International Market And Trade Research - 1486 Words

International market and trade research is beyond the capabilities and needs of Irish based firms. This paper will discuss the most salient points surrounding the claim â€Å"International Market and Trade Research is beyond the capabilities and needs of Irish based firms† This will be done by briefly examining the issue, before addressing why this is the case, and then supporting the position with relevant examples. Before evaluating the claim further, the language and phrases used within must be clarified. What is market research? From ESOMAR, a leading market research firm: Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organisations using†¦show more content†¦Researching right kind of market into which to expand is important for a number of reasons. Papadopoulos and Denis (1988) explain: Firstly, it can determine the relative success or failure of the new business venture, particularly if this is the first time a firm is expanding internationally. Secondly, target market selection can influence the development and the type of external marketing done. Third, the geography and local environment of the new markets may affect the firm s potential to further expand and co-ordinate its foreign operations; and, (d) establishing bases at appropriate foreign markets can be a key ingredient in the firm s global competitive positioning strategy Although undertaking such vital research seems almost like basic common sense, examples of firms making embarrassing and costly mistakes in international business are so numerous that one Professor has written several books detailing them all. He explains, The foreign environment has been especially difï ¬ cultfor some to analyze. Many mistakes, for example, havebeen made because managers have failed to rememberthat consumers differ from country to country. Buyers,inï ¬â€šuenced by local economic constraints and by local values, attitudes, and tastes, differ in what they buy, why they buy, how they buy, when they buy, and wherethey buy. Managers who have failed to recognize thesedifferences