International Business Research: Latin America Market Analysis

This report investigates the market potential in Latin America for UK retailers specializing in bicycles and outdoor pursuit clothing. It emphasizes the importance of conducting thorough market research before expanding internationally, highlighting key aspects such as understanding the market base, customer demographics, and competitive landscape. The research objectives focus on identifying countries with the greatest market potential and determining the factors influencing market expansion. It employs both primary and secondary research approaches, utilizing qualitative and quantitative methods to gather data. The target audience includes UK retailers, teenagers, and athletes interested in outdoor activities. The report also addresses the challenges associated with conducting market research in Latin American countries, providing a comprehensive analysis to aid UK retailers in making informed decisions about international expansion. Desklib offers more resources for students seeking similar solved assignments and study materials.

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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market research is directly related to the way in which the organisation can further plan their
services and actions (Ferraro, 2021). This will assist the leader and manager in terms of
effectively expanding their operations. The expanded operations can be managed directly with
the help of research data and findings.
Running and growing the business successfully is dependent on knowing the target
customers. A clear understanding of the goals, needs, and values will help in terms of motivating
the customers to purchase the products and services offered by the company. Market research is
considered as one of the best tools out there for understanding the demand and needs of
customers. It helps in collecting hard data that can be used to drive a range of marketing
strategies and further making marketing and sales process much easier and convenient.
Market research can help in terms of:
 Improve communication- Not only does it drive communication with current customer
base of the company, but it also drives communication with your target prospects. Market
research shows the areas where organisation can reach customers and understanding of
the language is most effective in capturing their attention and resonating with them on an
emotional level.
 Identify opportunities- Market research is helpful in identifying high range and more
accessible opportunities to reach and convert the new customers. It can be the best way to
discover new ad platforms, concerns of the consumers which the organisation didn’t
know existed, and market gaps could fill.
b) Research Objectives / Research Problems:
Research Objectives are the results that you intend to accomplish by directing examination.
Many research projects contain more than one examination objective. Making solid examination
targets can assist your association with accomplishing its general objectives. The reason for
research goals is to drive the exploration project, including information assortment, investigation
and ends. Research goals additionally assist you with restricting in on the focal point of your
exploration and key factors, directing you through the research process. Commonly, research
objectives show up right off the bat in an exploration proposition, frequently between the
presentation and the examination question. Once in a while, contingent upon the length of the
paper or proposition, you can put the examination goals in the presentation. For the most part,
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specialists additionally list their goals in the theoretical of their proposition. Mentioned below
research objectives for present research is being given:
General research objective
To 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.
Specific research objective
 To determine the countries in Latin America that have the greatest market potential for
selling Bicycles and Outdoor pursuit clothing of the UK Retailers.
 To determine the key factors affecting the market expansion of the UK Retailers for
selling Outdoor Pursuit Clothing and Bicycles.
Research Questions
(1) Which countries in Latin America have the greatest market potential for selling
Bicycles and Outdoor Pursuit Clothing of the UK Retailers?
(2) What are the key factors affecting market expansion of the UK Retailers for selling
Bicycles and Outdoor Pursuit Clothing?
c) Identify and justify your chosen primary and /or secondary research
approaches to fulfil the objectives of your research
Primary research refers to the situation in which the researcher collects the data related to
research directly from the source rather than relying on the pre-existing data samples. This type
of research is more reliable as it is directly taken from the group size which supports the process
of research. Secondary research refers to the method in which the researcher takes the data from
the third source and rely on the that data for further accomplishing the objectives of researcher.
The existing data which has relevant source can help the researcher in terms of deriving to the
final results (Czinkota. Khan and Knight, 2021). Qualitative research refers to the technique in
which the researcher relies on the data which is obtained from the first hand observations such as
interviews, reviews etc. Quantitative research refers to technique which is focused on qualified
the analysis and collection of data. This is a formed data which is a deductive approach in which
the theory is tested with the help of data analysis and interpretation. Through this research the
company will become advanced in terms of bringing more and more innovation in the
organisation. The qualitative approach will help in terms of bringing a clarity on the objective of
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the company. Through this the organization will bring more and more clarity in terms of
analysing the aim of the research and further coming to a conclusion that will help the company
in terms of expansion purpose. The quantitative approach followed in the organisation will help
in terms of bringing more and more clear approach towards business.
Qualitative Approach- This approach followed by the organisation will help in terms of looking
at the qualitative aspect of the report. Through this the researcher will get an insight on the
theoretical approach of different authors and what do they think about the particular topic. The
organisation should use a range of qualitative approach so that a clear understanding of topic and
aims can be delivered in the business (Shams and et. al., 2021). Collecting and analysing the
non-numerical data is essential as it directly helps in terms of critically understanding of
concepts, experiences and opinions.
Quantitative Approach- The quantitative approach of this process includes collecting and
analysing the numerical data related to the topic. The patterns and averages suggests the
approach which will help in terms of attaining the research objective. This approach directly
helps in terms of bringing more and more value in terms of bringing result to the objective.
d) Who is the target audience for your research?
The target audience for this research are the UK retailers who will help in terms of
evaluating the target market and how they will react to different theories. The target audience are
UK retailers who are the bikers and fitness enthusiast who are willing to go for purchasing the
items which are offered by the company (Ulman, Musteen and Kanska, 2021). The target
audience for this research would be the people who are interested in outdoor activities. Further
the target audience for bicycle and Outdoor clothing are discussed below:
 Teenagers- This is the major target market for the research as teenagers are directly
associated with the cycling and other outing sporting activities. The teenagers are directly
related to the outing and cycling activities and therefore the organisation will target this
particular set of group (Corrales, Lombana-Coy and Rey-Paba, 2021). Through this target
audience, the company will be able to determine the areas in which the organisation
needs to approach to further attain progress. The expansion process can be further
evaluated with the responses gained from the target audience which will further help the
organisation to gain an understanding.
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 Athletes- They are another target group which are concerned about their fitness and hence
they opt for the outside activities and biking. The industry can be easily analysed by
using the data collected from the target group as the current trend and future trends will
help in terms of bringing clarity in the audience. This will help in terms of assessing the
needs of these people who are looking to purchase bicycle and outing material. Through
this the organisation will be able to determine their abilities and how they can increase
their growth prospects in terms of expanding their activities.
A target audience is the demographic of people most likely to be interested in a company's
product or service. In terms with present research teenagers and athletes are the target customers
group. It has been underlined that teenagers is the significant objective market for the exploration
as teens are straightforwardly connected with the cycling and other excursion brandishing
exercises. The youngsters are straightforwardly connected with the excursion and cycling
exercises and subsequently, the association will focus on this specific arrangement of gathering.
While on the other hand in terms with athletes these is one of the most effective group of
customers target segment as they look to purchase bicycle and outing material
e) Outline and critically evaluate the key challenges associated with
conducting market research approach in this Latin American
countries/country of your choosing.
Market research is a critical task and requires a brief knowledge about the subject area and
the ways in which the subject needs to be evaluated. Conducting market research is a task which
requires a range of methods and activities which ultimately support the process of analysing the
sample population. The sample population is required to critically evaluated as it will help the
organisation in terms of expansion (Pereira and et. al., 2022). The key challenges associated with
the market research are further discussed below:
 The market of Latin America is incredibly diverse due to which the researcher has to face
challenges in analysing the population and further coming to a conclusion of the research.
 The researcher may feel that they need to go broad in terms of population size of the
sample which will result in changes of result and wrong interpretation of the findings.
 The researcher may face challenges in terms of maintaining the realistic outline of the
project.
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 Challenges in terms of exceeding the limit of population and wrongly interpreting the
data that is provided by the secondary research method or gained by primary research
method.
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REFERENCES
Books and Journals
Buckley, P.J. and Casson, M., 2021. Thirty years of International Business Review and
international business research. International Business Review, 30(2), p.101795.
Christofi, M and et. al., 2021. Agility and flexibility in international business research: A
comprehensive review and future research directions. Journal of World Business, 56(3),
p.101194.
Ferraro, G.P., 2021. The cultural dimension of international business. Prentice Hall.
Czinkota, M., Khan, Z. and Knight, G., 2021. International business and the migrant-owned
enterprise. Journal of Business Research, 122, pp.657-669.
Shams, R and et. al., 2021. Strategic agility in international business: A conceptual framework
for “agile” multinationals. Journal of International Management, 27(1), p.100737.
Ulman, M., Musteen, M. and Kanska, E., 2021. Big data and decision‐making in international
business. Thunderbird International Business Review, 63(5), pp.597-606.
Pereira, C.S and et. al., 2022. The influence of technological innovations on international
business strategy before and during COVID-19 pandemic. Procedia computer
science, 196, pp.44-51.
Corrales, K.A., Lombana-Coy, J. and Rey-Paba, L., 2021. Fostering Global Competence in
International Business Students on a Latin American Campus. Journal of Teaching in
International Business, 32(1), pp.81-101.
Okhrimenko, E. and Ergunova, O., 2021. Sustainable development features of international
business tourism. In E3S Web of Conferences (Vol. 291, p. 05042). EDP Sciences.
Bermúdez Abreu, Y. and Esis Villarroel, I., 2021. Towards the harmonization of commercial law
in the Caribbean: The ohadac principles on international business contracts. Revista de
Derecho Privado, (41), pp.187-219.
(Bermúdez Abreu and Esis Villarroel, 2021)
Online
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Why Is Market Research Important: We Give You 7 Reasons?. 2020. [Online] Available
through: https://www.surveycrest.com/blog/why-market-research-is-important/.
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