Chapter 8 Analyzing People and Markets
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Transcript of Chapter 8 Analyzing People and Markets
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Chapter 8Analyzing People and Markets
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Defining the Issue
• The American Marketing Association defines market research as:•
• Information is used to:• • • •
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International and Domestic Research
• Four primary differences are:• New parameters
• • • • •
• New environment which involves understanding:•
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International and Domestic Research
• • • • • •
• Number of factors involved are:•
•
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International and Domestic Research
• Broader definition of competition is faced when entering the international market• The firm must determine:
• • •
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Recognizing the Need for Research
• Entering a market without conducting marketing research places firms, their assets, and their entire operation at risk
• Firms are reluctant to engage in international marketing activities due to:• •
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Recognizing the Need for Research
•
•
• International marketing research is important because it:•
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Recognizing the Need for Research
• Helps to develop a marketing plan•
• Provides management with foreign market intelligence
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The Benefits of Research
• The value of research in making a particular decision may be determined by applying the following equation:
V(dr) – V(d) > C(r)Where:• V(dr) –
• V(d) –
• C(r) –
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Determining Research Objectives
• Research objectives vary from firm to firm due to:• • •
• Information needs are linked closely with the level of international expertise in the firm
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Going International: Exporting
• Foreign market opportunity analysis:
• Broad-brush approach to narrow down international marketing activities•
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Going International: Exporting
• Approach should begin with cursory analysis of:• • • •
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Going International: Exporting
• Information on individual market data to identify:• • • •
• Consideration of governmental restrictions
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Going International: Exporting
• Competitive assessment that:•
•
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Going International: Importing
• Firms shift their focus from supplying to sourcing
• Importer needs to be aware of: • • • • • •
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Market Expansion
• Obtaining detailed information for penetrating a market
• Designing and fine-tuning the marketing mix
• Monitoring the political climate of a country
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Determining Secondary Information Requirements
• Secondary data for international marketing research can be procured from:• • • • • • •
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Determining Secondary Information Requirements
• Evaluating data• Consider the quality of the data source, with
primary focus on:•
• Assess the quality of actual data in terms of: • • •
•
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Determining Secondary Information Requirements
• Analyzing and interpreting secondary data• Requires combination and cross tabulation of
various sets of data or the use of proxy information to:•
• Proxy variable:
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Determining Secondary Information Requirements
• Data privacy• The international marketer must pay careful
attention to: •
•
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The Primary Research Process
• Primary research is conducted to fill specific information needs
• It is essential for the formulation of strategic marketing plans
• It is useful in international market segmentation
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The Primary Research Process
• Firms recognize that segmentation variables play a major role in: •
• Determining information requirements•
• Industrial versus consumer research•
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The Primary Research Process
• Determining research administration approaches:• Centralized –
• Research specifications: Focus, thrust, and design are directed by the home office followed by:•
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The Primary Research Process• Coordinated –
• Decentralized –
•
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The Primary Research Process
• Outside research services• The use of the research agencies are
appropriate:• •
• The selection process should emphasize the quality of information rather than the cost
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The Primary Research Process
• Determining the research technique depends on a variety of factors•
•
•
•
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The Primary Research Process
• Types of research instruments • Interviews –
• Focus groups –
•
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The Primary Research Process• Observation
•
•
•
•
•
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The Primary Research Process
• Quantitative research technique• Surveys
•
•
•
• Reasons why new product development information should not rely on consumer surveys are:
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The Primary Research Process• • •
• Allows the researcher to rapidly accumulate a large quantity of data amenable to statistical analysis
• International comparative research has been carried out between nations:•
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Designing the Survey Questionnaire - Question Format• Structured questions:
• Unstructured or open-ended questions:
• Direct or indirect questions:
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Designing the Survey Questionnaire - Question Format• Data equivalence:
• Question content•
•
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The Primary Research Process• Question wording• • Omit leading questions or asking questions in
specific terms to:•
• Translation-re-translation approach:
• Pretest the survey
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The Primary Research Process
• Developing the sampling plan •
• Data collection•
• Conduct spot checks and realism checks on the administration procedure to:•
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The Primary Research Process• Collected data should be compared with
secondary and analogous information to:•
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Analyzing and Interpreting Primary Data
• Use the most appropriate and best available tool for:•
• Avoid over sophisticated tools for unsophisticated data
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The Primary Research Process• Presenting research results• • • • •
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The Primary Research Process
• Follow-up and review• Without proper follow-up:
• •
• Research on the Web•
• The Internet serves as a portal to reach out to consumers in a low-cost fashion
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The Primary Research Process• In the Web 1.0 online research model, surveys
can be administered either through e-mail or via a website
•
• The limitations of Web 2.0 market research efforts are reliability, sampling, and the methodology
• Web-based research:
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The International Information System
• The system serves as a mechanism to:•
• The system should have the following attributes:• • • •
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The International Information System
• •
• Environmental scanning• Is useful for receiving information on:
• • •
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The International Information System
• Can be performed by:• • Content analysis: Investigates the content of
communication in a society• •
• Is conducted by ____________________________________
• There should be line between tracking and obtaining information and misappropriating corporate secrets
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The International Information System• Delphi studies•
• Carried out with groups of about 30 well-chosen participants who:•
• Uses the mail or facsimile method of communication technique to:•
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The International Information System
• Requires several steps, and therefore months may elapse before the information is obtained
• Scenario building• Looks at different configurations of key
variables in the international market to:• •
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The International Information System
• Identifies crucial trend variables and degree of their variation
•
• For scenarios to be useful, management must analyze and respond to them by formulating contingency plans