Business

Importance of International Marketing Research (IMR)

The business environment in modern times is changing rapidly due to technological advances. Along with the development of communication and information systems.

The expansion of business processes from domestic to international has become necessary for some organizations to demonstrate their presence in the market. In addition, to reach the largest number of consumers.

However, when deciding to expand your business processes, certain cultural, political, and legal differences arise. Subsequently, these differences prevent the organizations from starting their businesses internationally.

Therefore, IMR has become essential for effective decision-making. Which as a result, will help the success of projects to be exported internationally.

In this blog, we will explain the meaning of international marketing research along with the processes of international marketing research.

International marketing research is important for brands that wish to expand their market share and transfer it to global markets. Therefore, international marketing research is more comprehensive and important than domestic marketing research.

Before we begin to explain what IMR is, we need to define the market research and International marketing:

Market Research

Is the collection, analysis, and interpretation of information about the market, a product or service offered for sale in this market.

Additionally, it is about past, current, and potential customers of the product or service. Along with their characteristics and spending habits.

As well as the geographical location, the needs of the market targeted for your business, and the industry as a whole and the competitors you face.

International Marketing:

This activity is carried out across domestic to external borders, penetrating all environmental barriers and factors in new markets. As well as competition and marketing experience in external markets.

Here lies the importance of (IMR) for its ability to provide an enormous amount of market information, competitors, and consumers. So companies rely on it to help them sell their products effectively and efficiently.

Furthermore, because markets are inherently constantly changing and competition increases.

Therefore, marketing research is one of the core functions that operate to achieve the marketing goal of your business.

Because based on the results of marketing research, the company’s other policies and strategies are defined in the international market.

International Marketing:

According to Olivier Allain, international marketing “is a set of methods and techniques that allow an enterprise to gain and maintain important customers by constantly listening to markets through the following steps:

·         Good knowledge of markets by observing and analyzing demand, competition, intermediaries, legal and technical environment, social and cultural.

·         Another step in creating successful marketing research is identifying the commercial purpose as a target and seeking the best product, price, promotion, and distribution policy.

·         Good marketing of products and services based on an effective communication and distribution policy. Therefore, these steps are an essential basis for enterprises wishing to access global markets.

·         Marketing research helps the company to avoid future problems and mistakes.

It is difficult to obtain all the information needed to formulate business plans. In addition to sales, marketing, and promotion strategies without marketing research, especially in the event of new market penetration. Because foreign markets are not known to new companies, therefore, they are not easy to detect.

For example: If you’re thinking of entering a new market in a different country. You should be very careful when conducting IMR because you must specify:

·         What you want to achieve

·         Everything you must do

·         What should be avoided to prevent cultural mistakes

·         The laws and behaviours govern this market

What makes International Marketing Research (IMR) different from Local Marketing Research?

Expanding business into new markets requires a lot of work, due to the consideration that foreign markets are relatively unknown.

Therefore, it is very important to know more precisely about them and their target areas before the start of any work.

When you open a local business, you have a general idea of the market, potential consumers. In addition to the scale of competition and government regulations.

But when you venture into new markets abroad, it is like getting out of your comfort zone. You barely know any general information regarding the new market. As a result, you have to collect all the necessary details by all means.

Why do you have to conduct IMR?

Because you have not resided or worked in the target country long enough to feel like a citizen, your knowledge of this country will be virtually non-existent.

Therefore, whatever you need to know to ensure that your business enters smoothly and attracts local customers will come through international market research.

You must understand that the response ​of other cultures to new products, marketing efforts, and even new companies will be different.

For example, it is common in some African countries that the image on the product packaging poster indicates the content of the packaging, and in some countries, it doesn’t.

Imagine when the famous baby food chain “Gerber” delivered its products in South Africa failed miserably despite the strength and quality of its globally known brand and products.

This happened due to their lack of knowledge of this simple information, using the image of a cute white child on a food packaging poster, this image caused consumer’s great dismay.

It might sound like a simple mistake, but it cost the company a lot.

While all of this could have been simply avoided by conducting international marketing research.

International marketing research – Benefits:

Firstly, international marketing research helps in improving the quality of decisions made by managers by highlighting all available marketing alternatives and presenting decision variables in a way that enables marketing managers to choose the best alternatives.

Secondly, international marketing research help in the detection of defects and errors so that they can be addressed before their spread. Along with avoiding them in the future.

Thirdly, international marketing research assists in understanding the market and the variables that govern it by understanding what is happening within the market.

Fourthly, gaining a competitive advantage and outperforming competitors.

In addition, international marketing research helps in the study and understanding of State-specific environmental constraints.

Finally, international marketing research helps in expanding the company’s work.

Core details of International Marketing Research:

Comprehensive knowledge of the market is vital to the success of an international business. In addition, conducting international marketing research can provide you with all the data they need to understand target markets.

The usual questions may remain the same in international marketing research, but the type of answers arise to a different level.

Therefore, it is expected that the answers will vary among States for cultural and historical reasons. Every different answer can change a lot of your marketing decisions, and the previous example is the best proof.

Fundamental things that international marketing research must include:

·         Develop the client’s desires and needs

·         Compare client perception to your company and your competitors

·         Adequacy and performance of different marketing tools such as services, products, distribution channels, direct sales, and product brands, including methods of communication and pricing.

·         Innovations in marketing methods such as photographic schemes, new business models, application of new technology, and modification of standard marketing tools

·         Improving the quality of services provided to clients

·         Readiness and acceptance for the application of new technology

·         Laws, policies, and procedures of the State

CONCLUSION

International marketing research provides an information base that helps you make strategic decisions.

For this reason, they must be available early, quickly, and conducted through a competent and professional partner in this target country.

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