Determining Market Potential for Bicycles and Outdoor Clothing in Latin America for UK Retailers

OPTION 3
International Business Research
Topic: Determine which countries in Latin America have the greatest market potential for
selling Bicycles and Outdoor Pursuit Clothing: In the case of the UK Retailers.
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Table of Contents
International Business Research..................................................................................................1
a) The importance of conducting Marketing research before expanding........................................3
b) Research Objectives / Research Problems:.................................................................................4
c) Identify and justify your chosen primary and /or secondary research approaches to fulfil the
objectives of your research..............................................................................................................5
d) Who is the target audience for your research?............................................................................6
e) Outline and critically evaluate the key challenges associated with conducting market research
approach in this Latin American countries/country of your choosing.............................................7
REFERENCES................................................................................................................................8
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a) The importance of conducting Marketing research before expanding
According to Kelvin Stiles (2020), conducting a marketing research before expansion is
highly essential and it directly contributes to the success of expansion. Marketing research can be
conducted by the organisation at different stages which will result in a greater understanding of
the market place in which the company will expand. This will enable the organisation in terms of
creating a sound business strategy which will establish the brand image. The primary and
secondary research is helpful in giving a perspective of the research area and how it can directly
help in terms of analysing the situation. (We Give You 7 Reasons, 2020). The primary market
research is helpful in assessing the active competition within the market place, monitoring of
sales effectiveness and further understanding the channels of communication used by the
competitors. Primary research is directly helpful in understanding the target market and how the
expansion can help the company to further associate the business (Buckley and Casson, 2021).
The secondary research refers to usage of someone else’s data for the purpose of fulfilling the
objectives. This research is based on the data that is collected already, organized and further
published which is further used by the small businesses to understand and gauge the market
trends, devise plans and make decisions on the current economics.
Market research is important as it will help in terms of identifying the problem areas as
well as the areas that will be strong for the company. The market research is highly helpful in
terms of identifying the needs of customers and further delivering the output as per the needs of
the customers (Christofi and et. al., 2021). Research is helpful for the making the informed
decisions in the marketing domain of the company, the research results help the organisation to
use a range of results in the business model. This is also helpful in keeping an eye on the
competitor so that the organisation can have enough knowledge which will further help in
gaining a competitive edge in the market. Using the market research will help in terms of making
a bigger and better industry. The author also stated that the market research is helpful in
identification of business potential and further working accordingly to become stagnant in the
organization. The risks associated with the market can also be easily identified as it directly helps
in terms of sustaining in the business environment for a longer period of time. Popular
instruments such as surveys, case studies and other material of research is highly helpful in
deriving output in the organisation. While expansion there are several areas which needs to be
critically assesses as it directly contributes to the purpose of expansion in the company. The
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