International Market Entry and Development Essay

Assignment 2: International Market Entry and Development

Assignment 2: International Market Entry and Development

Jennifer Morgan
MKT 312
International Marketing
Professor Zoppi

Explain the process for market research to assess foreign market potential
The most important reason people do international research is to determine foreign-market opportunity analysis. Firms need to determine what the market needs, why they need it and how the company can fulfill that need (Czinkota & Ronkainen, 2009, p. 241). Researching internationally gives firms a way to learn about different environments. No market is the same and using the same tools as you would in your home market will only cause issues and the product probably won’t sell.
International research requires an investment. There needs to be a determination of why they are researching. Is it for exporting into another area, importing from another area or market expansion? If a company is considering exporting into another market they need to research the laws and information for that market before moving forward.
Researching for exporting should be broken down into 3 stages, start by indexing and ranking countries by their market appeal to a specific business or project (Czinkota & Ronkainen, 2009, p. 243). This way of clustering will make it easier to export into similar markets in the future. The following items GDP, mortality rates, GDP growth and population are categories that each market should be segmented into. This will give the marketer a more manageable list of countries they can work with based on their needs. The next step is gathering research about individual markets. This could help target fast growing markets, their current trends and any government/market restrictions. The last step when researching markets to export too is government restrictions. You don’t want to begin marketing your products only to find out that you are breaking a law or your products won’t be allowed...