Step 5: Evaluating the Value of Research

In cases where secondary data is not available, deeper market research is necessary
to gain an understanding of the market. Managers also need to assess the costs
involved in conducting research and find solutions to enable the company to enter
the market without incurring excessive research costs. The cost of research also
depends on the scale of the market, with smaller markets sometimes not incurring
significant research expenses.

Step 6: Designing the Study

Primary data is data that is not readily available and requires independent research.
When secondary data is not available, conducting primary data research becomes
essential. Some considerations when conducting primary data research include
using multiple indicators instead of a single measure and always conducting
comparative evaluations across multiple countries. Since primary data requires
independent research, there may be some challenges such as difficulty in data
collection, higher costs, and time-consuming data gathering.

Step 7: Utilizing Qualitative Research

The purpose of qualitative research is to identify core brand values, explore
consumer insights, describe the social and cultural context of behavior, and gain a
deeper understanding of consumers.
Standardization vs. Extension of Marketing Mix
During the process of standardizing and extending the Marketing Mix, there are
two types of markets to consider: the current market and the potential market.
- Current Market: This refers to the market currently being served by one or
more companies. An example of a modern market could be the market for
information and communication technology (ICT) products, such as smartphones
and tablets.
- Potential Market:
- Latent: This is a segment of the market that has not yet been fully explored or
exploited. There may be existing needs that no company has paid attention to.
- Incipient : Markets emerge when there are changes in economic trends,
demographics, politics, or socio-cultural factors. Companies can identify and tap
into new opportunities in these markets to expand their Marketing Mix and
generate profits. For example, the Blockchain market has become a promising
market due to the continued development of economic and technological trends,
providing new opportunities for companies to participate and expand their
Marketing Mix to meet the needs of this market.
Research Methodologies
- Survey Research: Qualitative or Quantitative.
- Consumer Panel: Tracking respondents' behavior over time.
- Observation: Trained observers or mechanical devices (video cameras) watch
and record actual or potential consumers.
- Focus Groups: Moderators lead discussions with 6-10 participants.
- Scale Development: Likert scale; awareness of bias.
- Sampling: Convenience or quota samples.
Data Analysis
First, the data must be cleaned and tabulated, then various analysis methods can be
applied to analyze the market:
1. Factor Analysis: Factor analysis helps identify key factors behind the data,
helping to better understand the relationships between variables
2. Cluster analysis: Cluster analysis helps group objects or individuals with similar
characteristics into different groups.
3. Perceptual mapping: Perceptual mapping is a graphical method for displaying
how brands or products are perceived and evaluated by consumers.
4. Conjoint analysis: Conjoint analysis is a method of measuring the relative value
of product and service elements, helping to better understand consumer
preferences.
5. Comparative analysis: Comparative analysis is the comparison and evaluation of
performance or other factors between different objects.
6. Market estimation by analogy: Market estimation by analogy is predicting the
size of a market using information from similar markets

Step 8: Report Presentation

In presenting reports, it's essential to:
1. Clearly link the report to the problem or opportunity identified in Step 1.
2. Use language comfortable for managers.
3. Simplify complex quantitative analysis.
Current Issues in Global Marketing Research
Comparability refers to the ability of a study to be used for valid comparisons
between countries. This requires consistency in research methods and data
collection to ensure the feasibility and accuracy of comparisons.
Emic analysis focuses on understanding a culture from within, based on the
perspectives, values, and concepts of people within that culture.
Etic analysis is an objective and detached research method, unaffected by personal
viewpoints or values, often used in multi-country studies where uniformity in
measurement and comparison between countries is needed.