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GMS 522 week 7.docx

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Global Management Studies
GMS 522
Helene Moore

GMS 522 GMS 522 Week 7 Chapter 7: Global Marketing Research Market Research Defined:  The function that links the consumer, customer and the public to the marketer through information – information used to identify and define marketing opportunities and problems  Generate, refine and evaluate marketing actions  Monitor marketing performance  Improve understanding of marketing as a process Primary and Secondary Research: Primary:  Research conducted with a specific objective in mind  Creation of new data  Surveys, focus groups Secondary:  Usage of data of information that is already existing  Government data  Global institution data  Syndicated data Global Marketing Research Categories  Research that involves collecting data and making inferences in two or more countries within the context of the same project  Research on a single country conducted by a researcher from another country with a view to understanding similarities and differences compared to the researcher’s home country  Research that involves work on immigrant populations to better understand attitudes and behaviours when people from one culture move to another culture New Parameters  When crossing national boarders, a firm encounters parameters not found in domestic markets.  Duties, foreign currencies, and changes in their values, global logistics, international documentation and port facilities Page 1 GMS 522 New Environments  Assumptions made on foreign markets based on the domestic market will most likely not hold true  Things such as cultural and technological differences are two main factors to consider when trying to enter a new market Number of Factors Involved  When a company begins marketing globally, it will most likely be entering more than one market  This results in an increase in the number of different factors to be considered Broader Definition of Competition  When entering the global market, a firm is exposing itself to a much greater variety of competition that that which existed in its home market  A firm must always be keeping track of their competitor’s actions and the effects that they can have on their own operations Importance of Global Marketing Research  Sensitivity to geographic differences: firms which take the time to conduct global marketing research will reduce the risk for costly errors due to geographic sensitivity  Understand cultural change: global marketing research can help a firm to better understand trends in the structure of consumption, brand choices, lifestyle, and media influences  Identify appropriate advertising appeals: advertising appeals that would position a firm’s product best in foreign markets  Assess translation errors: avoid translation errors (direct language translations of slogans, ads, etc.)  Correctly position products: using techniques to change the consumer’s idea of what a product may be or represent (different countries/cultures view things in their own ways)  Avoid formulation errors: adapting products to international markets aids in reducing formulation errors. When introducing a product that does well in one country, see what the target market views as common in the new area and build a product based on that The Process of Global Marketing Research 1. Define the research problem 2. Determine information needs 3. Develop research design 4. Data collection 5. Data analysis 6. Presentation of research findings
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