International Marketing Management and Its Implementation - Coursework Example

Running Head: International Marketing Management International Marketing Management [Institute’s International Marketing Management In the 21st century, global markets are changing and evolving at a rapid pace, and thus, creation of effective strategies for anticipating with such rapid change has become very essential due to the confrontation of heavy competition by different businesses around the globe. In the result, characteristics of businesses, as well as, needs and requirements of the consumers are becoming complex and diverse everyday. In this regard, it is very essential and imperative that adequate method and strategies should be employed for the achievement of relevant information, in order to allow effective decision-making in the organizations. Organizations of both developed, as well as, developing countries are confronting this change in the competitive world. In industrialized arena, customers, suppliers, and retailers have established direct links with each other for the efficient flow of the information, which has become possible due to the geographic integration of the markets in these regions. As a result, conduction of marketing research has become increasingly significant for the identification of market segments locally, regionally, as well as, globally. Moreover, country boundaries are being crossed by the organizations to integrate strategies with their consumers across different parts of the world. At the same time, another significant requirement is the momentum and speed of acquiring resources and information for the accomplishment of required anticipation from the market.1 As organizations shove the geographic boundaries of their procedures to benefit from the increasing prospects, collection of relevant information from an extensive and diverse assortment of markets has become imperative. Progressively, conduction of market, as well as, marketing research in unusual and remote marketplaces like the Far East, Latin American countries, the Middle Eastern regions, and the Africa continent. In the result, the process provides numerous confrontations, not only during the collection of precise and consistent information on the obtainable performance patterns in a speedy and commercial manner, but also in forecasting reaction to new and unusual incentives and understanding the insinuations related to the marketing approach. 2 Advancement in the technology has assisted and advocated the process of marketing research and at the same time, turned the process into a multifaceted collection of statistics on an international basis. The expansion and escalating scientific complexity of the communication management has facilitated the statistical compilation on a much broader and international scale and with speediness, as compared with the previously organized researches. However, organizations have to master the utensils for the better understanding of their intrinsic restrictions and unspoken partialities. Until now, the paper has tried to analyze the situation and confrontations, which has resulted in the significance of collection of data related to the marketing and market research. Now, the paper will try to analyze, discuss, and differentiate the process of marketing research, its changes in information requirements at domestic, as well as, international level. Moreover, technology and internet is playing a vital and significant role in the conduction of marketing research in the global environment, which will also be discussed in this paper. Particularly the paper will analyze the potentials that are required in the researchers at international level for performing an effective research in the progressively diverse and swiftly altering market of the 21st century. At present, the countries in the Industrial Triad are in the process of conducting the immense majority of marketing research, both commercially and academically. In the year 1995, more than ten billion dollars were spent on the marketing research by a number of companies collectively. In specific, European firms and organizations were the foremost to conduct the marketing research that spent approximately forty-five percent of the amount, which was followed by the American firms, as well as, some Japanese firms. Moreover, experts have prospected that emerging market economies will result in the increasing number of marketing research in the new future.3 The conditions of the promising markets are substantially different, as compared with the marketplaces of the industrialized countries. Standards of living, as well as, purchasing power of the consumers are quite low in the developing countries. Moreover, extremely multifaceted and ambivalent attitudes towards the foreign products can be observed in these markets, which have provided a number of challenges for conducting marketing research in these nations. These challenges have been advocated by lack of communications in terms of technologies and research. In the result, the development, as well as, accomplishment of collection of data during the marketing research has become a substantial confrontation for such companies. 4 In the less developed nations of the globe like African and Asian countries, technological advancement has focused on the expansion of the essential communications, transportation, electricity, and elementary shipping and distribution arrangements. Such enlargements are necessary for the building of a marketing infrastructure. Electricity plays a vital role in the effective distribution of commercials, as well as, in the application of technological equipments for sophisticated communications. Furthermore, the expansion results in the development of new markets and alters the living standards of the consumers in that particular region. In the result, the complication of conducting marketing research is increased, as the variety and environment of contexts of research turn out to be more and more heterogeneous. As the evolution and advancement is being observed in the functioning of these technologies, new innovative methodologies for the presentation of stimuli and data collection is being provided by them. Particularly, issues related to the international marketing research have been facilitated in an effective manner. The reactions of consumers can now easily be obtained in the video and audio format with the help of available multimedia presentations, which has modified the nature and effectiveness of the marketing research. The range of topics has been expanded due to the advancements in virtual reality, which has brought meaningful changes in the marketing research, especially at the international level.5 As the internet has progressed significantly, a dramatic change has been brought by its potentials in the conduction of international marketing research. Firstly, access to the secondary and existing data has become possible due to the availability of internet libraries, journals, and resources, which has been followed by the provision of a comfortable and extensive environment for the conduction of a new marketing research in an effective and efficient manner. Nowadays, it has become quite uncommon to visit a traditional research library to access the existing data, as traditional sources and the new coming sources are being updated everyday on the Internet, which can virtually accessed from any part of the globe. 6Nowadays, websites track their visitors through different software for the collection of primary data. On the other hand, electronic and interactive questionnaires have resulted in the effective administration of the marketing research. In this regard, international marketing research has now become very effective due to a large percentage of consumers utilizing the internet from their homes, offices, etc. Now, response to the promotional materials and advertisement can be revealed by tracking devices on the internet, which has played a dramatic role in the efforts used to require in the conduction of marketing research in the past.7 If one has to compare the methodologies of domestic and international marketing research, it is quite simple and uncomplicated method to conduct marketing research on the domestic level, even without the advanced technologies in the developing countries. One of the reasons of trouble-free process of marketing research is that people of every region have different cultures, attitudes, languages, etc. and thus, it is very simple to conduct marketing research in a limited range of geographical area. However, it is a time-taking process to conduct marketing research on the domestic level, especially in the developing countries. On the other hand, international marketing research requires the extensive understanding of different people from diverse cultures, languages, religions, and varied standards of living, which have resulted in the creation of complexities in the process.8 In terms of Internet, a more systematic fashion can be employed for the collection of data during the marketing research. Direct administration of the questionnaires over the Internet has resulted in the availability of suitable samples of questions related to the marketing research. Now, people are analyzed through email questionnaires, which is a very quick and automated means of conducting marketing research in a broad range of geographical area. Conclusively, virtually all facets of business and personal lives are in the process of modification at the domestic, as well as, international level. Different parts of the world are confronting these modifications according to their own infrastructure. In this regard, conduction of marketing research has become very challenging and complicated due to the multifaceted settings and standards of living of the consumers. The selection of respondents, utilization of tools and strategies, selection of the environment, and similar decisions has become very intricate due to the rapid changes in the present technological world. New creative methodologies must be found by the marketing researchers for the effective utilization of innovative technologies for the facilitation of consumers around the world. At the same time, the capability of research organizations should be developed in terms of conducting marketing research at the domestic, as well as, international level simultaneously. Moreover, development of similar capability is required for the simultaneous marketing research in the developing and developed countries at the same time, which is a challenge for most of the marketing researchers. Conclusively, the paper has tried to discuss, analyze, differentiate, and compare different trends related to the conduction of marketing research in different parts of the world with the utilization of technologies like Internet that has played a vital role in the conduction of effective marketing research. References Marcus Schmidt. (2006). Marketing Research: an International Approach. Prentice Hall. Marilyn Carrigan. (2005). Ethics and International Marketing Research Background and Challenges. Emerald Group Publishing. Mary Goodyear. (2000). International Marketing Research. Esomar. Subhash C. Jain. (2003). Handbook of Research in International Marketing. Edward Elgar Publishing. Susan P. Douglas. (2000). International Marketing Research. Wiley. V. Kumar. (2000). International Marketing Research. Prentice Hall. Word Count: 1583 Checked by Copyscape.com and Turnitin.com for Plagiarism. Read More