What Is The Need To Have Both Local And International Market Research Conducted?
Posted by Coral Research on May 24th, 2017
Often when a small-scale brand is being created, it is sent for local market analysis to understand whether the brand will work in a particular location or not. But if it is a business that is starting a pretty huge scale, then it is important to go for both local and international market research.
Local market research makes the company understand about the local market which the business intends to penetrate. On the other hand, the international market research will help the client understand the global market and will also help the company to have a vision of the company in coming next few years (simply because any company starts up to grow after a certain period of time) Then one wants to expand to greater geographies). This is the time when it expands its business to other places than the local market. International market research helps in understanding the market of other places than the current location so that expansion of the business can be smooth. This also motivates the company to look for other places for further prospects.
This is the reason why now many startup companies are approaching various consultancies for the purpose of local and international market research. These experts help the clients in conducting research in the local market so that the business can settle down, and then they also offer an international market research for offering the company an opportunity to grow in future.
It is an interesting point to notice that how both local and international market research work together.
Clubbing Of Regional Market
Regional market can be further divided into many different local markets. Hence, it is a wrong idea to club all such local markets on the basis of their regions. For example, Asia has many different countries and hence market for each country will be different from the other. Hence, it is very much important that the international market research should be done in addition to local market research so that such confusions can be cleared out. Many times, when the focus is on one big area such as a region, anomalies arise because of the different tastes and trends in the local markets of the region.
Adaptation Of The Products
Local and international market research allows the clients to understand in depth about the adaptation of the product in the market. It may happen that different local markets may have different specification for a particular product for example, an electrical gadget. So, in this case, it is important to understand that which product specification is desired in which particular area. Sometimes ignoring such points can lead to a dropdown in the demand of the product in a particular area or a region. Of course, this will lead the company or business owner to losses.
Pricing Of The Product
When you are planning to spread your business to various areas and regions, one of the most important factors that you need to take care is the pricing of the product that you are launching. The price of the product cannot be same in different places due to a number of factors such as:
Proper research of both local and international market has to be done based on these many points so that a proper pricing of the product can be achieved for all the locations wherever the business is spread out.
Understanding Of The Local Data
In case of expanding the business in more than one place, it is important to conduct local and international market strategic research also to understand the local data of each place. Some of the factors that should make up the data report for individual location are:
Many of the clients make this mistake of conducting a local market research and then expanding the business in some other areas based on the same research done. In this case, there can be a number of difficult situations in the business. A better way is always hence is to conduct local as well as international market research together.
An writer he is known for his work in marketing research field. He has published well research content on Consumer research services.
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About the AuthorCoral Research
Joined: November 11th, 2016
Articles Posted: 15
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