Change is inevitable, and it occurs practically in every aspect of an individual’s life and the business world as well. Nonetheless, the changes are managed at different rates in different parts of the world. As a result, the international market researchers are challenged to conduct high-quality research as quickly as possible in many diverse settings. The study is essential in guiding their decision across the increasingly different worlds. Even more, to enhance sound and timely marketing research, they must find creative ways to facilitate and conduct research. The two primary market research methods are the primary and the secondary market research methods. While the primary research is the original research performed by an individual, the secondary research is the utilization of the existing data that was collected by somebody else. Besides research, the organizations should incorporate effective segmentation and target strategies to serve the multiplicity of the new market the organizations.
Although it is easy for the International marketing researchers to collect secondary data, there are several limitations that they should consider before selecting the secondary market research as the suitable method of data collection in their organization. First, the secondary data is inappropriate because the data was collected by somebody else and the international marketing researchers lack control of the data. In fact, the data may not be exactly what the researcher needs because it was initially collected for some other purpose (“primary vs. Secondary market research”, 2011). Further, research by Andaleeb (2016), affirms that the secondary data is limited because the international marketing researchers cannot refine the collection process so that it can meet their organization’s specific needs.
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Moreover, secondary data is limited due to time lag issues. Reason being, when the data is collected using the secondary sources such as journals books, the information obtained may not sync with the changes in the global market at that particular time (“primary vs. Secondary market research”, 2011). Thus, the researchers might focus on outdated information, and that is very risky for their businesses because they are unable to maintain the competitive advantage.
Furthermore, due to the growing diversity in the tastes and preferences of modern consumers across the increasingly diverse worlds, the International marketing managers must find a strategic method that will help them serve the multiplicity of the new market. One of the best strategies is the market segmentation. As argued by Andaleeb (2016), segmentation is a strategy used by International marketing managers to provide services to specific groups of people. The primary purpose of the market segmentation is to access many consumers while utilizing limited resources. In so doing, they divide the consumers based on their similarity in the needs and wants.
That being said, the criteria that the International marketing managers ought to use to ensure that segments are efficient and constructive are based on various vital requirements. First, the international marketing managers should ensure that they have the appropriate form of data that should be used to measure the market segment’s size. According to Andaleeb (2016), the measurement enables the International marketing managers to estimate the overall attractiveness of a particular segment. Additionally, the consumers selected in each segment should also be similar regarding their needs and characteristics. Also, they should ensure that the selected consumers are unique compared to the other segments that have been selected.
To add on that, Andaleeb (2016), affirms that the International marketing managers must ensure that the segments are substantial enough regarding sales and profitability so that they can be of interest to the organization. Even more, they should ensure that the segments are reachable in terms communication. Effective communication will enable them to implement unique marketing strategies for each market segment. Finally, they should ensure that the consumers respond positively to the marketing strategies used rather than a specific generic offering.
Besides the identification of the prospective consumers through segmentation, the International marketing managers must develop a strategy to target them. Usually, the companies that have adequate budget prefer the differentiated marketing strategy to facilitate their long-term growth. According to Andaleeb (2016), a differentiated marketing strategy revolves around the development of different brands to meet the unique needs of various consumer segments. An example is the Mercedes in the USA.
The home page shows that they make different brands to attract different customers. For example, the Mercedes- Benz is a luxury automobile that has been successful in attracting customers in the 35 to 54-year-old bracket. Notably, the brand is designed for the working professionals with an attractive income and a high level of education. Even more, they have the Mercedes- Benz CLS, a fantastic automobile that is designed for individuals who are interested in a car that combines a sporty look an artistic design (“Mercedes-Benz Luxury Cars,” 2017). The vehicle is usually designed for the young individuals aged between 20 to 30 years. Also, the company has the marketing plan for the different brands. Also as argued by Andaleeb (2016), the differentiated marketing strategy, as used by Mercedes Company in the United States is efficient because it builds brand loyalty and results in higher percentages of repeat purchases.
