International Market Research

The main purpose of the Subject “International market research” is to understand the key tools and concepts of the international market research and how best to apply them.

1. To understand the importance of the global market research in the strategies of internationalisation
2. To know how to analyse an international market research
3. To learn how to use the PEST analysis (Political, Economic, Social, and Technological)

This will be achieved by:

1. Analysing the goals of researching a new export market
2. Outlining the features of both qualitative and quantitative analysis
3. Detailing the type of information that the student should obtain to assess the commercial viability of an export market

Description (International market research)

The first step that a potential export enterprise should take is to estimate the sales potential in each foreign market. There are more of 200 potential markets in the World, which implies the analysis of a huge amount of information. Many Export Directors select the markets, which share a cultural proximity (Spanish exporters seek to approach to the Latin America markets, Portuguese exporters to Brazil or Angola).

The exporter can use several parameters to describe the potential market:

1. Total population
2. Potential market (segment of the population interest in buy -or import- the product or service)
3. Available market (segment of the population who have enough money to purchase the product or service)
4. Qualified available market
5. Target market (segment of the market defined in the marketing plan)
6. Penetrated market (people of the company in the target market who have to buy the product or service)
7. Digital / e-business topics

A PEST (Political, Economic, Social, and Technological) analysis is an evaluation of the external macro environment that affects the business. The external factors can be threats or opportunities; normally they are beyond the control of the exporter.

An example of the Market Access Tool

Training program recommended for the students from Botswana, Burundi, Cameroon, Egypt, Eritrea, Ethiopia, Gambia, Ghana, Kenya, Lesotho, Liberia, Malawi, Mauritius, Namibia, Nigeria, Rwanda, Sierra Leone, South Africa, Sudan, South Sudan, Eswatini (Swaziland), Tanzania, Uganda, Zambia, and Zimbabwe.