The company penetration of new markets can be an effective way to achieve sustainable business growth. The market entry process requires a disciplined approach to assess the potential opportunity for business growth accurately and to avoid business failure. The Information and data are the key components in establishing a successful business expansion in any market. Investing the right resources in the market research to obtain useful information is the basis of productive business operations in the market (Bilgin and Wuhrer 100). The information needs may vary from the general data required to assess new market opportunities to specific market information which assist in decision making towards the development, marketing and pricing of the product. This paper discusses the market entry and continuous operation decisions as means of developing a global vision.
The advancement of organizations in the market requires specific decisions at every stage of its development. In the introductory phase or during the entry into the new market, the company needs to make some healthy choices on various aspects of the business including product and marketing strategy. The decision on its relationship with the principal stakeholders is also crucial at this stage where the organization focuses on building its market and attracting new customers for its products or services. In making market entry decisions, the company requires necessary information to help make the right choice of whether to enter a market or not. At this point, understanding the information on the short term and long term demand of the product and its profitability upon entering the market is crucial. However, when the company has gained stability in the market, the preferences and growth objectives also change. The company now focuses on business sustainability, customer retention, and competitive edge. The company position in the new market and its market share need to be monitored continuously through continuous operations. A process which requires a constant system to generate, store and analyze information from various sources to help in the decision making process.
All the factors to decision making at every stage of growth drives the company towards operational efficiency and resource optimization. As a result, the decision drivers' shift to gain incremental operational profitability and micro analytics based on the strategic choices from the data and information on the products, marketing inputs and consumer behavior (Piercy and Evans 6). Successful Implementation of business strategies requires effective information gathering techniques.
As the data and information become more relevant in the decision-making process, there are different types of information required for the two types of decision making. The essential information needed while deciding on market entry will act as a starting point to the market research. It involves collection and analysis of secondary data which is readily available at a low cost. The secondary data can be obtained from the database of governmental agencies, trade unions, business journals, and periodicals. The accuracy and reliability of secondary data will provide a strong foundation for sustainable business growth.
Additionally, the validity of secondary data needed in market entry decisions will increase the level of business development in the market. For instance, in a case where a company is involved in the production of baby products, valid information on the birth-rates in the country is relevant. Such information and data will help to estimate demand and to forecast sales. The accurate estimation of demand and supply provide direct information on whether or not to enter the market.
On seeking the relevant information to market entry, more market research questions may remain unanswered. Additional information may be required to formulate and define problems likely to affect the business operations. As opposed to market entry decisions, continuous operation decisions need a deep understanding of the market rather than the relevant business aspects. In most cases, such decisions require first-hand information or the primary data.
The analysis of the first-hand information within and outside the organization provides an in-depth understanding reflecting the stakeholders' feelings on the business. The information and data collected from the field assist in interpreting the consumer attitudes, behaviors and opinions as well as trigger reactions to the competitors' way of business operations (Kotabe and Helsen 81). Access to the valid and reliable information and data enables the organization to recognize its position in the market. The continuous flow of information from various sources, within and outside the firm promotes operational efficiency and profit maximization.
The availability of information or data is useful in the strategic operation areas as it enables the company to gain a competitive edge in the market. An example of a company which reorganized itself through continuous operations decisions by assessing relevant primary information and data is Ford Motors Company Ltd. The company keeps track of its consumers to learn about future changes in customers' taste and preferences. Such an exercise requires a shift from secondary data to the application of primary data.
Conclusively, the successful organizations leverage available information to manage business activities and in making informed decisions. With the advancing technology, firms can use information systems to collect various data and process according to the set goals. Knowledge of the information needed in every organizational life cycle for the decision-making purposes determines the success of an organization.
Bilgin, F. Zeynep, and Gerhard A Wuhrer. International Marketing Compact. Wien: Linde, 2014. Print.
Kotabe, Masaaki, and Kristiaan Helsen. Global marketing management. 2014.
Piercy, Nigel, and Martin Evans. Managing marketing information (rle marketing). Vol. 17. Routledge, 2014.
Cite this page
Essay Sample: Developing a Global Vision Through Marketing Research. (2022, Mar 11). Retrieved from https://speedypaper.com/essays/developing-a-global-vision-through-marketing-research
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Free Paper with Annotated Bibliography on Syria and Iraq Ethnic Conflict
- Free Essay Sample with Sleep Research
- Essay Example on a Concept of the American Dream
- Free Essay: Integration of Biomimetic Design to Result in a More Sustainable Environment
- Essay Sample on Walmart Mergers or Acquisitions and Their Impact on Company Risk
- Factors to Be Considered to Ensure Hospitals Meet the Six Aims of the IOM. Free Essay Example
- Free Essay Sample on Superconnected