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International Market Entry and Development - Essay Example

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As a result, companies face the need to carry out market research to find out the needs and wants of international customers. The market research done by companies…
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International Market Entry and Development
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Download file to see previous pages These diverse markets differ with the local ones in terms of the needs of customers, their buying patterns, the cultures and traditions followed by the customers etc. The process for market research starts with defining the problem and planning out the objectives of the research. This is often the most difficult step of this process as this step gives a direction to the entire research process. Once the problems and objectives have been identified, the researchers must establish the extent of information needed and develop a plan for gathering the needed information along with the management plan for the research. The research objectives must be transformed into information needs which are clear and specific. The research plan can include the collection of either secondary or primary data. Secondary data is the data which has already been conducted before for some other purpose whereas primary data is one which is to be collected for the specific purpose of the international market research. For international market research, the researchers need to carry out primary research due to the lack of secondary data. The next step is to actually implement the research plan and this involves collecting, processing as well as analyzing information. This step of the process is the most expensive step and needs to be carried out with a lot of attention. The researchers must analyze the collected data and tabulate results. The last step is to interpret the findings in order to find conclusions and report it to the management for further action.
With the increase in globalization, companies have to sell products not only in their domestic countries but also in international countries and markets. The companies have realized that they need to change some aspects of their products in order to cater to the specific needs of the buyers in international markets. This is known as ...Download file to see next pagesRead More
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