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International Marketing Research plays a vital role in global business expansion plans & strategy

Business expansion across global limits, it becomes inevitable to study global markets in greater details and specifics. As each one of us knows it is through international market research findings and analysis crucial decisions take shape.

Most Business firms rely on International market research on for the following reasons :

1.Get valuable insights with regards to new market developments abroad especially in developing economies

2.Provide useful information with regards to diverse market environments and conditions

3.Take maximum advantage of technological advancements in collecting, retrieving and analyzing market findings and offer highly accurate and relevant results.

International Marketing Research is carried across all verticals ranging from social sectors, healthcare sector, financial markets, IT sector, business to business markets and many more.

With the active presence of International marketing research agencies, the availability of required market research reports can be done in a desired manner. Considering the various manners in which research is conducted, the client company could go for –

Telephone research
Focus group
Online studies
One to one face interviews

In International Market Research the areas of conducting research activities could be in reference to

Customer satisfaction
Image and awareness tracking
Brand Positioning
Product Development
Market Development
Strategy Development
Employee Satisfaction
Usage and Attitude

Most research agencies have known to conduct research on verticals such as mobile phones, software, professional AV, consumer electronic and domestic appliances, food products, coffee, alcohol, ICT, engineering, utilities, boats, telecoms services, IT consultancy, security, radar, waste disposal to name a few prominent ones. These research reports include economies and markets across East, Western Europe, America – both North & South and even Asia.

Healthcare Market Research is widely conducted across the globe by many market research agencies. Healthcare Market research includes study and research on

Pharmaceuticals
Medical Equipment
Medical Consumables
Healthcare Associations
Alternative Therapies

Companies who go for healthcare research reports wish to ascertain the performance of competing brands, user experience of existing procedures and treatments, feedback from medical professionals’ i.e doctors, consultants and nurses. Healthcare research reports could be related to developed countries or developing countries. In case of companies wishing to expand to wider horizons, more and more reports relating to developing countries are asked for.

The core areas of healthcare market research include Gynaecology, Oncology, and Cardiology, Contraception, Optometry, Rheumatology, Alzheimer ‘s disease, COPD, Smoking cessation, Diabetes, Insomnia, Obesity, Wound care and HIV Based on trends and analysis revealed from these research reports, Healthcare companies are in a position to put forth new products and market them in a desired manner ensuring its successful acceptance across the markets.

In today’s world, International Marketing Research has a key role to play. In fact it accelerates the process of business expansions and guides industries to take the path forward and bask in success and limelight all the way.

Business News – A marketing strategy followed by companies for business Growth

The location is known to be done on a grand scale around the world. The vice-president of Google search statutes, Alan Eustace said that the organization seeks to add to the list of employees with a good number of candidates with the best talent. New Google recruiting has made its mark in the latest business news on top. Before this year is that in 2010 the company hired approximately 4,500 employees working just in the departments of sales and engineering. Notification of hiring after the execution will be the largest recruitment in the history of the company. Latest reports new businesses Eustace made a statement saying that the recruitment was done not only because of higher sales of the company, but also because of the increased size of the organization.

 

The fact is that if a living exhibit of the company is required, then the business owner should strongly consider marketing new business. It is currently the highest technical and lucrative to spread your business online. For news marketing, press release, articles and business information must be submitted. The realization of this method of marketing new businesses can be quite hectic for both time and energy is wasted as all the news is required to be published one after another at all Web sites to provide the exposure that it must in order to simplify the tedious process of marketing new, developers have invented software that accepts only business information, news article and press release you, then submit them to directories business percent higher and further. And so it is not necessary to lead to waste time on the purpose of marketing new business with a single click does the job with the help of software.

 

 

New business is filled with the current U.S. economy and will slowly but surely into a system of self healing. The United States of America has reduced its trade deficit to record levels. The deficit in May 2009 reached its lowest level in 9 years. Economist across the country are predicting that the recession may finally disappear in a few months. The Pinstripe be hit by recession is also one of the new current affairs. The men apparently prefer corporate colors dull and flat by the BBC. The current scenario is currently observing trading houses desperate to do something different to distinguish the extent of the manufacture of business cards out of beef jerky. New business is the most common that airlines Indigo placing a bid with the United States for 180 Airbus A-320 NZ $ 70,200 cores.

The Retailing Strategy of the Business World

The business world is such a complicated place for those who are not aware with its basic principles. Although it is one of the most obvious professions of the world, only few people understand and appreciate its importance to the economy. Business is not just about buying and at the same time selling goods to consumers. It often connotes the idea of providing the needs of your customers in exchange for a specific amount. Moreover it is the legal and appropriate way of using your money.

Almost all humans are considered as prospect buyers or customers, however not all individuals are capable to establish his or her own business company. If you are planning to create your own company you need to consider several things first before setting up your mind. You should not forget that the future of you company depends on your determination and faith in your work.

One of the most important tools in creating your own business is your interest. According to psychologists it is an inborn skill or talent to excel in business. It also proves that not all people are capable of entering the business world. It is the concrete reason why several individuals became successful in life even though they were not able to graduate and earn a business degree. Psychologists often believe that the spirit of being an entrepreneur is innate can be developed through the interaction of the environment.

Determination is also part of the necessary attitudes that must possess if you really want to become successful. You must learn remain strong in time of crisis and trails. It doesn’t matter also if you begin your business in small basis first such as home base business, rather it will greatly depend on how good you are in enhancing your business.

Business strategies are also very important if you really want to experience improvement Acceptance-Insurance. It suggests that you need to use different methods to attract and entice your prospect customers. It could be in form or product commercials or packaging of your products. Meanwhile there is a very relevant method used by small scaled businessmen which is already proven to be effective when it comes to marketing.

Retailing is one of the oldest and finest types of business strategy. This type of method is often used to influence their customers with the idea that they can now already purchase expensive goods in lower rates because it can be bought in small amounts. Consumers are then convinced with the idea that they can save and control their budget when they buy in retailing stores because it is much lower compared to its regular amount.

Although the quantity of the item is compromised once it is sold by retailers, consumers are still eager to buy goods because they believe that it is the best way for them to save their money Acceptance-Insurance. However consumers are not aware of the idea that they are paying more once they entertain the idea of retailing. In this type of method, retailers are the individuals who can gain much benefit.

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Business Trends and Message Types

Business communication has evolved greatly throughout centuries and continues to change at fast speeds. Relaying messages in a professional setting are vital to the production and life of an organization. Business communication plays a role in day-to-day activities at work, business trends may be observed, and message types may vary as a result from business communication trends.

            Communication can be verbal, non-verbal, and written. Verbal communication in a business setting is the most personal as it displays inflections, dialects, and diction. Verbal communication is the first communication form of each day for me at the office. When I enter into the five story corporate building in the a.m., potential communication is always anticipated. Elevator talk, passive greetings, and non-verbal communication are displayed within the business building. One entered into the office, a greeting is made to the corporate secretary as I walk to my executive office with a view. Late emails are answered and voicemails are returned after checking the fax machine for submissions while sipping on a cup of Starbucks coffee. My day has begun. Business communication plays a vital role in my day-to day activities at work. Within the first fifteen minutes of my work day, I have potentially communicated verbally, non- verbally, through the telephone, fax, and through electronic mail (email). Business communication allows me to manage my work day more efficiently. Faxed statements from local entities prevent lengthy wait times for postal mail shipments. Email allows me to send documents, receive documents, and relay messages at the click of a button. Additionally email can send bulk memos to inform a large audience of procedural updates and other applicable data.  Once an email is started, a simple reply is required to continue communicating. The telephone is a wonderful way to speak with clients, candidates, and other business to business (b2b) entities. The efficiency of business communications is the greatest asset.

            Business trends are generally regional and standardized. When technology is released, most business entities adapt. In business, I have noticed a growing use for PDA cellular devices and laptop computers for sales representatives in most major industries. For the small business, fax machines are becoming optional with the ability and growing demand for scanners and email attachments. Interoffice mail is also a new trend for modern corporations where individual postage is not necessary and mailstops replace the physical address on a package. Other business communication trends are in relation to the business-client relationship. The social networking trend has dominated the business industry as millions of businesses and business persons create an online profile in hopes of building their brand and offering heightened presence. The original trend was business cards, then a website, now a social networking profile. Business cards have also changed faces as the standard business card is seemingly frowned upon and must be updated with innovative design and unique construction including materials.  Business marketing is the primary source for business communication while building a brand and has also evolved. Today, vehicles can be wrapped in an advertisement to be viewed during normal driving situations. Direct mail campaigns are also a growing trend by comparison to the 1950′s where junk mail was simply unheard of.   

            “The four levels of information richness in business communication are as follows: face-to-face communication, spoken communication electronically transmitted (telephone or voicemail), personally addressed written communication (personal messages), and impersonal written communication (impersonal messages)” (Consador, 2010). The aforementioned levels are also message types that result from business trends in which most all business communications will result. For example, the trend of PDA cellular devices as a form of business communication will result in telephone communication, email, instant message, or text message.

            To communicate within business, it is important to observe ethical standards. Corporations and other business industry organizations compete for highest profits or largest market shares which has weighed management down with a heavy burden to meet or exceed financial projections implemented by an organization’s intelligence. When a manager operates with the trait of applying clear goals and direction, success may abound through the clarity of expectations. Clear goals and direction is always communicated and therefore highly regarded to the success of the organization itself. Communication is how business transpires. Effective management occurs when management and their subordinates operate within productive communication relationships that produce a desired or exceeded outcome.

Consador, Kat. (2010). Four Types of Business Communication. Retrieved December 13, 2010    from,

 

 
 
 
 
 
 
 
 

How To Audit Your Business Strategy

Why conduct a business strategy audit?

Nearly all the major initiatives undertaken by corporate executives today are called “strategic”. With everything having high strategic importance, it is becoming increasingly difficult to distinguish between the many priorities and imperatives that are initiated in organisations. When everything is clearly strategic, often nothing strategic is clear. When everything is designated as a high priority, there are, in reality, no priorities at all.

However, when the overall strategic direction is clearly understood by everyone in your organisation, the following benefits occur:

organisational capabilities will be aligned to support the achievement of your strategy resources will be allocated to different business processes in priority order – according to the importance of that process and its contribution to competitive advantage your company or organisation can excel in the market place or in its business/commercial sector.

 

The purpose of a strategy audit is to arm managers with the tools, information, and commitment to evaluate the degree of advantage and focus provided by their current strategies. An audit produces the data needed to determine whether a change in strategy is necessary and exactly what changes should be made.

Defining a Strategy Audit

A strategy audit involves assessing the actual direction of a business and comparing that course to the direction required to succeed in a changing environment. A company\’s actual direction is the sum of what it does and does not do, how well the organisation is internally aligned to support the strategy, and how viable the strategy is when compared to external market, competitor and financial realities. These two categories, the internal assessment and the external or environmental assessment, make up the major elements of a strategy audit.

The outline that follows is derived from The Business Strategy Audit (see References). It\’s intended to give you a clear idea of how to set about conducting a self-assessment audit in your own organisation, without the need for any additional training or external consultancy support. But note that this outline does not include the range of Questionnaires and Checklists and the detailed guidance to be found in the full, 124-page Audit.

Part 1 ~ The External Environmental Assessment

A conventional corporate mission is to provide distinct products and services to customers at a value superior to that offered by competitors. Without a strategy, valuable resources will be diluted, the work of employees will be unfocused, and distinctiveness will not be achieved. The external environment assessment provides any business with a critical external link between its competitors, customers, and the products/services it offers.

The fundamental reason for examining an organisation\’s environment in the process of clarifying strategy can be summarised thus:

Ensure that the company is meeting the needs evident in the environment Prevent others from meeting those needs in a better way Create or identify ways to meet future or emerging needs.

 

The success or failure of a company often depends on its ability to monitor changes in the environment and meet the needs of its customers and prospective customers.

An organisation\’s business environment is never static. What is viewed as uniqueness or distinctiveness today will be viewed as commonplace tomorrow as new competitors enter the industry or change the environment by modifying the rules by which companies compete. Consequently, an effective strategy will do more than help a company to stay in the game. It will help it to establish new rules for the game that favour that company. Successful companies do more than simply understand their environments. They also influence and shape the circumstances around them. Companies that fail to influence their environments automatically concede the opportunity to do so to their competitors.

Steps in conducting an environmental assessment

Step 1: Understand the external environment at a macro level

The first step in the environmental assessment is to develop a basic understanding of the trends and issues that will significantly change, influence, and affect the industry. The overall industry understanding comes from looking at the elements that influence the environment.

These elements include:

Capital markets Industry capacity Technological factors Pressure from substitutes Threat of new entrants Economic factors Political factors Regulatory factors Geographic factors Social factors

 

A useful framework to understand these issues comes from answering the following questions. They should be posed directly when used in an interview, and indirectly when analysing data:

What is the long-term viability of the industry as a whole, and how do capital markets react to new developments? What trends could change the rules of the game? Who are the industry leaders? What are they doing? Why? What are the key success factors in the industry? What developments could allow a company to change the rules of the game? Five years from now, how will winners in the industry look and act? What is the reward (and/or cost) of being a winner/loser within the industry? Where has the industry come from?

 

Step 2: Understand the industry/sector components in detail

Industry/sector components are normally broken down as follows: competitors, customers and stakeholders. Questions that should normally be asked of each key competitor include:

BUSINESS REVIEW

Strategy Issues:

What is the strategy of each competitor? Where do they appear to be heading? What is their business emphasis? Do they compete on quality, cost, speed or service? Are they niche or global players?

 

Capabilities:

What do they do better than anyone else? Where are they weaker than others? Where are they the same as others?

 

Business Objectives:

Who are their primary customers? What types of business do they not do or say no to? Who are their major partners? Why are they partnering? What do they gain from it? What are they doing that is new or interesting?

 

FINANCIAL REVIEW

Financial Strength – Internal:

How much cash does each competitor generate annually? What are the drivers behind their financial success (from a cash perspective)? How do they allocate resources (funds)? How fast are they growing and in what areas?

 

Strength as Perceived by Capital Markets:

Are competitors resource constrained or do they have strong financial backing? Is this perception consistent with the internal analysis? Why or why not? How has the company performed in the financial markets? Why? What constraints/opportunities do they have with respect to financial markets? Why?

 

ORGANISATION REVIEW

Top Management:

Has management kept the company at the forefront of the industry? Why or why not? Are the key players seen to be moving the company forward?

 

Organisation:

Is the company centralised or decentralised? Does the corporate parent act as a holding company or as an active manager? Is the organisation perceived as being lean and able to get things done?

 

People:

How many people are employed? Is the company over-or under-staffed? Are people managed to achieve mainly business objectives, human objectives or some of both? How does this affect the company? What skills are emphasised during recruitment?

 

Culture:

Is the culture results-oriented? Bureaucratic? Flexible?

 

Similar lists of questions should be developed for customers and stakeholders (or see the full Audit for ready-made questionnaires).

Step 3: Integrate the components into an environmental picture

Once the findings of the stakeholder analysis, customer analysis and competitor analysis (above) have been collected, audit team members should step back and integrate the data. Integrating the different components will help the team to understand the overall environment in which the business operates.

This integration should take place at two levels: assessing where the industry is heading and the likely impact of that direction on the company, and combining the organisational assessment with the environmental assessment.

The Business Strategy Audit offers a detailed framework for analysing this data. In brief, it should highlight significant changes in the environment, and the impact of those changes on the company\’s competitive position within the industry. It should address the fundamental question of how the company can influence its environment in the future, and what the business will need to look like if it is to thrive in the future.

In addition, the analysis should highlight the requirements and capabilities that are needed within the company to meet external demands. These requirements and needs should then be matched up with the current capabilities outlined in the organisation assessment. This will enable the team to determine the overall alignment of the company\’s strategy to its environment.

Part 2 ~ The Organisational Assessment

Once the company\’s environment has been examined and analyzed, managers should consider the qualities and characteristics of the organisation itself that influence what can be accomplished in terms of strategy. This section is about organisational assessment. The steps shown here will provide insights into the effectiveness of the company\’s current strategy, and provide guidelines for increasing strategic effectiveness.

Strategy Clarification. Strategy clarification helps the leadership team determine what business they are in, the direction of the business, and framework or criteria for making strategic decisions in the future. If people at any level of a business are unclear about any of these three areas, it is difficult for them to focus their attention, cooperate with other teams, and organise their efforts to gain competitive advantage in the marketplace. Viability and Robustness. Measuring viability and robustness helps a leadership team test strategies and ideas against future world scenarios to determine whether the strategies can be achieved and sustained. By looking at both market and financial viability and robustness in different scenarios, a management team can see what will create advantage in the future and what key measures need to be implemented to monitor changes in business conditions. Business Processes. The term business process refers to the overall work flow within a company and includes elements such as product design, manufacturing, and delivery. A good process analysis will help a leadership team to see what must be done given the company\’s strategy, and how those processes can be improved. Capabilities. Capabilities are bundles of separate skills required to deliver the products or services that give a business competitive advantage. There are two parts of a capability assessment. First, the capabilities needed to execute the strategy must be determined. Second, the current level of ability in terms of those capabilities must be assessed. Without knowing what capabilities should be focused on and improved, competitive advantage will be difficult to achieve. Organisation Design and Resourcing. This part of the analysis looks at alignment issues between the environment, the strategy, the skills required to achieve that strategy, and the organisation structure. During this step, a management team can design an organisation that aligns systems in a way that will allow them to execute a strategy. Unless the systems within a business are aligned to improve effectiveness or efficiency, strategy statements are merely plaques on the wall that are seldom realised. Culture. Culture refers to the set of shared values that influence behaviour and direction over time. The style of management and the beliefs and assumptions commonly held by people in the organisation must be determined in order to ensure alignment and execution of the strategy.

 

Having completed each of these assessments, they must be integrated by the audit team. In this process, audit team members should attempt to answer one fundamental question: Is our strategy in alignment with the external environment?

To answer this broad question, the following issues should be addressed:

Do our capabilities match our customer requirements? Do we offer something required by our customers that is better than the offerings of our competitors? How are customer demands changing? How are competitors changing? How are our internal capabilities evolving to keep pace with those changes?

 

Depending on the answers to these questions, the team can implement the changes dictated by the audit. In making these changes, three issues should be considered:

Structure follows strategy – This means that current organisational boundaries and structures should not be allowed to determine the selection of a competitive strategy. Rather, the environmental and organisational assessments that you have just conducted should determine and drive strategy selection.

Plans for change must be widely owned – Those people ultimately responsible for implementing strategy (typically front-line employees) should be consulted for their ideas about what changes should be made and how they should be made. Otherwise, very little change is likely to happen.

Implementation should start with what is core to gaining advantage – In other words, start with core business processes, \’pick the low hanging fruit\’ first, make those changes that will make the most visible difference.

In addition, it may be useful to know that the following are the most common mistakes made by teams conducting business strategy audits:

Expecting all data to be equally useful Do nothing with the audit findings Failing to link other support systems (rewards, administration, etc.) to strategy Not thinking strategically about what processes and capabilities to keep in-house and what to outsource Failing to prioritise those core processes that must be world-class Failing to match internal capabilities with customer requirements Failing to communicate audit findings and strategy changes to people throughout the organisation is a clear and simple language

 

International Business: Strategy, Management, and the New Realities

International Business: Strategy, Management, and the New Realities

KEY BENEFIT: CKR is an evolving learning package that makes teaching easier and captures IB as practiced today.
The text addresses emerging markets, the growing participation of small and medium-sized firms in international business, and examples of both international and national businesses so students can see IB from all perspectives. CKR also offers an online resource called the Educator’s Consortium that supports and connects students and instructors worldwide.

This text is for business students and professionals interested in learning about the impact of international business and emerging markets.

 

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