BSBMKG432 - Assessment 1: International Market Research Analysis

This document presents a comprehensive solution to an international market research assignment, addressing key aspects of the field. It begins by examining the impact of culture on international markets, emphasizing the importance of understanding cultural nuances and language barriers. The assignment then delves into five crucial dimensions of international market research, including cultural, racial, economic, religious, and language factors. It explores how these factors influence market entry strategies and product adaptation. The solution also outlines the ways culture affects international negotiations, highlighting the significance of values, customs, and ways of thinking. Furthermore, the assignment covers statistical analysis, explaining cluster analysis, decision trees, perceptual mapping, and experimental design. It also discusses various market research tools and techniques, such as social media listening, in-depth interviews, and online community platforms. Finally, the document outlines the formats for reporting market research outcomes and explores internal and external sources of information relevant to international market research, including accounting information, salesman reports, consumer data, and government publications. The assignment provides a thorough understanding of the complexities and methodologies involved in researching international markets.

Research international
markets
Assessment 1

Contents
Q1: Answer the following questions: -............................................................................................3
REFERENCES................................................................................................................................6

Q1: Answer the following questions: -
1.1 Explain the impact of culture in the international market?
Answer: - It has been determined that the culture has a great impact on the international market.
It is very important for the marketer to study and understand all the aspects of the local as well as
foreign market culture in a very deep manner. The main impact of the culture in the international
market is that language barrier as every marketer has to communicate the different features of the
product to the customers in order to influence them to buy. This result in affecting the company
analysis and decision to enter.
1.2 Discuss any five (5) dimensions/factors /aspects to the research of international markets.
Answer: - A) Cultural factor: - this is the first factor which need to be considered to the
research in the international market. It is very important for the business to have full awareness
about the cross culture.
B) Racial factor: - this factor is totally related to the physical feature of the
individuals who are living in the different nations (Hague, 2021).
C) Economic factor: -as the economic development of the nation is differ from
country to country and when a country enters into the international market then they have to
adapt that specific market.
D)Religious factor: - this factor also needs to be considered because this factor
greatly affects the product and firm need to adapt their products to religious norms.
E) Language factor: - the correct translation as well as the nation language need to
be adopted effectively.
1.3 Describe the ways that culture can affect international negotiations.
Answer: -
 Concepts of values: - the influence of values has a huge impact on the international
negotiations which is mainly seen through misunderstanding.
 Manner and customs: - Manners and customs is related to the individual and collective
traditional. As each country has its own custom which made a huge impact on the
international negotiations (Pereira and et. al., 2019).
 Ways of thinking: -as the people who are living in the different nation has different way
of thinking. The argument which is logical in one country may be illogical in another
country.

2.1 What do you mean by statistical analysis. Discuss the following factor and principal
component analysis used to perform statistical functions.
Answer: - Statical analysis may be defined as the science of collecting, exploring as well as
presenting the huge amount of data in order to discover the different underlying and trends. This
may be mostly applied in the research as well as government industry which help them in
becoming more scientific.
 Cluster analysis: -this is basically the task of grouping the different set of object in such
a manner objects in the same group looks similar.
 Decision trees, CHAID and CAR: - this is basically the arrangement and regression of
trees whereas, CHAID represents Chi-Square automatic interaction detector.
 Perceptual mapping and multi-dimensional scaling: - perceptual mapping is basically
a chart which is used by the researcher in order to depict and understand how target
customers view and feel about a given brand or product. And multi-dimensional scaling
may be defined visualizing the level of similarity of individual cases of a dataset
(Adamou, 2018).
 Experimental design, ad testing and product testing: - Experimental design assist to
investigate a relationship between variables, ad testing is the process of putting different
ads in front of the target audience and product testing is the process of measuring the
performance of the product.
2.2 Discuss the following market research tools and techniques to analyse the international
market.
 social media listening: - is the process of measuring the popularity of the company in
over the internet in the international market.
 Web-enabled In-depth interviews and focus group discussions: - in depth interviews
is basically a one-on-one conversation which help in enjoying the better opportunities and
focus group discussions is a method that brings together to provide feedback regarding a
product, service, concept.
 Global market research online community platform: - this is basically a technique
gathering real-time qualitative market research insights.
 Mobile qualitative tools: - a market research method utilize to provide instantaneous
information from a wealth of participants globally.

Q3: Discuss the formats of reporting market research outcomes.
Answer: -
The market research report can be referred to as a picture which includes what type of any new
offering is profitable for the business in the competitive landscape. It mainly provides deep
insight of whether the business can fulfil the needs and expectations. The main aim of this
research report is to make the calculated decision regarding the business ideas. There are two
types of market research which is primary and secondary (Perrakis, 2019). The outline of the
market research report includes the following-
 Clustering of the data.
 Preparing of the outline.
 Mentioning of the research method
 Including the visuals with the narrative explanation.
 Concluding report with the recommendation.
4.1 Discuss the internal sources of information relevant to international market research.
Answer: -
 Accounting information: -the accounting information is being considers as the best
international source which help in the international market research such as (Trading
Profit & Loss A/c and Balance Sheets of different years).
 Salesman report: - this is also another source of collecting the information. As they
know all about the company which help in the international market research.
4.2 Discuss any two (2) external sources of information relevant to international market
research.
Answer: -
 Consumer: -a sample of consumer are selected by investigation in order to get the
information which is relevant to the international market research. The data collected
form them is very reliable.
 Government publications and reports: - this also comprises of valuable data by which
international market research can be conducted in a very effective manner (Nilsson,
2019).

REFERENCES
Hague, P., 2021. Market research in practice: An introduction to gaining greater market insight.
Kogan Page Publishers.
Pereira, V., and et. al., 2019. Analysing three decades of emerging market research: future
research directions. British Journal of Management, 2019(1), pp.1-12.
Adamou, B., 2018. Games and Gamification in Market Research: Increasing consumer
engagement in research for business success. Kogan Page Publishers.
Perrakis, S., 2019. Stochastic dominance option pricing: An alternative approach to option
market research. Springer.
*. Know your customer: Client captivation and the epistemics of market research. Marketing
Theory, 19(2), pp.149-168.