International Marketing

3. International Marketing Opportunities

Review
1. International Marketing Strategies and Plans
2. International Marketing Environment
3. International Marketing Opportunities
4. International Marketing Research
5. International Market Entry Strategies
6. International Marketing Mix
7. International Marketing Communication
8. Marketing Efforts on International Markets
International Marketing Opportunities

Summary

- conduct an initial screening based on need

- narrow down the list of countries (top five or so)
- develop a secondary list
- choose most-promising markets
International Marketing Opportunities

Consumers’ Buying Behaviour

International Marketing Opportunities

Consumers’ Buying Behaviour

International Marketing Opportunities
Organizations’ Buying Behaviour
Market Research

Analytics gives you the ’what,’ but research gives the ‘why.’

Big data, user analytics, and dashboards can tell you WHAT
people do at scale, but only research can tell you what they’re
thinking and WHY they do what they do
Market Research
Key roles of market research in int. marketing:

- producers:
- framing and implementing product policies
- designing and executing marketing strategies
- distributors:
- location of the outlet
- shaping and improving store image
- distribution cost control and reduction
- merchandise-line analysis
Market Research

Key roles of market research in int. marketing:

- advertisement agencies:
- budget appropriations
- preparation and placement of advertisements
- measuring advertising effectiveness
Market Research

4 common market research methods:

Surveys: the most commonly used, easy and inexpensive

to conduct, you can do a lot of data collection quickly, the
data is pretty straightforward to analyze
Market Research
4 common market research methods:

Interviews: the most insightful, produce big benefits in understanding your

target customers

Speaking directly with an ideal customer, you’ll gain greater empathy for
their experience, and you can follow insightful threads that can produce
plenty of 'Aha!' moments
Market Research

4 common market research methods:

Focus groups: the most dangerous, expensive, many

potential errors, dominance bias / moderator style bias
Market Research
4 common market research methods:

Observation: the most powerful, great alternative to focus groups - less

expensive and you’ll see people interact with your product in a natural
setting without influencing each other.

The only downside is that you can’t get inside their heads, so observation
is no replacement for customer surveys and interviews.
Market Research
Concepts and techniques to identify and evaluate opportunities
internationally:

- consumer segmentation: identify consumer segments that share

common characteristics (from age, gender, place of residence, and
level of education to lifestyle and values)
- purchase situation analysis: distribution channels, payment methods
and all other circumstances that involve purchasing decisions
Market Research

Concepts and techniques to identify and evaluate

opportunities internationally:

- direct competition analysis: analyze existing players in

the market
- indirect competition analysis: analyze substitute
industries
Market Research
Concepts and techniques to identify and evaluate opportunities
internationally:

- analysis of complementary products and services: monitor the

performance of other companies’ products, which are complementary
to your own
- analysis of other industries: when your objective is not to continue
operating within an industrial sector but to expand a certain business
model or philosophy
Market Research
Concepts and techniques to identify and evaluate
opportunities internationally:

- foreign markets analysis: the size of the market and

competitors in other countries
- environment analysis: analyze changes in the environment
with technological and scientific developments
Market Research
Trends in 2021:

1) Less face-to-face work

2) Less humans, more machines
3) Data privacy issues
4) Growing competition among market research providers
5) Fundamental market division
Market Research
Building a market profile analysis of a foreign country market

Useful sources:

https://research.hktdc.com/en

https://libguides.utsa.edu/c.php?g=511855&p=3497763

https://www.trade.gov/ccg-landing-page