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RESEARCHING INTERNATIONAL MARKETS

This guide outlines key considerations for entering international markets, focusing on essential data-driven decisions. It covers market screening, including the evaluation of general business environments and specific product markets, while addressing supply and demand factors. It emphasizes the need for risk assessment using models like PEST and SLEPT to gauge political, economic, social, and technological influences. Additionally, the importance of understanding consumer behavior, attitudes, and local expertise is discussed, along with methods to avoid common research errors.

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RESEARCHING INTERNATIONAL MARKETS

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  1. RESEARCHING INTERNATIONAL MARKETS Terpstra Ch 7

  2. BASIC DECISIONS REQUIRING DATA • Which market to enter? • screening general business environment • evaluating specific product market • supply side : • competition, distribution • demand side: • usage, attitudes (culture etc) • How to enter the market

  3. Business environment (PEST, SLEPT) • potential demand • potential risks • Your assignment task: • Decide the key factors (Terpstra Ch 2-5) in assessing the business environment • Research your chosen country eg using Euromonitor database • Identify the gaps in the available data

  4. Demand: macro factorsDoole and Lowe 1999 • Accessibilty • –tariffs, quota, regulations • Profitablity • Exchange rates, currency issues • Subsidies and price controls • Market size • Per capita GDP, growth, • inflation, cost of living, unemployment • Consumer spending, leisure time

  5. Risks Kotler (p415) suggests two types • to investment and assets • from government actions • from terrorism and civil war • to operational profitablity • from strikes and unrest • from economic downturns, inflation, exchange rate changes

  6. Risk assessment • Control Risk Group website • www.crg-online.com • www.beri.com • Rates countries' risk levels by • Political • Security • Travel • Leisure and tourism depend on customer confidence which is very vulnerable to any hint of danger. • Corruption - see http://www.globalcorruptionreport.org/

  7. Does this mean only investing in developed countries ? NAFTA Japan ASEAN EU Ohmae K. Triad Power: the shape of global competition

  8. Errors in researching international marketsCraig and Douglas (1995) Global Marketing Strategy Ch 3 • Ignoring the need for research - ethnocentricity • Too narrow research • ignoring indirect competition • ignoring regional or urban/rural differences • ignoring differences in industry structure

  9. Inadequate research • differences in consumer behaviour • differences in consumer attitudes • Lack of published data (government/commercial) • Problems of equivalence • categories • measurement • sampling • translation

  10. Problems of data collection • different DMUs (eg role of woman in family) • availability and attitudes to methods (eg telephone) • politeness v honesty in replies • Cultural bias in interpretation How to avoid error • Back-translation • Use local expertise • Qualitative approach Usunier Chapter 5

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