Businesses and International Strategy Essay Example | Topics and Well Written Essays - 5000 words

Businesses and planetary Strategy - Essay ExampleThis has made it necessary to conduct look across boundaries as it helps to identify regional and global market segments. As firms need to collect tuition from a broader and more diverse range of markets conducting explore in developing countries has become essential. However, conducting market research in developed countries poses certain challenges. These challenges range from collecting accurate and updated data on existing mien patterns in a cost-effective manner. Collection of data has become easier due to technological advancement plainly also complex at the same time. The communications infrastructure enables data collection on a much broader and diverse scale. The removal of barriers between countries, the growth of regional and global market infrastructure and the change magnitude mobility of consumers have exerted pressure to have an integrated international marketing strategy. The emerging economies are promising in t erms of sales and expansion of the multinationals and hence conducting international market research in these countries is of paramount importance. sooner entering these markets, firms have to collect information to assess potential opportunities and determine how to position, price, promote and place their product. International merchandising Research (IMR) has been defined as market research conducted either simultaneously or consecutive to facilitate marketing conclusions in more than one country (Kumar, 2000). The process entails taking into account versatile market characteristics for facilitating marketing decisions. The various components that are responsible for marketing the product can be traced. Marketing research is an important part of the marketing intelligence system as it helps to improve management decision making by providing relevant, accurate and timely (RAT) information (Aaker, Kumar & Day, 2001).