Mkt 450 - Market Research Methodologies

Market Research Methodologies

MKT/450 International Marketing

Research Methodologies Paper will discuss and analyze the various international marketing research methodologies and resources available to XYZ Inc in marketing their top-selling product in India.

In today's complex global market place business organizations need the right and the most accurate effective market research in making the vital marketing decisions. The business organization of XYZ Inc has decided to market products and services in India. The management team has directed their marketing manager to analyze the different marketing research methodologies and resources in developing a marketing plan to use in India.

Marketing research is essential for any business organization marketing any products or services in their home country or internationally in several ways from consumer habits to marketing cost. One of the ways marketing research helps the organizations it allows them to make intelligence business decisions by recognizes similarities and differences in cross country markets. Another way marketing research helps the organizations managers in research it allows them to obtain the support of the local subsidiaries in regards to the proposal in making marketing decisions (Keegan & Green, 2008).

International and Domestic Market Research

International and domestic market research programs have very similar processes in how the research is completed. The big difference for international research is the market target is typical in order of the multi country market research process follows similar patterns which are used in domestic marketing research (Keegan & Green, 2008). Conducting international market research the marketers take the following steps by defining the problem, developing the design of the research, determining what information needs to be collect, the amount of data to be analyzed and then interpreting the results. The marketers then develop a final report and present their findings of the market study.

Objectives Marketing in India

For XYZ Inc. to enter into the business market in India with their top-selling product they will need to conduct market research to understand the richly diverse and complex country. India has several cultures from regionalism, religion, language which can make it difficult in doing business there.

The marketers need to take into considerations the consumer's behavior, etiquette regionalism, religion and language when approaching the research project in an objective way of learning about people of India and what products they buy, from whom they buy from. This objective will help XYZ in identifying and verify the target market group. By identifying and the verifying customer needs and wants for a clear, concise, complete, realistic and commercially worthwhile market helps to guarantee a marketing plan works for a business.

International Marketing Research Resources and Methodologies

Market research is a critical part of any business because the foundation of the marketing plan is built from the information obtained by the marketers which enables the organization to succeed in business. To conduct research in India the marketers will use observations, interviews, surveys, focus groups, marketing databases to create a marketing campaign for XYZ, Inc to introduce a top-selling product in India.

The international market potential for India will be assessed according the demand, market accessibility for the product and distribution including the manufacturing of the product. The methods for performing market research for XYZ Inc will surveys, focus groups, personal interviews, observation, and field trials. The data obtained by the marketers will determine which techniques use to market top-selling product in India.

The surveys used by XYZ Inc. will be concise and straightforward questionnaires that will help to analyze the target group in the target market. The surveys will be one-on-one interviews which allows for people to samples of products, packaging, advertising and gather immediate feedback which Costco has used to market their Kirkland Brand of goods.

XYZ Inc. marketers will use observation of consumer's actual behavior by videotaping them in stores in observing how what types of them buying habits and how they use the product. This gives XYZ Inc. true picture of customers' habits in the targeted market.

XYZ Inc. marketers will use field trials for