Free

Market research in another country - Essay Example

Comments (0) Cite this document
Summary
Inside Edge has developed an industry changing product called Can-A-Floor, the first flooring with a heating element built in. Inside…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.5% of users find it useful
Market research in another country
Read TextPreview

Extract of sample "Market research in another country"

Market Research In Canada Marketing 571 Matthew Bethke, Hayat Chaouki, Regina Mcinnis, Heidi Payton, Nick Schiltz Ralph Schoen February 04, 2013
Inside Edge Commercial Interior Services LLC, a revolutionary flooring manufacturer in Canada, is looking to enter the Russian flooring market. Inside Edge has developed an industry changing product called Can-A-Floor, the first flooring with a heating element built in. Inside Edge is always looking to expand its market presence and needs an introductory region to trial its new Can-A-Floor product. Russia’s climate, economic conditions, and its increasing demand for hard surface floor products make it the ideal spot for Inside Edge to introduce Can-A-Floor to the world.
Inside Edge feels Russia is an ideal market for its new product offering. The average temperature throughout the year in Russia is 39 degrees Fahrenheit (Climatetemps.com, 2012). The warmest it gets on average is 75 degrees Fahrenheit, proving to be one of the colder countries on the planet (Climatetemps.com, 2012). These temperatures alone justify Inside Edge’s entry into the Russian Flooring market similar to Can-A-Floor’s home market of Canada (hence the name). According to "Global Research & Data Services" (2013), “Russian demand for flooring has been growing strongly with an average growth of 10.6% per year between 2002 and 2008. The situation in the market seems to be rather attractive for foreign flooring companies as the growth is predicted to continue in the following years (Global Research & Data Services, 2013). Because Russians see flooring as a way of establishing a comfortable living, the demand for these products is expected to continue to increase through 2015 (Marketresearch.com, 2013). This encouraging trend and high demand justifies the entry into the flooring market for any flooring manufacturer.
Can-A-Floor is an engineered floating floor, similar in concept and design to a laminate, but with a heating element built in. Currently the most popular types of flooring in Russia are laminate and hardwood (Marketresearch.com, 2013). With Laminate being one of the top two popular flooring materials in the Russian market, Inside Edge can easily justify entering the market with its Can-A-Floor. Russia also is experiencing a declining unemployment rate along with a rising demand for new housing with its expanding middle-class (Marketresearch.com, 2013). The flooring market in Russia is on the rise with a trending increase in demand for all flooring products, home ownership on the rise, and unemployment slowing. These facts show the sustainability of the market while justifying Inside Edge’s entry into the market.
Pricing Strategy
Our pricing strategy for entering a new market needs to work with the current economic times of Russia and the entire world alike. Russia has taken on many changes since the fall of the Soviet Union and has been working to build their economy up to a sustainable health. Since 2011 the country’s unemployment has dropped by almost a full percent from 6.6% in 2011 to 6.2% in 2012, and the rates are projected to drop by 1.5% once the data has been collected for 2013.(CIA.gov) There has been a huge increase in the growth of the country to include individuals building new houses or remodeling them, however times are still tough so the need for a quality item at a more reasonable price is needed to ensure the success of our product in Canada. Can-A-Floor is going to be sold either by the individual tile or in bulk, for those individuals that are purchasing the product in bulk; there will be a price break for every one hundred dollars of 3% spent which will save the consumer money when they use our product for their larger areas. Effectively using this strategy could help to give the product the correct promotion it needs to enter into this tough market.
Innovation and technology
The company has applied innovation through producing a range of differentiated flooring products, which are a sure demand products in the Russian markets, owing to the nature of an increased demand for new homes and heat regulating products, by the ever-growing middle class within the Russian population. The company has differentiated its products to include polished concrete, carpets, wood products and ceramics (Marketresearch.com, 2013). The company has developed a specialized website and applications, where the sales representatives can research prospects within a few minutes and pass the information to the customers. This has reduced the average time consumed by the sales representatives of Inside Edge Commercial Interior Services LLC in addressing customers, making it possible to sell high volumes and thus increase the company’s profitability (Global Research & Data Services, 2013). The company has also applied new and relevant technology to develop an online one-stop-shop, where the customers can easily access and purchase its products. Technology has also been applied in manufacturing unique products, such the heat-regulating flooring materials, which helps to keep rooms warm, for cold regions such as Russia.
Social and demographic
The social demographic situation for Russia is constantly improving, notably from 2005 onwards. The birth rate has constantly risen, while the death rate is diminishing with each passing year (Caselli, Vallin & Wunsch, 2006). This means that the prospects of a higher future population are high, making the target of Inside Edge Commercial Interior Services LLC to the Russian market more timely and appropriate, since the demand for housing and consequently flooring materials will certainly increase. On the social front, the most notable vices such as suicide, murder and Alcohol poisonings have consistently declined over several years, making the population more naturally stable (Caselli, Vallin & Wunsch, 2006). This creates a high prospect for a productive population, which is the basis of the target market by the company.
References
Caselli, G., Vallin, J., & Wunsch, G. J. (2006). Demography: Analysis and synthesis : a treatise in population studies. Boston: Elsevier.
CIA.gov. (2013). Retrieved from https://www.cia.gov/library/publications/the-world factbook/geos/rs.html
Climatetemps.com. (2012). Retrieved from http://www.russia.climatemps.com/
Global Research & Data Services. (2013). Retrieved from http://public.mailem.fi/globalr/2009-09-15/1764/article_2648_1095264.html
Marketresearch.com. (2013). Retrieved from http://www.marketresearch.com/BRICdata-v3901/Future-Flooring-Products-Russia-Profile-6869350/ Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Market research in another country Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Market research in another country Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/marketing/1614081-market-research-in-another-country
(Market Research in Another Country Essay Example | Topics and Well Written Essays - 250 Words)
Market Research in Another Country Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/marketing/1614081-market-research-in-another-country.
“Market Research in Another Country Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/marketing/1614081-market-research-in-another-country.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Market research in another country

Country Research

...?Research about Japan Research about Japan Research about Japan Japan is an island in the Pacific Ocean rich in culture. They have their own way in believing in God, ceremonials, and vernacular way of communication. These differences in cultural values influence business and consumer’s behavior. Japan’s religious beliefs involve the practice of Shinto and Buddhism (Barber & Wells, 1999). Japanese believe that human beings should be in harmony with nature as the guardian gods are present in tree, rice fields, mountains, home, and everywhere. Amaterasu is considered their chief deity with the emperor and empress as the successors who must lead ceremonies for the welfare of the people....
2 Pages(500 words)Essay

Obscure Country Research Project

...are Lahore, Karachi, Hyderabad, Multan, Rawalpindi and Faisalabad. The country is divided into different provinces which include Sind, Punjab, Baluchistan and Kyber-Pakhtunwa. Federally Administered Tribal Areas are another division that lies in the country apart from the provinces. According to the census conducted in the country in the year 2008, 172.80 million people reside in the country. Urdu is the national language of the country whereas the language which is used in the offices is English. Pakistan is a nuclear country. The neighboring countries of Pakistan include Iran which lies towards its...
4 Pages(1000 words)Essay

Ernest Hemingways In Another Country

...An essay on Ernest Hemingway's personal experiences of writing "In Another Country" ________ "A job is to tell the truth", said Hemingway in 1942 (Young 9). No other writer of our time has so fiercely asserted this truism considering that the primary intent of Hemingway's writings, was to narrate stories based on prima facie evidence. It's no surprise that many of his story protagonists had a close resemblance to actual characters he met during those real-life experiences in which he gathered content for his plot development. In the case of Nick Adams, the main character of Hemingway's short story, In ...
6 Pages(1500 words)Book Report/Review

Cultural Perspectives from another Country - Pakistan

...Running Head: Pakistan Cultural Perspectives from another Country - Pakistan of Cultural Perspectives from another Country - Pakistan Pakistan's is officially recognized as the "Islamic republic of Pakistan". The sixth most populated country in the world has been influenced by the Turks, Arabs, Baloch, Afghans, Mongols, Persians, Dravidians, Parthians Kushans, Macedonians, Greeks, , Indo-Aryans, White Huns, and Scythians.All these races have settled over the region at one time or another. The river Indus flows in this country and this river has witnessed sseveral ancient cultures and several of the earliest civilizations...
8 Pages(2000 words)Essay

Research about Government Expenditure in a country and then compare it to another country

...out the reform (c) program budgeting occurred without important parallel financial and administrative reforms – particularly related to accounting and auditing – that might have sustained it; (d) the replacement of the organizational structure witth programs as the focus of decision making did not occur, and perhaps, most important, e) a rapid, comprehensive and centralized introduction of program budgeting was ill considered in the Sri Lankan administrative environment. A more cautious and selective approach would have increased the likelihood of that the reform could have been sustained. Source: Government Budgeting in Developing Countries, Chapter 6, Peter Dean ` Source: World Bank Another...
10 Pages(2500 words)Essay

Market Research

...Task: Market Research Introduction Exportation of cars to other countries may face various challenges. Considerations must bemade through weighing between the available options before making an informed choice. For this reason, it is critical to have information about the countries’ foreign policies and restrictions that may affect trade. For this reason, a research on what transpires deems necessary before making a choice. In this case, two countries of interest will be analyzed from diverse angles so as to make a favorable decision on where to sell cars as an export business. Brazilian situation Foreign relation among the government of...
4 Pages(1000 words)Assignment

In Another Country

..."In Another Country" In this story, narrated by an American soldier who is wounded, a difference in personal perception between him and the Italian soldiers is depicted. The American soldier feels that he is separate from the other men. There is a major reason that makes the solder feel this way. Despite the fact that all the soldiers are undergoing the same kind of treatment in the hospital, thus being treated equally by the physicians and the outsiders, the American soldier is in the hospital because of an accident he faced, which caused injury to his knee and leg (Hemingway, 4). However, the Italian soldiers are in the hospital because they incurred the injuries during a war. Therefore, the American...
1 Pages(250 words)Essay

Market Research

...Market research Market research Market research is a business strategy which involves the collection of information about the targetclients or market. In any business, the primary goal is to make profit. However, no profit can be realized if the clients’ demands, needs, tastes and preferences are met. In order to achieve this, it is necessary to take the initiatives to conduct an extensive market research so as to acquire such important information (McDonald, 2007). Hence, it implies that it is incumbent upon any investor to organize and thoroughly study the market situation before introducing a new product into it. For any new business to know about the market to be ventured into, it is necessary to conduct primary and secondary... ...
2 Pages(500 words)Essay

Another Coursework 2 of developing a country/market analysis for any emerging market

...Market analysis of Turkey Contents Contents 2 Introduction 4 Local business environment 5 Key trading partners 7 Trade agreements 7 National policies8 Protected industries 8 Legal environment 9 The social environment and cultural 15 Values and norms 15 Societal characteristics 15 Customs 16 Ethics 16 Ecological and environmental issues 17 Conclusion 18 Reference 20 Introduction An emerging market of a country is characterized with the features of developed market. Turkey is among the five largest emerging markets in the world. It is experiencing a rapid development in its industrial sectors. The market of turkey is considered as an emerging market. The country’s enormous market has a population of approximately 72 million... . The...
14 Pages(3500 words)Coursework

Moving to another country

...Latin Immigration. The combined effects of globalization and the end of the Cold War have meant that people are on the move like never before. Millions of individuals from poor countries migrate to richer ones in an effort to better provide for themselves and their families through legal channels and, in their absence, illegal ones. In general, the United States has strict immigration policies; in addition to enforcing existing measures, it has introduced new ones, including the construction of a fence along the Mexico–U.S. border to curb illegal migration into the country. Despite these measures, the number of irregular labor migrants from various countries only seems to be...
1 Pages(250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Market research in another country for FREE!

Contact Us