netrashetty
Netra Shetty
The Miller Brewing Company is an American beer brewing company. Its headquarters are located in Milwaukee, Wisconsin and the company has brewing facilities in Albany, Georgia, Chippewa Falls, Wisconsin, Eden, North Carolina, Fort Worth, Texas, Irwindale, California, Milwaukee, Wisconsin, and Trenton, Ohio. On 1 July 2008 the MillerCoors company was formed as a joint venture with rival Molson Coors to consolidate the production and distribution of its products in the United States with each parent company's corporate operations and international operations remaining separate and independent of the joint venture.
Significance of International Market Research
Having an international market research conducted in the course of the internationalisation process is basically the foundation on which the consequent development and implementation strategies are to be based on. Basically, this considered as “one of the most important factors in predicting international performance for the firms.” (Brouthers and Nakos 2005, 363) Conducting an international market research also provides a systematic way of coming to a decision based on the marketing outcomes of the international performance of the firm. This similarly provides the idea that strategic decisions could provide a company a guaranteed rate of success given that the decisions that they implement are based on scientific, systematic, and accurate international market research outcomes. Another role of international market research is to ensure that the company will have a sustained development in the market. (Vredenburg and Westley 1999, 239) This is done by carrying out market opportunity studies present in a particular host country. In this regard, trends as well as the minor quirks of the market tend to become more apparent to those who will be making the strategic management plan of the organisation. Uncovering these ideas tends to establish the possibilities on which the company can make optimal use as they go along the process. This is especially true in cases of market-driven companies.
Another role in which international market research is deemed useful is for segmenting the market of the country on which the company seeks to enter. Craft (2004, 40) defines international market segmentation as “the division of a market into groups of customers who share certain characteristics or propensities toward a product or service.” In essence, the process is done to provide a detailed account on the attractiveness of the market on which a company intends to enter. At the same time, the use of international market research takes into account the other areas of the market on which the company could take advantage. One major problem in this part of international marketing is the veracity of the data used by the researcher. They have to make sure that the data used are up to date and accurate. Basically, this problem is encountered because of the use of secondary data as a main source of the analysis. Unless the company is able to acquire data for themselves through directly conducting a survey, then the next best thing that they could do is to be vigilant and recognise whether the data that they are to employ could be trusted or otherwise. Failing to do so is a sure way of bringing the international marketing plan into shambles the moment it goes to its implementation stage.
VIII. Hope for SMEs
Studies have indicated significant amounts of organisation that operate in the international setting are considered as Small and Medium-Sized Enterprises. (Brouthers and Nakos 2004, 229) This shows that entering into the international market is significantly appealing for any organisation regardless of size. In the same account, it shows that the ability of the company to take measures and establish stable operations tend to be one of the determinant of international success. The size of the company would only be deemed at fault in a negligible extent.
This is reinforced by other studies maintaining that in order for these SMEs to prevail over the odds of their operations, they have to eliminate a significant amount of risk in their respective markets. (Hart and Tzokas 1999, 63) In order to do these, massive amounts of marketing information should be amassed by SMEs so as to provide a clear picture of the environment on which these companies are to operate, both domestic and international.
Significance of International Market Research
Having an international market research conducted in the course of the internationalisation process is basically the foundation on which the consequent development and implementation strategies are to be based on. Basically, this considered as “one of the most important factors in predicting international performance for the firms.” (Brouthers and Nakos 2005, 363) Conducting an international market research also provides a systematic way of coming to a decision based on the marketing outcomes of the international performance of the firm. This similarly provides the idea that strategic decisions could provide a company a guaranteed rate of success given that the decisions that they implement are based on scientific, systematic, and accurate international market research outcomes. Another role of international market research is to ensure that the company will have a sustained development in the market. (Vredenburg and Westley 1999, 239) This is done by carrying out market opportunity studies present in a particular host country. In this regard, trends as well as the minor quirks of the market tend to become more apparent to those who will be making the strategic management plan of the organisation. Uncovering these ideas tends to establish the possibilities on which the company can make optimal use as they go along the process. This is especially true in cases of market-driven companies.
Another role in which international market research is deemed useful is for segmenting the market of the country on which the company seeks to enter. Craft (2004, 40) defines international market segmentation as “the division of a market into groups of customers who share certain characteristics or propensities toward a product or service.” In essence, the process is done to provide a detailed account on the attractiveness of the market on which a company intends to enter. At the same time, the use of international market research takes into account the other areas of the market on which the company could take advantage. One major problem in this part of international marketing is the veracity of the data used by the researcher. They have to make sure that the data used are up to date and accurate. Basically, this problem is encountered because of the use of secondary data as a main source of the analysis. Unless the company is able to acquire data for themselves through directly conducting a survey, then the next best thing that they could do is to be vigilant and recognise whether the data that they are to employ could be trusted or otherwise. Failing to do so is a sure way of bringing the international marketing plan into shambles the moment it goes to its implementation stage.
VIII. Hope for SMEs
Studies have indicated significant amounts of organisation that operate in the international setting are considered as Small and Medium-Sized Enterprises. (Brouthers and Nakos 2004, 229) This shows that entering into the international market is significantly appealing for any organisation regardless of size. In the same account, it shows that the ability of the company to take measures and establish stable operations tend to be one of the determinant of international success. The size of the company would only be deemed at fault in a negligible extent.
This is reinforced by other studies maintaining that in order for these SMEs to prevail over the odds of their operations, they have to eliminate a significant amount of risk in their respective markets. (Hart and Tzokas 1999, 63) In order to do these, massive amounts of marketing information should be amassed by SMEs so as to provide a clear picture of the environment on which these companies are to operate, both domestic and international.
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