Market research is an organized gathering of objectives and analysis of data regarding a target market. It is a very important tool which has the approval of many if not all business experts in the world. There is no single business in history which has hit its primary objectives with ease without formulation and implementation of proper marketing strategies. This tool is fundamentally applicable when a thorough and well planned research is done before the final step of product marketing commences. It is therefore important to note that marketing research is of reputable significance in laying the foundation of a business throughout business activities. It contributes a significant percentage in any anatomy of a highly performing business that targets expansion and profit maximization. With regard to this, international marketing calls for an ideal and focused research before an organization makes a final decision of selling its products in the selected country by use of workable international marketing research methodologies.
There are various reasons why XYZ, Inc. needs to carry out a research prior to authorization of the selling its products beyond borders. These defining objectives of the research target gathering of crucial information whose absence would adversely affect the performance of the business. Rationalizing of business risks is a very essential objective of an international marketing research. It is important for XYZ, Inc. to get relevant data which would be useful in the understanding of the risks associated with selling of its product in another country. As a key research objective, rationalization of risks will allow XYZ, Inc. to assess its international viability; understanding the probability of its investment efforts and commitments to bear fruits. However, this does not eliminate occurrence of risks, since surprise risks are always expected in any international business (Doole & Lowe 2008). Nevertheless, a good international market research will enable XYZ, Inc. to feel comfortable within the range of existing risk factors before making initial business steps. It is necessary to aim for higher success levels of say above 80% and this depends on the manner the research is carried out and the experience of XYZ, Inc. has in relation to international business. As a result, sufficient information and risk analysis is a crucial research objective.
On the other hand, the research will enable XYZ, Inc. to easily identify its prospective International clients even as it plans to make an international business investment step. Unlike the perception of many people who believe that research only targets familiarization with people, this international marketing research aims at creation of a relationship between the XYZ, Inc. and the people for long term continuity of business. This is due to the fact that people from different countries are usually different despite the fact that the market environment may be more the same (Craig & Douglas 1999). Based on this analogy, international people are likely to respond differently compared to the experience which XYZ, Inc. has with its domestic consumers. Great emphasis should therefore be laid upon client understanding and satisfaction other than the market.
In an influential coverage, Craig and Douglas (1999) argued that beyond identifying relevant and key objectives of the research, a company has to adopt proper international marketing research methodologies to facilitate the achieving its goals in international business. Generally, international marketing employs a number of methods which are either based of questioning or observation. Research methodologies which are based on questioning involve acquisition of relevant information from individuals or even groups of people (Craig & Douglas 1999). Under this category, qualitative and quantitative research methods are of paramount concern and important to XYZ, Inc. Qualitative approach targets small groups of people without involving detailed calculations of the whole population of the target country. Examples of qualitative research techniques include but not limited to projective techniques, focus groups and detailed interviews.
What is a focus group? It is a type of qualitative market research which targets a group of people regarding their views and perceptions towards a product, advert, packaging or idea. This information sought is obtained through use of direct and simplified questions that are posed to people and allowed to freely respond to them without fear through an interactive setting. On the other hand, projective techniques allow the respondent to project his/her perceptions in an ambiguous scenario. They are usually indirect techniques aimed at camouflaging the main principle of carrying an international marketing research. Under this, respondents are allowed to suggest the ending of given sentences or even stories. Additionally, interviews are used to source information from responds through short and direct questions which require simplified and brief answers. They however require trained personal and may be time consuming as a result of the unwillingness of respondents to cooperate.
In international market research, quantitative modus operandi is used to draw conclusions. To make these inferences several approaches are employed such as the use of random sampling and testing of various hypotheses. To comprehensively achieve this, advanced statistical methods are usually applied which may include opinion polls and surveys (Doole & Lowe 2008). Information obtained by these methods would very important to XYZ, Inc. during the formulation and implementation of business strategies and plans for its top-selling product beyond its borders. As earlier mentioned, some of the methods which would be employed by XYZ, Inc. are based on the observations made. These research methods are grouped into ethnographic studies and experimental procedures. Ethnographic studies focus on social events and trends in their original setting. XYZ, Inc. would therefore consider doing an analysis of the use of its product among its target clients. Experimental research is based on cause-effect approach where effects of particular causal factors are studied for a given period with an aim of identified a particular trend.
After identifying viable international marketing research methodologies, it is important for XYZ, Inc. to consider resources that would be used in creating a marketing campaign. These resources are very important in terms of cutting down costs, time management and general effectiveness. The internet is a key resource readily available for XYZ, Inc. and other companies globally. This can be used to carry out online surveys, interviews and even posting of questionnaire. As an available resource, it would be very effective since it solves the issue of time wastage through travels and physical surveys. The use of e-mail survey has also been considered by many as a possible way of sourcing relevant information across borders. It would also enable XYZ, Inc. to understand the global market in a simplified manner. Related to the internet is the use of call to carry out survey. Government records and files can also be considered as research resources in understating some business trends. These resources are highly justifiable since both internet and telephone services are easily available in every country. If these resources are strategically interlaced with the above research methodologies, there is no doubt that XYZ, Inc. will attain its international marketing with manifold profit and ease.