International Marketing Practices

Leverage Online Market Research Capabilities As with other aspects of marketing, the internet provides cost-effective tools to conduct market research in foreign markets. Online survey platforms, such as Google Forms [131], Qualtrics [132], and Survey Monkey [133], allow firms to develop professional-looking questionnaires, manage survey distribution, and conduct data analysis. Tools, like Google Analytics [134] provide detailed information on website traffic, including user location, visits, and other information. International Market Research Market research for foreign markets presents added complexity for firms interested in pursuing international sales. Information needs to be communicated between different cultures, and research tools that may be easy to implement in one country may be unfeasible in another. These factors result in higher levels of uncertainty for foreign market research. Exporters should strive to gather general information regarding target markets, societal and economic trends that may impact exporting prospects, and required information for marketing mix decisions [1]. Potential sources for general country information can be found in the Central Intelligence Agency’s World Factbook [135], economic and trade information can be accessed using The United Nations’ Conference on Trade and Development resources [136], “country risk” information is available using the Euromoney Country Risk database [137], and commercial guides for more than 125 countries can be viewed on the U.S. Department of Commerce website [138]. Market research should follow a structured approach. First, market research objectives should be clearly stated. Second, the firm must select the sources of the data that will allow it to meet the set objectives, as well as gather the information. Third, the firm should analyze the data collected and communicate the results to those making the decisions. Market Customization and Niche Marketing Developments in communications, strong domestic and international competition, and more sophisticated customers have ended the era of mass production and mass marketing. There is no longer a “one size fits all” marketing approach, and markets are moving to mass customization, or producing goods that meet customers’ unique needs at an industrial scale and at a reasonable cost. Consumers prefer products tailored to their specific needs, and business success will increasingly rely on the ability to (1) identify market niches that fit its core competencies, (2) successfully target these markets with promotion and the right distribution channels, and (3) position the company’s brand in a way that drives purchase behavior. This process is known as market customization (Figure 8).

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