International Market Entry and Development Research Paper

International Market Entry and Development - Research Paper Example This deficiency in groundwork is quite apparent in the decisive factors that are functional to differentiate the international markets in comparison to one another so as to decide on to enter the market of appropriate countries. The countries that are chosen for actions in the international business are mostly dependent on the factors of immediacy or personal choice in comparison to factors such as size of the market, pace of progress or convenience (Cateora & Ghauri, 2000). Choosing an appropriate country is given vital importance owing to the unfeasibility of trying to enter all the states and nations in a global context. This also involves monetary and supply limitations as well as the massive amount of probable hazard occurring from choosing a market that is poor (Alon, 2004). Market Research Process It is extremely crucial to conduct a thorough market research while entering in a new international market in order to assess the possible hazards in the foreign market. Failing in u nderstanding the problems would result in implementing correct decisions for incorrect problems. International markets are new to the marketer so, there are high possibilities of misinterpreting the problems in the new foreign market. Therefore, it can be understood that it is quite essential to carry out a research that is investigative in order to gain a proper understanding of the market situations and problems (Zainbooks, n.d.). The research procedure for business will involve a four step procedure. In the first step, the objectives of research regarding the size of the structure of the market and the concept of the product in the new market are determined. The structure of the market involves the market size and the development stage among others and the concept of the product would involve that how the product is identified in the new market. This also involves ascertaining the potential of the market for the specific product along with the approach of the customers towards th e product. The second step deals with structuring or designing a proper research plan where the objectives of the research should be decipher into particular information requirements. In the third step, the research plan is implemented and to conclude in the final step the findings and the details are evaluated as well as interpreted (Zainbooks, n.d.). Product Adaptation & Approaches to Promotional Strategies While entering a new foreign market, it becomes necessary for the product that is to be introduced to adapt itself according to the new foreign market. This essentially means to modify the product so that it mirrors the characteristics of the new market. This is important as the consumers are different in the foreign market. This would also prove advantageous as this alteration will help in accommodating it among the consumers and would also ensure prolonged penetration. There are few adaptations that become compulsory for a product while entering a new foreign market. These in clude the government regulations, cultural essentials such as whether the product is suitable for the consumers, technological considerations such as