We followed in PART 1 the Secondary-Primary and Qualitative-Quantitative data research types. Check out the other types of data research you need to conduct for a successful international market exploration.
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Exploratory, Descriptive and Causal Research
The object of an international market research plan is also directed by how much data is already recognized and the efforts the decision makers will make after gathering the results of the research.
Exploratory research includes gathering all the import export data indirectly to obtain acumens into some perspective of marketing or sales. It is effective in breaking very wide research problem observations into smaller and more flexible reports.
For instance, researchers might visit a potential international market to study customer attitudes.
Exploratory research projects usually present a foundation for additional research and customarily involve collecting qualitative data.
Descriptive research is more structured than exploratory research and includes collecting data about a specific market to describe the prevailing market condition, prevailing demographics or a prevailing business dilemma.
It is usually employed to estimate the frequency with which something happens or to examine market variables and is also helpful in ascertaining what is real, rather than what is presumed.
For instance, a business considering exporting to Japan might have learned about new regulations concerning wood packaging material. Descriptive research could recognize the regulations, and any important certifications demanded.
Causal research includes trying to decide whether one market variable has a direct influence on another market variable. The object is to identify cause and effect connections.
For instance, a business trying to penetrate into a new international market and not producing much success might want to carry out causal research to decide whether an economical price will have a notable influence on sales.
Continuous or Ad Hoc Research
Researchers must also think whether data must be obtained over a period of time or on the specific event only.
Ad hoc research includes examining a single dilemma or opportunity at a single point in time.
Usually, ad hoc research includes collecting data from a range of references in one specific time frame and is known as cross-sectional research.
Cross-sectional research is helpful for research goals that include understanding the right time to initiate a business move or whether it is rational to introduce a new product.
Continuous research, also perceived as longitudinal research, includes long-term research to observe trends in buyer approaches and market positions.
This requires collecting data from the same references or the same customer groups on various events over a specified time period.
Continuous market research is extremely beneficial for examining causal replies, such as buying habits in response to varying interest rates, or for following experiments of a new product or service.
