase 3: Market entry strategies- Understanding the competitors strategy
• Phase 4: Designing the international marketing mix, the 7 Ps- Understanding the behaviour of the consumer, SWOT analysis, & deciding on the media mix
• Phase 5: Implementation of plan in international market- Final implementation & analysis of performance.
Acquiring secondary data is a must; this gives a understandable background as to how the process of research takes place. Other companies would have moreover finished market research in these global markets. By reading these works of market researchers can create their analysis work. At the end of the research work, companies usually list out the drawbacks of the research or the challenges they faced during the implementation phase.
Primary research must be finished when the agency is not capable to acquire enough or reliable information. Collecting primary data takes more time & cash consuming. Designing a primary data assemblage is a must & the correct assemblage technique to compile data. Some of the popular steps of data assemblage for global market analysis include:
• Observational & Tracking Methods
• Focus Group Interviews
• In-depth Interviews
• Action Research
• Survey & Questionnaires
• Psychological or Psychographic approach2
Global market analysis is truly important & companies which have knowledge about global markets must be selected, so that data obtained is accurate. Market research allows marketing agencies to tailor their message or product accurately in the correct country at the correct time. Geographical boundaries have more differences, in terms of weather, culture, religion & language. The product or service should be positioned in a market where it is profitable.