MARKET RESEARCH
Today, many small and medium-sized enterprises dealing with international trade do not give the necessary importance to international market research. Since they do not know exactly what it is and how it is done, they make wrong decisions in international sales and marketing. Participating in international fairs does not mean "doing market research". If you are going to any sectoral fair for this purpose, it will only help you get to know your competitors and potential customers at that fair. The decision to participate in international fairs should be a decision taken as a result of market research.
So, what is this international market research? How is it done? How does it help us?
Basically, international market research; It is one of the important tools that support businesses in collecting the information and resources needed on how to sell and market any product in any market. Every successful import and export plan begins with a meticulously studied market research. It plays an active role from export planning to determining market entry strategies, from analyzing consumer behavior and demands to formulating price policies. In short, it is indispensable for a foreign trader. A market research that will be organized for the first time will be much more difficult than it is thought, because it will not be an easy process for businesses that have never done this organization to reach reliable information and resources about the market that you have no knowledge of before.
Before we talk about research processes, let's take a look at the benefits of a well-prepared research report within the business.
Strategic Planning: Market research plays a major role in the development of the marketing, finance, distribution and product development branches, which are the sub-components of the business plan. It provides support in determining strategies for the market, product or customer that you will export or import.
Market Potential: Estimating the demand for any product or service in an international market is one of the most important elements of strategic and financial planning. Good market research; In highly competitive markets, it allows companies to make a realistic analysis of the strengths of their products and services.
Decision-Making Process: Market research; It helps managers decide which market to enter, when and with what kind of strategy. It helps to make risky decisions that will cause costly mistakes and to prevent potential threats.
New Opportunities: Market research enables the discovery of new opportunities for products and services. It provides the necessary data and information flow for evaluating potential opportunities and selecting the most suitable one.
Cost-Benefit Analysis: Every business decision has benefits and costs to the business. Good market research provides benefits on how to balance potential return against risk and costs.
Marketing Processes: Market research is used to determine the demands of the customers in the market and the products and services that meet these demands. In addition, it provides information and data on product modification and comparison with competing products and services.
Minimizing Risks: Market research data plays an active role in the pre-detection of risks that may occur in the target market, in the marketing wing or in the import and export processes and in taking precautions.
Problems&Challenges: Market research provides the necessary information and data to identify political, economic, local and cultural risks that may occur in target and potential markets.
