netrashetty
Netra Shetty
The Brunswick Corporation (NYSE: BC), formerly known as the Brunswick-Balke-Collender Company, is a United States-based corporation that has been involved in manufacturing a wide variety of products since 1845. Brunswick's global headquarters is in the northern Chicago suburb of Lake Forest, Illinois. In 2007, it had sales of US$5.671 billion with net earnings of $111.6 million.[1]
The fact that the global economy has stuttered to a standstill shouldn’t mean that companies’ growth initiatives should grind to a halt too. Now is the time for businesses to react to the new economic conditions by proactively seeking out new opportunities in the international arena.
But the desire to adapt and grow in testing times needs to be backed by the right tools. It can be easy to panic and throw a lot of money at a ‘solution’ without really knowing what the outcome will be.
But why do that, when you can spend a little money researching the market first, then a little more money executing the plan on a grander scale once you’re confident it’s a winner?
The internet is now the first port of call for most consumers when shopping for a new service or product, so the key to growing both domestically and internationally is in what a business does with its website.
Website localization is a cost-effective way of tapping into new markets. The majority of the internet is written in English, yet more than half the total online searches made are in languages other than English, so there is an obvious gap there.
So, how can businesses globalise through website localisation? Well, you have to first establish a need for your service in a particular country. A good way of doing this is to check out the local competition. If there are similar organizations there already, that’s a good sign, as it demonstrates a genuine demand.
The next step is to look at the competition and see what they offer – or, more importantly, what they don’t. You can then arrive on the scene and exploit any gaps. But you must be wary of market saturation – too much competition can mean that it’s very difficult to make inroads into new markets.
Once you have established that demand does exist, research key search terms as used by local internet users. Google and Yahoo have some very handy free tools that identify the most commonly used search phrases in the desired foreign market.
For multilingual marketers, it can be tempting to translate key search terms from English directly into the target language – but this can be counterproductive.
For example, ‘car insurance’ is one of the highest ranking key search terms in the UK for those who – not surprisingly – are seeking to buy car insurance. A literal (and correct) translation of this into French would be ‘l’assurance automobile’.
However, a little research into the key search terms actually used in French search engines would reveal that people tend to use variations of the full terms, such as ‘assurance auto’ or ‘assurance voiture’. By conducting a little online market research, a major problem can be averted.
The researched key phrases should then be incorporated into a professionally translated website to organically optimise its position in foreign search engines.
To help the process along you can also use pay-per-click (PPC) advertising such as Google AdWords, which helps drive traffic to your site through a ‘sponsored link’. The beauty of PPC is it allows you to set your own budget in advance and you can gauge its efficacy without splashing huge sums of cash, so the risk really is minimal.
EVELOPING THE RESEARCH PLAN
The second step of the marketing research process calls for determining the information needed, developing a plan for gathering it efficiently, and presenting the plan to marketing management. The plan outlines sources of secondary data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather primary data.
A marketing researcher can gather secondary data, primary data, or both. Primary data consists of information collected for the specific purpose at hand. Secondary data consists of information that already exists somewhere, having been collected for another purpose. Sources of secondary data include internal sources such as profit and loss statements, balance sheets, sales figures, and inventory records; and external sources such as government publications, periodicals, books, and commercial data. Primary data collection requires more extensive research, more time, and more money. Secondary sources can sometimes provide information that is not directly available or would be too expensive to collect.
Secondary data also present problems. The needed information may not exist. Researchers can rarely obtain all the data they need from secondary sources. The researcher must evaluate secondary information carefully to make certain of its relevance (fits research project needs), accuracy (reliably collected and reported), currency (up to date enough for current decisions), and impartiality (objectively collected and reported). Researchers must also understand how secondary sources define basic terms and concepts, as different sources often use the same terms but mean slightly different things, or they attempt to measure the same thing but go about it in different ways. Either way, the result can be that statistics found in secondary sources may not be as accurate or as relevant as they appear on the surface.
RESEARCH APPROACHES
Observational research is the gathering of primary data by observing relevant people, actions, and situations. Observational research can be used to obtain information that people are unwilling or unable to provide. In some cases, observation may be the only way to obtain the needed information.
Survey research is the approach best suited for gathering descriptive information. A company that wants to know about people's knowledge, attitudes, preferences, or buying behavior can often find out by asking them directly. Survey research is the most widely used method for primary data collection, and it is often the only method used in a research study. The major advantage of survey research is its flexibility. It can be used to obtain many different kinds of information in many different marketing situations. In the early and mid-1980s, some cola companies created a taste test against their competitors. This is an example of survey research. Participants were allowed to taste different cola brands without knowing which was which. The participant then decided which brand was preferred.
Whereas observation is best suited for exploratory research and surveys for descriptive research, experimental research is best suited for gathering causal information. Experiments involve selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for differences in group responses. Thus, experimental research tries to explain cause-and-effect relationships.
RESEARCH CONTACT METHODS
Research may be collected by mail, telephone, e-mail, fax, or personal interview. Mail questionnaires can be used to collect large amounts of information at a low cost per respondent. Respondents may give more honest answers to more personal questions on a mail questionnaire than to an unknown interviewer in person or over the phone. However, mail questionnaires lack flexibility in that they require simply worded questions. They can also take a long time to complete, and the response rate—the number of people returning completed questionnaires—is often very low.
Telephone interviewing is the best method for gathering information quickly, and it provides greater flexibility than mail questionnaires. Interviewers can explain questions that are not understood. Telephone interviewing also allows greater sample control. Response rates tend to be higher than with mail questionnaires. But telephone interviewing also has its drawbacks. The cost per respondent is higher than with mail questionnaires, people may regard a phone call as more of an inconvenience or an intrusion, and they may not want to discuss personal questions with an interviewer. In the latter part of the 1990s, laws were also passed to guard against the invasion of privacy. If a person wishes to be taken off a solicitation or interview list, companies can be sued if they persist in calling.
Personal interviewing consists of inviting several people to talk with a trained interviewer about a company's products or services. The interviewer needs objectivity, knowledge of the subject and industry, and some understanding of group and consumer behavior. Personal interviewing is quite flexible and can be used to collect large amounts of information. Trained interviewers can hold a respondent's attention for a long time and can explain difficult questions. They can guide interviews, explore issues, and probe as the situation requires. The main drawbacks of personal interviewing are costs and sampling problems. Personal interviews may cost three to four times as much as telephone interviews.
SAMPLING PLAN
Marketing researchers usually draw conclusions about large groups of consumers by studying a relatively small sample of the total consumer population. A sample is a segment of the population selected to represent the population as a whole. Ideally, the sample should be representative so that the researcher can make accurate estimates of the thoughts and behaviors of the larger population. If the sample is not representative, it may lead the company to draw the wrong conclusions and misuse its resources.
The marketing researcher must design a sampling plan, which calls for three decisions:
Sampling unit—determining who is to be surveyed. The marketing researcher must define the target population that will be sampled. If a company wants feedback on a new basketball shoe, it would be wise to target active players and even professional players.
Sample size—determining the number of people to be surveyed. Large samples give more reliable results than small samples. Samples of less than 1 percent of a population can often provide good reliability, given a credible sampling procedure. Most commercial samples consist of between several hundred and several thousand respondents.
Sampling procedure—determining how the respondents should be chosen. To obtain a representative sample, a probability (random) sampling of the population should be drawn. This is a means of determining who is reached by the survey to ensure they are indeed a valid cross-section of the sampling unit. Choosing passersby on a street corner, for example, would not produce a random sample, whereas allowing a computer to pick names randomly from a relevant calling list probably would (depending on how the list was compiled). Probability sampling allows the calculation of confidence limits for sampling error.
The fact that the global economy has stuttered to a standstill shouldn’t mean that companies’ growth initiatives should grind to a halt too. Now is the time for businesses to react to the new economic conditions by proactively seeking out new opportunities in the international arena.
But the desire to adapt and grow in testing times needs to be backed by the right tools. It can be easy to panic and throw a lot of money at a ‘solution’ without really knowing what the outcome will be.
But why do that, when you can spend a little money researching the market first, then a little more money executing the plan on a grander scale once you’re confident it’s a winner?
The internet is now the first port of call for most consumers when shopping for a new service or product, so the key to growing both domestically and internationally is in what a business does with its website.
Website localization is a cost-effective way of tapping into new markets. The majority of the internet is written in English, yet more than half the total online searches made are in languages other than English, so there is an obvious gap there.
So, how can businesses globalise through website localisation? Well, you have to first establish a need for your service in a particular country. A good way of doing this is to check out the local competition. If there are similar organizations there already, that’s a good sign, as it demonstrates a genuine demand.
The next step is to look at the competition and see what they offer – or, more importantly, what they don’t. You can then arrive on the scene and exploit any gaps. But you must be wary of market saturation – too much competition can mean that it’s very difficult to make inroads into new markets.
Once you have established that demand does exist, research key search terms as used by local internet users. Google and Yahoo have some very handy free tools that identify the most commonly used search phrases in the desired foreign market.
For multilingual marketers, it can be tempting to translate key search terms from English directly into the target language – but this can be counterproductive.
For example, ‘car insurance’ is one of the highest ranking key search terms in the UK for those who – not surprisingly – are seeking to buy car insurance. A literal (and correct) translation of this into French would be ‘l’assurance automobile’.
However, a little research into the key search terms actually used in French search engines would reveal that people tend to use variations of the full terms, such as ‘assurance auto’ or ‘assurance voiture’. By conducting a little online market research, a major problem can be averted.
The researched key phrases should then be incorporated into a professionally translated website to organically optimise its position in foreign search engines.
To help the process along you can also use pay-per-click (PPC) advertising such as Google AdWords, which helps drive traffic to your site through a ‘sponsored link’. The beauty of PPC is it allows you to set your own budget in advance and you can gauge its efficacy without splashing huge sums of cash, so the risk really is minimal.
EVELOPING THE RESEARCH PLAN
The second step of the marketing research process calls for determining the information needed, developing a plan for gathering it efficiently, and presenting the plan to marketing management. The plan outlines sources of secondary data and spells out the specific research approaches, contact methods, sampling plans, and instruments that researchers will use to gather primary data.
A marketing researcher can gather secondary data, primary data, or both. Primary data consists of information collected for the specific purpose at hand. Secondary data consists of information that already exists somewhere, having been collected for another purpose. Sources of secondary data include internal sources such as profit and loss statements, balance sheets, sales figures, and inventory records; and external sources such as government publications, periodicals, books, and commercial data. Primary data collection requires more extensive research, more time, and more money. Secondary sources can sometimes provide information that is not directly available or would be too expensive to collect.
Secondary data also present problems. The needed information may not exist. Researchers can rarely obtain all the data they need from secondary sources. The researcher must evaluate secondary information carefully to make certain of its relevance (fits research project needs), accuracy (reliably collected and reported), currency (up to date enough for current decisions), and impartiality (objectively collected and reported). Researchers must also understand how secondary sources define basic terms and concepts, as different sources often use the same terms but mean slightly different things, or they attempt to measure the same thing but go about it in different ways. Either way, the result can be that statistics found in secondary sources may not be as accurate or as relevant as they appear on the surface.
RESEARCH APPROACHES
Observational research is the gathering of primary data by observing relevant people, actions, and situations. Observational research can be used to obtain information that people are unwilling or unable to provide. In some cases, observation may be the only way to obtain the needed information.
Survey research is the approach best suited for gathering descriptive information. A company that wants to know about people's knowledge, attitudes, preferences, or buying behavior can often find out by asking them directly. Survey research is the most widely used method for primary data collection, and it is often the only method used in a research study. The major advantage of survey research is its flexibility. It can be used to obtain many different kinds of information in many different marketing situations. In the early and mid-1980s, some cola companies created a taste test against their competitors. This is an example of survey research. Participants were allowed to taste different cola brands without knowing which was which. The participant then decided which brand was preferred.
Whereas observation is best suited for exploratory research and surveys for descriptive research, experimental research is best suited for gathering causal information. Experiments involve selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for differences in group responses. Thus, experimental research tries to explain cause-and-effect relationships.
RESEARCH CONTACT METHODS
Research may be collected by mail, telephone, e-mail, fax, or personal interview. Mail questionnaires can be used to collect large amounts of information at a low cost per respondent. Respondents may give more honest answers to more personal questions on a mail questionnaire than to an unknown interviewer in person or over the phone. However, mail questionnaires lack flexibility in that they require simply worded questions. They can also take a long time to complete, and the response rate—the number of people returning completed questionnaires—is often very low.
Telephone interviewing is the best method for gathering information quickly, and it provides greater flexibility than mail questionnaires. Interviewers can explain questions that are not understood. Telephone interviewing also allows greater sample control. Response rates tend to be higher than with mail questionnaires. But telephone interviewing also has its drawbacks. The cost per respondent is higher than with mail questionnaires, people may regard a phone call as more of an inconvenience or an intrusion, and they may not want to discuss personal questions with an interviewer. In the latter part of the 1990s, laws were also passed to guard against the invasion of privacy. If a person wishes to be taken off a solicitation or interview list, companies can be sued if they persist in calling.
Personal interviewing consists of inviting several people to talk with a trained interviewer about a company's products or services. The interviewer needs objectivity, knowledge of the subject and industry, and some understanding of group and consumer behavior. Personal interviewing is quite flexible and can be used to collect large amounts of information. Trained interviewers can hold a respondent's attention for a long time and can explain difficult questions. They can guide interviews, explore issues, and probe as the situation requires. The main drawbacks of personal interviewing are costs and sampling problems. Personal interviews may cost three to four times as much as telephone interviews.
SAMPLING PLAN
Marketing researchers usually draw conclusions about large groups of consumers by studying a relatively small sample of the total consumer population. A sample is a segment of the population selected to represent the population as a whole. Ideally, the sample should be representative so that the researcher can make accurate estimates of the thoughts and behaviors of the larger population. If the sample is not representative, it may lead the company to draw the wrong conclusions and misuse its resources.
The marketing researcher must design a sampling plan, which calls for three decisions:
Sampling unit—determining who is to be surveyed. The marketing researcher must define the target population that will be sampled. If a company wants feedback on a new basketball shoe, it would be wise to target active players and even professional players.
Sample size—determining the number of people to be surveyed. Large samples give more reliable results than small samples. Samples of less than 1 percent of a population can often provide good reliability, given a credible sampling procedure. Most commercial samples consist of between several hundred and several thousand respondents.
Sampling procedure—determining how the respondents should be chosen. To obtain a representative sample, a probability (random) sampling of the population should be drawn. This is a means of determining who is reached by the survey to ensure they are indeed a valid cross-section of the sampling unit. Choosing passersby on a street corner, for example, would not produce a random sample, whereas allowing a computer to pick names randomly from a relevant calling list probably would (depending on how the list was compiled). Probability sampling allows the calculation of confidence limits for sampling error.