Critical Steps Involved in International Market Research Process

One of the most important reasons businesses conduct market research is to determine which countries should be focused on for expansion. Research on these countries are conducted based on how customers view their products, current events happening in that country, how the economy is faring as well as what can affect the sale of their products.

For conducting international market research, a number of steps are involved, four to be precise. These steps are –

Identifying and defining the problem

Market research typically begins with identifying the problems faced by the problem. Clearly defining the problem is of crucial importance for conducting market research as the process is a costly affair in terms of time, energy and also money. Clear definition of the problem goes a long way in aiding the market research firms in all subsequent research efforts.

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Planning of the research design

Once the research problem is defined, the research design needs to be developed. A research design is the master plan that outlines the process of collecting and analysing the needed information, and represents the skeleton for the research plan by including the objectives of the research to ensure the data to be collected are relevant.

Collecting relevant data

The collection of data refers to the process of gathering of facts and information that will be used to solve the problem. Hence, it is arguably the most important step undertaken by international market research companies to meet the client’s requirements. Data can be segregated into Secondary, collated from concerned reports, magazines and other periodicals, and Primary, collected from the consumers through empirical research using various tools.

Data processing and analysis

Data processing for international market research starts with the editing of data and its coding. The editing process includes investigation of the data-collection forms for omission, legibility, and credibility in classification. While, analysis of data involves the application of logic to the understanding of data collected and representing it effectively to solve the problem. 

International market research involves effective representation of insights, answers and recommendations for solving any business related problems. So, without these steps, market research is near impossible and the credibility of the research typically depends on how well these steps are executed.