Secondary and Primary International Market - Research Paper Example

According to Marketing News (1994),``efficient global marketing begins with strong market research''. Whether the objective is really to expand into new markets, introduce a new product or service, or gauge customer reactions, even the smallest businesses can benefit from a simple but well-planned market-research study. What has been effective in the previous decades in market research may no longer be effective nowadays especially in this 21st century, much as the information and data to be used.

As such, a lot of changes have to be done to support the objectives of the firms. International market research plays a very significant role now that business entities are confronted with the brisk pace in changes in the international markets. Regardless of whether the international market is a developed or less developed country (LDC), both of them have changes in their information needs. They just have different sets of information needs. Quality research will reveal details about the firm’s existing customers and will help it to target new customers.

Like for example, a firm has to know whether there is a demand for their products or services in a particular country or place therein and whether the customers are willing to pay for the price to be charged. This is very much critical in less developed countries as compared to developed countries.In expanding the business, there is an increasing need to conduct research across country boundaries, in order to classify global or regional market segments or to determine the opportunities for incorporation and better coordination of strategies across national boundaries.

To begin with the entering of business in international markets, a firm needs to collect information to gauge the potential opportunities, to determine how to price, position, promote and distribute their products and brands, whether to develop local variants, etc. (Craig & Douglas 2001, p.80).