Podcast
Questions and Answers
What is the primary purpose of defining research objectives in the international trade research process?
What is the primary purpose of defining research objectives in the international trade research process?
Why are clear research objectives particularly important in international trade compared to domestic research?
Why are clear research objectives particularly important in international trade compared to domestic research?
Which of the following is NOT mentioned as a reason for organizations to initiate international trade research?
Which of the following is NOT mentioned as a reason for organizations to initiate international trade research?
What types of questions might arise from the desire to exploit new trade opportunities?
What types of questions might arise from the desire to exploit new trade opportunities?
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How do research objectives influence the types of questions organizations develop?
How do research objectives influence the types of questions organizations develop?
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When organizations first contemplate international trading, what is often their main concern?
When organizations first contemplate international trading, what is often their main concern?
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What might organizations experience if they do not establish clear research objectives?
What might organizations experience if they do not establish clear research objectives?
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As organizations gain familiarity with international environments, their research focus typically shifts toward what?
As organizations gain familiarity with international environments, their research focus typically shifts toward what?
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Which research objective focuses on the ownership of cars within a population?
Which research objective focuses on the ownership of cars within a population?
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Which of the following objectives pertains to accessibility to modern technology?
Which of the following objectives pertains to accessibility to modern technology?
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Which research objective is concerned with energy affordability for households?
Which research objective is concerned with energy affordability for households?
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Which objective requires identifying how symbols and colors are culturally interpreted?
Which objective requires identifying how symbols and colors are culturally interpreted?
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What research objective seeks to understand cultural sensitivities in marketing?
What research objective seeks to understand cultural sensitivities in marketing?
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Which objective is likely to provide insights into language diversity?
Which objective is likely to provide insights into language diversity?
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Which research objective can help in understanding consumer behavior related to taste?
Which research objective can help in understanding consumer behavior related to taste?
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Which objective explores the dynamics of roles and expectations in society?
Which objective explores the dynamics of roles and expectations in society?
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What is a consequence of weak legal protection for property rights in a country?
What is a consequence of weak legal protection for property rights in a country?
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Which of the following aspects does intellectual property encompass?
Which of the following aspects does intellectual property encompass?
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Why is it important to understand tax regimes in international trade?
Why is it important to understand tax regimes in international trade?
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What factor should organizations consider when selecting a legal structure for international trade?
What factor should organizations consider when selecting a legal structure for international trade?
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What type of research objective relates to understanding political instability in a foreign country?
What type of research objective relates to understanding political instability in a foreign country?
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How can intellectual property rights influence a country's economy?
How can intellectual property rights influence a country's economy?
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What is a potential issue if tax treaties between countries are not established?
What is a potential issue if tax treaties between countries are not established?
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Which of the following is a reason organizations are cautious about investing in countries with weak property rights?
Which of the following is a reason organizations are cautious about investing in countries with weak property rights?
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What is a significant concern regarding foreigners and foreign trade in certain markets?
What is a significant concern regarding foreigners and foreign trade in certain markets?
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What impact do ethical issues like corruption have on foreign business practices?
What impact do ethical issues like corruption have on foreign business practices?
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How are property rights typically treated in markets with weak legal protection?
How are property rights typically treated in markets with weak legal protection?
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What factor can influence an organization's liabilities in a target market?
What factor can influence an organization's liabilities in a target market?
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What is a common characteristic of discriminatory policies in foreign trade?
What is a common characteristic of discriminatory policies in foreign trade?
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Which group is crucial in shaping policies regarding foreigners in the market?
Which group is crucial in shaping policies regarding foreigners in the market?
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What role does the legal structure of a business typically play in the target market?
What role does the legal structure of a business typically play in the target market?
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What is often a challenge faced by foreigners in markets with weak protections for intellectual property?
What is often a challenge faced by foreigners in markets with weak protections for intellectual property?
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What should be considered regarding packaging preferences in the target market?
What should be considered regarding packaging preferences in the target market?
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What are important considerations in product labelling?
What are important considerations in product labelling?
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In assessing pricing, what aspect is essential to consider?
In assessing pricing, what aspect is essential to consider?
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Which of the following is NOT a consideration regarding logos, design, and color?
Which of the following is NOT a consideration regarding logos, design, and color?
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What should be identified with respect to product quality?
What should be identified with respect to product quality?
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What is crucial to identify about preferred purchasing methods?
What is crucial to identify about preferred purchasing methods?
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When considering pricing strategies, what cultural aspect may affect consumer perspectives?
When considering pricing strategies, what cultural aspect may affect consumer perspectives?
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Which factor is least likely to impact packaging preferences?
Which factor is least likely to impact packaging preferences?
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What is the main purpose of including organizational background information in a research brief?
What is the main purpose of including organizational background information in a research brief?
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Why is it essential to estimate timelines in the research planning process?
Why is it essential to estimate timelines in the research planning process?
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Which aspect is NOT mentioned as part of the research brief to guide researchers?
Which aspect is NOT mentioned as part of the research brief to guide researchers?
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How should the budget for research be realistically estimated?
How should the budget for research be realistically estimated?
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What factor influences the choice of research methods according to the brief?
What factor influences the choice of research methods according to the brief?
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Which detail is crucial for ensuring research findings are useful in a timely manner?
Which detail is crucial for ensuring research findings are useful in a timely manner?
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What does a rough budget calculation for research typically involve?
What does a rough budget calculation for research typically involve?
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Which scenario illustrates the importance of estimating the research budget appropriately?
Which scenario illustrates the importance of estimating the research budget appropriately?
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Study Notes
International Market Research
- Market research is used to gain knowledge of potential markets, customers, and their needs.
- It's critical for gaining a better understanding of market opportunities and risks, and better planning.
- International market research is critical for strategic planning.
- Key factors drive the need for continuous research.
Applications of International Market Research
- Research supports business planning.
- Research estimates market demand for products and services.
- Research analyses the competitiveness of products and services in a market.
- Research helps determine target markets and strategies to enter them.
- Research identifies new market opportunities.
- Research helps analyze costs and benefits of business decisions.
- Research helps to determine customer needs and deliver products and services that will meet them.
- Research provides comparisons with competing products.
- Research identifies modifications needed to address new markets.
Market Intelligence and Competitive Intelligence
- Market intelligence gathers and analyzes current and future trends and preferences to understand a market.
- Competitive intelligence analyzes information about competitors to gain a competitive advantage.
- Market information is gathered from international research and personal experience.
- Strategic objectives determine the type of intelligence that is required.
- Market intelligence is needed to inform critical decisions.
- Business environments are constantly shifting.
- Types of market intelligence vary by organizational situation and circumstances.
- The components of market intelligence include factors influencing the business environment.
- The components of market intelligence also include market infrastructure and forces affecting the market.
Describing Market Research
- The market research process involves seven main stages:
- Define research objectives
- Create a research brief
- Screen potential markets
- Select research design and data sources
- Design data collection tools and collect data
- Organize and analyze the data
- Present conclusions and apply the research
Key Research Issues for Exporters
- Organizations need to answer key questions about international opportunities.
- Identifying characteristics, pressures, trends, requirements.
- Prioritizing international trade priorities and related risks.
Macroeconomic Data
- Gross National Product (GNP): Market value of goods and services produced by a country's citizens.
- Gross Domestic Product (GDP): Market value of final goods and services produced in a country.
- Purchasing Power Parity (PPP): Compares purchasing power across countries.
- Household disposable income: Average amount households have after taxes and expenses.
- Market size: Total number of buyers in a market.
- Market potential: Number of potential buyers.
Cultural and Lifestyle Information
- Material culture: Technological goods, transportation, communication resources.
- Cultural preferences: Product and service tastes, behaviours, and norms.
- Languages: Impact on marketing, communications.
- Religion: Influences beliefs, traditions, and practices.
- Ethics and values: Business conduct, and cultural contexts.
Strategic Objectives for Importers
- Identify if the export of products or services complies with country and/or international regulations.
Competitor Analysis
- Research competitors.
- Describing competitors, their locations, employees, key customers and their strategies.
- Competitors' market share, suppliers.
Research Brief
- The research brief outlines research parameters.
- Includes background of organization, business problems, and reason for research.
- Includes details on deliverables and timeline.
- Includes a budget.
Timelines
- Timetables are structured for defined time periods.
- Account for business cycles (e.g., seasonal changes).
- Planning deadlines.
Budgets
- Realistic budgets based on scope.
- Estimating return on investment (ROI).
- Considerations of varying research costs.
Partner Based Requirements
- Consideration of potential partners.
- Size, financial stability, product orientation, market orientation, and reputation.
- Strategic direction.
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Description
This quiz covers the essentials of international market research, exploring its importance in understanding potential markets, customers, and strategic planning. It examines various applications including demand estimation, competitiveness analysis, and identifying new market opportunities. Test your knowledge on how research informs business decisions and supports planning.
