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Thursday, 13 September 2018

Marketing Research While Going Abroad



When an international marketer is going abroad for the first time he has a great task to accomplish In the area of marketing research. To achieve success and minimize risks,he is advised to do the following:

(1) seek relevant information on the target market from the following sources;
     - Embassies of the target country. For example a Nigeria going to America for the first time could approach the united states of America embassy either in Lagos or Abuja for basic and relevant information.

(2) A combined chamber of commerce having the target country as member. An international marketer from Nigeria to Britain will find the Nigerian British chamber of commerce very useful. A business man from the middle East going to america will find the National US Arab chambers of commerce very useful also.

(3) The internet today is an information super highway. Most countries of the world have relevant and value information that regulated export and import business in their respective countries. Such information will include visa requirements, country embargoes,prohibited party bans ,import prohibited lists,license requirements etc. For example,American marketers who want to venture abroad could visit the website http://www.treas.gov/ofac for details on US sanctions. Marketers in America going to any part of the world will find s list of Foreign embassies and consulates in the  United States available on the trade information Center website at http:/www.Export.gov/tic.
(4) Conduct marketing research (use of consultants,strongly recommended) in the following areas.

Market Research
- Marker size.
- Market potentials
- Consumer motivation.
- Buying patterns.
- Brand loyalty.
- Brand competition.

If the size of the foreign market is not large enough to absorb products will guarantee sufficient return on investment then,the marketer will have to decide whether to take the risk or try elsewhere. But if the marketer offers potentials that could be stimulated, then the marketer could craft strategies that will enable him to achieve sustainable market share. The information on brand loyalty and brand competition will reveal the market leader in the product line and, its weapon war. The invading international marketer will decide whether to come in and attack the leader or be calm follower whatever will determine the type of competitive strategy to formulate and implement.

Sales Research:
- Market share analysis.
- Sales analysis.
- Sales compensation studies.
- Promotion studies of premiums,coupons,sampling deals etc.
- Consumer panel operation.
- Sales quotas.
- Sales territories establishment.

This aspect of research will reveal how sales are being handled in the product category in the foreign market by competitors. Its result will help the market to:
- Establish appropriate sales territories.
- Employ adequate number of sales executives.
- Manage sales profitably.

Distribution Research;
- Plant and warehouse location studies.
- Distribution cost analysis.
- Channel intermediaries;characteristics and effectiveness.
- Dealers relationships.
- Transportation mode and availability.

This research will give insight into the channel of distribution obtainable in the target country,cost of distribution,transportation mode and availability etc. The international marketer will be able to craft an effective distribution strategy to enable the consumer get access to the product at the right place and time.

Pricing Research;
- The target market and price sensitivity .
- Studies on discounts and shipping costs.
- Information on pricing policies of competitors.

In order to enter a target foreign market,the pricing research will guide the international marketer on the appropriate pricing strategy to adopt. A Penetration pricing strategy will be appropriate if the research result recommends the quest to stimulate the market with low price. On the other hand ,a sensitive target market will call for a skimming pricing strategy.

Advertising Research;
- Motivation research.
- Media research.
- Advertisement effectiveness.
- Competitive advertising.
- Copy research.

Advertising research carried out in the target foreign market will ensure the crafting of an effective communication strategy. It will show when and how to adapt to the peculiarities of the local market in the area of colour languages ,norms and values.


Task Environment Research;
- Consumer preferences.
- Consumer characteristics.
- Consumer motivation competitor analysis.
- Supplier studies.

The research on the task environment will give the international marketer insight into the competitors profile and how they are positioned in the mind of foreign consumers. More so ,the unique characteristics and preference of the consumer will be unveiled. A study on the supplier will also give details concerning their availability and how to select the best team.

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