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Marketing research
The systematic gathering, recording, and analyzing of data to provide information useful in marketing decision making
By anticipating social, economic, consumer, and industry trends within specific markets or countries
Reliability of Data
Official statistics are sometimes too optimistic, reflecting national pride rather than practical reality, while tax structures and fear of the tax collector often adversely affect data
Less-developed Willful
Problems of Availability and Use of Secondary Data :Comparability of Data Comparability of Data
Issues with data (especially in less developed, countries)
Data
can be many years out of date Data collected on an infrequent and unpredictable schedule
Too frequently, data are reported in different categories or in categories much too broad to be of specific value
Checking the consistency of one set of secondary data with other data of known validity
An effective and often-used way of judging validity for eg hospital equipments sold with the number of hospital beds
The availability and accuracy of recorded secondary data increase with level of economic development
Quantitative research
Usually a large number of respondents Respondents answer structured oral or written questions using a specific response format (such as yes/no) or to select a response from a set of choices Responses can be summarized in percentages, averages, or other statistics
Toto a Japanese firm with the premiers quantitative research on bathroom and toilet technology
The more complex the concept, the more difficult it is to design research that will help the respondent communicate meaningful opinions and reactions
Gerber has more experience in trying to understand consumers with limitations
In some cases the entire research design may have to be different between countries to maximize the comparability of the results
International Internet use is growing rapidly Uses for Internet in international research
Online surveys and buyer panels Online focus groups Web visitor tracking Advertising measurement Customer identification systems E-mail marketing lists Embedded research Observational research
When the desired statistics are not available, a close approximation can be made
Using local production figures plus imports, with adjustments for exports and current inventory levels
The key in using expert opinion to help in forecasting demand is triangulation Assumes that demand for a product develops in much the same way in all countries as comparable economic development occurs in each country
Analogy
Personal Computer and Mobile Phone Diffusion Rate (per 1,000 people)
Personal Computer Mobile Phone
International Marketing
Reference Book: International Marketing Management by Varshney/Bhattacharyya Sultan Chand and Sons Publications Chapter 12
No firm has unlimited resources so proper selection of markets would avoid waste in time and effort.
Better to concentrate on few fruitful markets than to spread too thinly. Market concentration can lead to better debt collection and cost savings for eg L&T
b.
2. Latent Markets
a. Have potential customers, but because no-one has offered a product to fill the latent need there is no existing market
b) c) d)
b. c.
b. c.
d.
b. c.
Age Groups and Sex Social Class Educational Background Number of households Geographic concentration and differences Rates of changes in all the above
International Marketing
Reference Book: Global Marketing Management by Keegan/Bharagava, 7e, Pearson education, Chapter 3
Overview
Basic Aspects of Society and Culture Analytical Approaches to Cultural Factors Handling Cultural Diversity Impact of Social and Cultural Environments on marketing Industrial Products Consumer Products
Learning Objectives
Understanding how important cultural and social differences are in global marketing
Learning fundamental concepts that provide an understanding of cultural differences Understanding where potential conflicts may arise in global business relations
Knowing how cultural differences impact the marketing of products and services