What is International Marketing Research?
According to our last year's studies, the term "marketing research" refers to the gathering, recording, analysing and presenting information which focus on a previously defined problem and it is closely linked to the firm's decision-making processes concerning new product launch, diversification, advertising and so on. Kotler gives the following definition: "Marketing research is the function linking the consumer, customer and public to the marketer through information - information used: to identify and define marketing opportunities and problems; to generate, refine and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process."
International marketing research is, on the other hand, a more comprehensive and complex area, as it requires the thorough study of the market potential in foreign markets which involves the investigation of cultural, political, legal and macroeconomic factors, as well. International competition also has to be taken into account, and instead of only analysing each (individual) market's competitive situation, a multinational approach is more sufficient and suitable.
3. Information It Provides
The very first issue to be considered in case of the expansion of a firm is whether to go international at all, or to remain in the domestic market. To answer this question, information is needed not just on the local or domestic future opportunities and competitiveness of the firm, but on the global market demand, and the firms possible share in it. Furthermore, the commitment of the management to go international has to be observed, as well. Once it has been decided that a firm enters foreign markets, the question of which specific country(ies) or market(s) to target still remains. In order to select the most desirable market, the ranking of the markets "according to market potential, local competition, and the political situation" has to be...