The Importance of Market Research

The international market research is more extensive and costly than can be made for the domestic market, but with tools like the internet everything is easier. In the first instance, the company must have an information system to identify and estimate the potential purchase of a number of markets. In addition, environment variables must be considered political, legal regulations or customs of the country, for the internal market are known. Finally, the physical distance, cultural and language raises the cost of obtaining information. Now, in this globalized world must use the most powerful tools that facilitate the collection of information.

international market

Here we address important issues that must be taken into account, and also the tools to help you accomplish it.As in international markets and in local markets, the variables remain the same. These affect the four components of my marketing (product, price, distribution and promotion) and: demand (consumers / users), supply (internal competition and promotion), the form of presence in the market and commercial strategy will achieve the objectives.

Below are items that are part of a market study:
1. Demand: There must be a detailed, quantitative and qualitative, of the real market potential demand. Google it helps to have an estimate of how many readers / potential customers in the market. By entering keywords in the search one can see in the upper right side of the toolbar you see the number of results that exists with the key words.

2. Types of consumers or users.
• Type of shopper: buying motivations, habits and consumption rates, quality or price preferences.
• Consumer behavior to the different product options offered.
• Market segmentation. Target audience.
• Identification of the buyer with the country of origin of the product.

3. The offer: In today’s competitive market, you need to know in depth the competition, because only then can discover market segments or niches in which to place the product. Should be reviewed, basically, the following points:
• Volume, source and market share by imports.
• Positioning of the competition.
• Market segments covered by competitors.
• Ranking of market shares and areas dominated by each competitor. That is what niche of each competitor, if it is for young, elderly, disabled, etc..

For these indicators is very good to use the “Page Rank” of the Google Toolbar. It is also advisable to install into your browser the Alexa tool bar. Alexa.com is a company dedicated to account for the ranking of web pages, you can download the slider to www.alexa.com. The Alexa toolbar you can visualize the movement of the web site and positioning. Remember that these are indicators, which is very good to use the most important.

Also you can go to Yahoo Buzz to see the flow of traffic for each keyword in your business. Therefore, the above can be verified using these tools to help us perform extensive market research and segmentation. All this will serve to reach the last point is the promotion. This means that after a consistent evaluation you will know where it could promote your product or service.