What are the major components of international marketing research?
International Marketing Research can be defined as “Marketing Research conducted rather simultaneously or sequentially to facilitate marketing decisions in more than one country.” International or global marketing is quite different from local or regional marketing with respect to size, scope and coverage. Accordingly international marketing research also has different parameters for study.
Components of International Marketing Research are:
1. Economic and Cultural Disparities
International marketing covers different countries and their respective varied economic and cultural conditions. The differences can be with respect to number of consumers (depending upon the size of the country), income level, saving patterns, investment avenues, festival and rituals etc. International marketing research has to consider all these features and evolve a research design suitable e to each country’s unique features. This is where international marketing research is complex and difficult.
2. Language Differences
There are different languages spoken in different countries of the world. International marketing research has to consider this. Moreover it may happen that one word or phrase or sentence may express different meaning in different countries or languages. So while doing advertisement in the international, marketing proper selection of words or language must be done.
3. Different Trading System, Currency Value and Trade Restrictions
The level of privatization and economic liberty in different counties may be different. Some countries may allow free trade of certain goods but other may restrict the trade of the same. Therefore in-depth research has to be undertaken to understand all these details.
4. Differences in Marketing Infrastructure
The developed countries have developed infrastructure with respect to banking, insurance communication and agencies. All these help in quick and successful marketing. On the other hand in underdeveloped countries the poor infrastructure facilities may create problems in marketing. For international marketing proper research must be done to understand the infrastructure facilities in different countries. According to the level and qualities of facilities available, the advertisement and other marketing functions can be adjusted to have a successful international marketing.
5. Legal and Political Differences
The legal rules and regulations of every country is different. Some countries may have democracy while others may autocracy. Similarly some may follow capitalism, some socialism and some communism. International marketing and international marketing research has to consider all these political and legal differences and accordingly frame the marketing policies and programmes.