Global Market Research the Multifaceted Nature of Essay

Global Market Research

The multifaceted nature of global market research makes the diverse nature of business strategies' analytics, intelligence and market data needs accomplishable with significant accuracy and insight. The use of a diverse set of tools can just as effectively define in which location and with what specific menu items a U.S.-based retail franchise needs to combine to succeed in Brazil for example. Global market research strategies can also define the optimal series of decisions for changing the packaging of their flagship packaged product, Macaroni and Cheese in Asian nations. Online learning companies including many traditional colleges and universities are using global market research techniques to better understand how they can attract more graduate students for MBA programs specifically designed for potential students located in India.

Analyzing the Potential for Global Market Research

Starting with the U.S. retail franchise looking to open a new location in Brazil, the multifaceted nature of global market research methodologies, tools and techniques become evident in this example. The most critical aspect of creating an economic feasibility analysis for any foreign retail location is thoroughly understanding the demographics, psychographics' and socioeconomic factors that drive the purchase cycles for the product of interest (Hand, Dunkelberg, Sineath, 29). Through global market research techniques, the U.S. retail franchise will be able to isolate down to the specific tract, perhaps[s down to the block level in a large urban area, matching on the ideal attributes of their preferred prospective customers.Using primary research including customer surveys throughout these census tracks, the franchise company will be able to determine what the price elasticity of this specific area and also get a list of the most preferred items to have on a given menu. Often franchisers will have several locations they are comparing against one another, looking for the most economically attractive, in addition to those that fit their preferred menu items. When a comparison of retail locations is completed using this approach, franchisers often call it a portfolio approach of retail planning, as it integrates the customer-based, financial and supply chain implications into a common decision framework (Mahajan, Sharma, Srinivas, 24).

A second example is how effectively packaging research is getting in terms of re-aligning specific products to the individual needs. When Kraft chooses to customize their flagship product, Macaroni & Cheese, for the Asian market, the company begins with a series of psychographic studies that capture how specific groups perceive their brand. This brand audit then serves as the foundation for defining the specific positioning of packaging that is highly valued in a specific market segment as defined by the marketer (Ampuero, 107). One of the implications….....